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[Cites 0, Cited by 0] [Section 12(1)] [Section 12] [Entire Act]

Union of India - Subsection

Section 12(1)(b) in The Hindustan Tractors Limited (Acquisition and Transfer of undertaking) Act, 1978

(b)the Central Government, the State Government, or the Government company, as the case may be, is on or after the appointed day, prevented from taking over the management of any part of the undertakings of the Company, the Company, or any other person in possession, custody or control of such part, shall, within sixty days from the appointed day, render accounts to the State Government or the Government company in relation to the period commencing on the date of taking over and ending on the date on which such part was or is handed over to the Authorised Controller or, as the case may be, the Central Government, the State Government, or the Government company, with regard to the--
(i)assets and stores of the undertakings or any part thereof, acquired, utilised or sold during the said period; and
(ii)income derived by the Company or any other person from the undertakings or any part thereof during the said period.