Section 7
Power of Central Government to direct vesting of the undertakings of the Company in a Government company. Repealed
About this Act
An Act to provide for the acquisition and transfer of the undertakings of Messrs. Gresham and Craven of India (Private) Limited for the purpose of ensuring the continuity of production of goods which are vital to the needs of the Railways and of the industries manufacturing engineering products and for matters connected therewith or incidental thereto.
(1) Notwithstanding anything contained in sections 3, 4 and 6, the Central
Government may, if it is satisfied that a 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 the Company, and the right, title and interest of the Company in relation to its
undertakings, which have vested in the Central Government under section 3 and thereafter in the
Braithwaite and Company Limited, under section 6, shall, instead of continuing to vest in the Braithwaite
and Company Limited, vest in the 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 Company in relation to its undertakings vest in a Government company under sub-section (1), the Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all the rights and liabilities of the Central Government or the Braithwaite and Company Limited 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 Government company.
(2) Where the right, title and interest of the Company in relation to its undertakings vest in a Government company under sub-section (1), the Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all the rights and liabilities of the Central Government or the Braithwaite and Company Limited 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 Government company.