Section 5(2) in The Sri Lokenath Cotton Mills Limited (Acquisition And Transfer Of Undertakings) Act, 1987.
(2)Where the right, title and interest of the Company in relation to its undertakings vest under sub-section (1) in an existing Government company, on and from the date of such vesting, -(a)that existing Government company shall be deemed to have become,' and shall be deemed to be, the owner in relation to such undertakings, and(b)the rights and liabilites of the State Government in relation to such undertakings shall be deemed to have become, and shall be deemed to be, the rights and liabilities, respectively, of that existing Government Company.
