Section 5
Licences, etc., to be deemed to have been granted to companies.
The Air Corporations (Transfer of Undertakings and Repeal) Act, 1994
About this Act
An Act to provide for the transfer and vesting of the undertakings of Indian Airlines and Air India respectively to and in the companies formed and registered as Indian Airlines Limited and Air India Limited and for matters connected therewith or incidental thereto and also to repeal the Air Corporations Act, 1953.
With effect from the
appointed day, all licences, permits, quotas and exemptions granted to a corporation in connection with the affairs and business of that corporation under any law for the time being in force, shall be deemed to
have been granted to the company in which the undertaking of that corporation has vested.