Section 11
Duty of persons to account for assets, etc., in their possession. Repealed
The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act, 1983
About this Act
An Act to provide for the acquisition and transfer of the undertakings of the Transformer and Switchgear Limited with a view to securing the better utilisation of the available infrastructure thereof and to modernise and augment the production of transformers, switchgears and other allied electrical equipments by the said undertakings so as to subserve the interests of the general public be ensuring the continued supply of the aforesaid articles 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 of the undertakings owned by the Company, which have vested in
the Central Government or in Andrew Yule 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 Andrew Yule, shall be liable to account for the said assets, books,
documents and other papers to the Central Government or Andrew Yule and shall deliver them
up to the Central Government or Andrew Yule or to such person or persons as the Central
Government or Andrew Yule may specify in this behalf.
(2) The Central Government or Andrew Yule 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 Andrew Yule 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 Andrew Yule shall afford to the Company all reasonable facilities.
(2) The Central Government or Andrew Yule 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 Andrew Yule 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 Andrew Yule shall afford to the Company all reasonable facilities.