Section 3 in The National Company Limited (Acquisition And Transfer Of Undertakings) Rules, 1980
3. Time-limit for intimation.
- Every mortgage of any property which has vested under the Act in Central Government, and every person holding any charge, lien or other interest in, or in relation to, any such property, shall give an intimation of such mortgagee charge, lien other interest to the Commissioner within a period of thirty days from such date, as may be specified by the Central Government under sec. 18;Provided that if the Commissioner is satisfied that such mortgagee or person was prevented by sufficient cause from giving the intimation within the said period of thirty days, he may accept the intimation within a further period of thirty days, after recording reasons therefor in writing, but not thereafter.
