Section 4(1) in The Maharashtra Textile Companies (Acquisition and Transfer of Undertakings) Act, 1982
(1)The undertakings of each of the two textile companies shall be deemed to include all assets, rights, leaseholds, powers, authorities and privileges and all property, movable and immovable, including cash balances, cash on hand, reserve funds, investments and all other rights and interests in, or arising out of such property as were immediately before the appointed day in the ownership, possession, power or control of the Company concerned in relation to its undertakings, whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto.Explanation. - For avoidance of doubt, it is hereby declared that the expression "undertakings of the Company" does not include,-(a)any debts due to the Company; and(b)any amounts recoverable by the Company from its shareholders or directors.
