Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in sections 3 and 7, where the assets of the Company have been directed under sub-section (I) of section 5 to vest in an existing Government Company, the State Government may, if it is satisfied that a Joint Sector Company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, declare, by notification, that the assets of the Company be transferred to that Joint Sector Company, and on the issue of such declaration, the right, title and interest of the Company in relation to its assets which had been directed under sub-section (1) of section 5 to vest in an existing Government Company, shall, instead of continuing to vest in that existing Government Company, vest in that Joint Sector Company with effect from the date on which such declaration is made. (2) Where the right, title and interest of the existing Government Company in relation to the assets of the Company vest under sub- section (1) in a Joint Sector Company, that Joint Sector Company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such assets and all the rights and liabilities of the existing Government Company in relation to such assets shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of that Joint Sector Company. West Ben. Act XLV of