Amendment status not verified — confirm the current text below against the official source.
(1) 2 Where the Government is of the opinion that an under- taking is not properly functioning or the functioning of an undertaking is to be improved for the benefit of the undertaking and all persons connected with the under- taking and if it is so necessary in the public interest, the Government may, by notification, take over management and administration of such undertaking. On and from the issue of the notification under Section 3, the Government shall appoint a Committee for the management and administration of such an undertaking. On and from the date of issue of the notification under Section 3, the management of such an undertaking shall vest in the Committee so appointed under Section 4. The management and administration of an undertaking under this Act shall be taken over initially for a period of five years and may be extended fora period of another five years not exceeding one year at a time, by notification. (2) (3)