Section 3(3) in The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979
(3)Any contract, whetherexpress or implied, or other arrangement in so far as it relates to themanagement of the business and affairs of each of the two companies in relationto its undertaking and in force immediately before the appointed day, shall bedeemed to have terminated on the appointed day.
