Section 29   [ View Judgements ]

Transfer of assets, etc., to be void in certain cases

(1) Except with the prior approval of the Central Government, the State Government or the Government company, neither the Company nor any other person in possession of the undertakings of the Company or any part thereof the management or the possession of which could not be taken over by the Authorised Controller or the Central Government or the State Government or the Government company by reason of any decree, order of injunction of any court or otherwise shall, on and from the appointed day transfer by sale, mortgage or otherwise any property or other assets forming part of the undertakings of the Company and any such transfer, without such prior approval, shall be void and inoperative.

(2) Any person who contravenes the provisions of sub-section (1) shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to ten thousand rupees, or with both.

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