Section 6
Power of Central Government to direct vesting of the undertakings of the two companies in an existing Government Company.
The Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984
About this Act
An Act to provide for the acquisition and transfer of the undertakings of the Inchek Tyres Limited and the National Rubber Manufacturers 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 tyres, tubes and other rubber goods which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
(1) Notwithstanding anything contained in section 3 and 4, and
subject to the provisions of section 7, the Central Government may, if it is satisfied that an existing
Government company is willing to comply, or has complied with such terms and conditions as that
Government may think fit to impose, direct, by notification, that the undertakings of each of the two
companies and the right, title and interest of each of the two companies in relation to its undertakings
which have vested in the Central Government under section 3, shall, instead of continuing to vest in the
Central Government, vest in that existing Government company 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 two companies, in relation to their undertakings vest, under sub-section (1), in an existing Government company, that Government company shall, on and from the date of such vesting, be deemed to have become, and, until the transfer of the undertakings, by virtue of the provisions of section 7, to a new Government company, be deemed to be, the owner in relation to such undertakings, and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, and, until the date of such transfer, be deemed to be, the rights and liabilities, respectively, of that existing Government company.
(2) Where the right, title and interest of the two companies, in relation to their undertakings vest, under sub-section (1), in an existing Government company, that Government company shall, on and from the date of such vesting, be deemed to have become, and, until the transfer of the undertakings, by virtue of the provisions of section 7, to a new Government company, be deemed to be, the owner in relation to such undertakings, and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, and, until the date of such transfer, be deemed to be, the rights and liabilities, respectively, of that existing Government company.