Section 7 in Chhattisgarh State Electricity Board Transfer Scheme Rules, 2008
7. Transfer of undertaking by the State.
(a)The Undertakings forming part of Generation Undertaking as set out in Schedule - 'A' shall stand transferred to and vested in Generation Company on and from the appointed date to be notified by the State Government subject to the terms and conditions specified in the Act and this Scheme.(b)The Undertakings forming part of Transmission Undertakings (along with functions of State Transmission Utility) as set out in Schedule - 'B' shall stand transferred to and vested in Transmission Company on and from the appointed date to be notified by the State Government subject to the terms and conditions specified in the Act and this Scheme.(c)The Undertakings forming part of Distribution Undertakings as set out in Schedule 'C' shall stand transferred to and vested in the Distribution Company on and from the appointed date to be notified by the State Government subject to the terms and conditions specified in the Act and the Scheme.(d)The Undertakings forming part of Trading Undertakings as set out in Schedule 'D' shall stand transferred to and vested in the Trading Company on and from the appointed date to be notified by the State Government subject to the terms and conditions specified in the Act and the Scheme.(e)The Undertakings forming part of Holding Undertakings as set out in Schedule 'E' shall stand transferred to and vested in the Holding Company on and from the appointed date to be notified by the State Government subject to the terms and conditions specified in the Act and the Scheme.(f)On such transfer and vesting of the Undertakings in terms of sub-Rule 6 (a), 6 (b), 6 (c), 6 (d) and 6 (c) of this Scheme and except as otherwise provided, the respective Transferee, shall be responsible for all functions, contracts, rights, deeds, schemes, bonds, agreements and other instruments of whatever nature relating to the respective Undertakings transferred to it to which the Board was a party, subsisting or having effect on the appointed date, in the same manner as the Board was liable immediately before the appointed date, and the same shall remain in force and effect against or in favour of the respective Transferee and may be enforced effectively as if the respective Transferee had been a party thereto instead of the Board.(g)As consideration for the transfer and vesting of assets and liabilities to the transferees as specified in this scheme, the State Government and/or any company will be issued shares and/or instruments as may be decided by State Government.(h)The transfer to and vesting of the Undertakings to the transferees in terms of these Scheme Rules shall take effect immediately on the date of the transfer as may be notified by the State Government for the purpose notwithstanding that the value of such Undertaking have not been determined and shall be determined at a later date.(i)The value of the assets to be transferred to the Transferees shall be the fair value determined in any one or more of the following basis.(i)Revenue earning potential, or(ii)Depreciated replacement value, or(iii)Book value.(j)The opening balance sheet of the Transferees may be finalized and notified by the Stale Government at any time during the provisional period of twelve months from the appointed date as mentioned in Rule 10. of these Scheme rules.
