Section 11
Duty of persons to account for assets, etc., in their possession.
The Andhra Scientific Company Limited (Acquisition and Transfer of Undertakings) Act, 1982
About this Act
An Act to provide for the acquisition and transfer of the undertakings of the Andhra Scientific Company Limited, with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continuity of production of scientific instruments which are vital to the needs of the country and for matters connected therewith or incidental thereto.
(1) Any person who has, on
the appointed day, in his possession or under his control, any assets, books, documents or other papers
relating to any undertaking owned by the Company, which have vested in the Central Government or in a
Government company under this Act, and which belong to the Company, or would have so belonged, if
the undertakings owned by the Company had not vested in the Central Government or such Government
company, shall be liable to account for the said assets, books, documents and other papers to the Central
Government or the Government company and shall deliver them up to the Central Government or such
Government company or to such person or persons as the Central Government or the Government
company may specify in this behalf.
(2) The Central Government or the Government company aforesaid may take or cause to be taken all necessary steps for securing possession of the undertakings of the Company which have vested in the Central Government or the Government company under this Act.
(3) The Company shall, within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all its properties and assets, as on the appointed day, pertaining to the undertakings which have vested in the Central Government under section 3, and, for this purpose, the Central Government or the Government company aforesaid shall afford to the Company all reasonable facilities.
(2) The Central Government or the Government company aforesaid may take or cause to be taken all necessary steps for securing possession of the undertakings of the Company which have vested in the Central Government or the Government company under this Act.
(3) The Company shall, within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all its properties and assets, as on the appointed day, pertaining to the undertakings which have vested in the Central Government under section 3, and, for this purpose, the Central Government or the Government company aforesaid shall afford to the Company all reasonable facilities.