Section 29(1) in The Hindustan Tractors Limited (Acquisition and Transfer of undertaking) Act, 1978
(1)Except with the prior approval of the Central Government, the State Government or the Government company, neither the Company nor any part thereof the management or the possession of which could not be taken over by the Authorised Controller or the Central Government or the State Government or the Government company by reason of any decree, order or injunction of any court or otherwise shall, on and from the appointed day, transfer by sale, mortgage or otherwise any property or other assets forming part of the undertakings of the Company and any such transfer, without such prior approval, shall be void and inoperative.
