for example: TATA AIG

  for example: Indian Contract Act

  for example: Ratan Tata

  for example: Negotiable Instruments Act

Section 6   [ View Judgements ]

Power of Central Government to direct vesting of the undertakings of the jute companies in Jute Manufactures Corporation


(1) Notwithstanding anything contained in section 3 and 4, the Central Government shall ,as soon as may be, after the appointed day, direct, by notification, that the undertakings of every jute company and the right, title and interest of every jute company in relation to its undertakings, which have vested in the Government under section 3, and such of the liabilities of every jute company as or specified in sub-section (2) of section 5, shall, instead of continuing to vest in the Central Government, vest in the Jute Manufactures Corporation either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.



(2) Where the right, title and interest of the liabilities referred to in sub-section (2) of Section 5 , of the jute company, in relation to their respective undertakings vest, under sub-section (1), in the Jute Manufactures Corporation, that Government Corporation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings shall on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Jute Manufactures Corporation.



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