Section 11
Duty of persons to account for assets, etc., in their possession.
The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980
About this Act
An Act to provide for the acquisition of the undertakings of the Hind Cycles Limited, and Sen-Raleigh 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 continued manufacture, production and distribution of bicycles, and their component parts and accessories which are essential to the needs of the economy 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 two companies, which have vested in the Central Government
or in Government companies under this Act, and which belong to the two companies, or would have so
belonged, if the undertakings owned by the two companies had not vested in the Central Government or
such Government companies, shall be liable to account for the said assets, books, documents and other papers to the Central Government or the Government companies and shall deliver them up to the Central
Government or such Government companies or to such person or persons as the Central Government or
the concerned Government company may specify in this behalf.
(2) The Central Government or the Government companies aforesaid may take or cause to be taken all necessary steps for securing possession of the undertakings of the two companies which have vested in the Central Government or the Government companies under this Act.
(3) The two companies shall within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all their 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 companies aforesaid shall afford to the two companies all reasonable facilities.
(2) The Central Government or the Government companies aforesaid may take or cause to be taken all necessary steps for securing possession of the undertakings of the two companies which have vested in the Central Government or the Government companies under this Act.
(3) The two companies shall within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all their 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 companies aforesaid shall afford to the two companies all reasonable facilities.