Section 5(5) in Madura Sugars Limited (Acquisition and Transfer of Undertaking) Act, 1984
(5)Any licence or other instrument granted to the Company in relation to its undertaking which has vested in the Government under section 4 at any time before the appointed day and in force immediately before the appointed day shall continue to be in force on and after such day in accordance with its tenor in relation to and for the purposes of such undertaking, and on and from the date of vesting of such undertaking under section 6, in an existing Government company, or under section 7, in a new Government company, the existing, or new, Government company, as the case may be, shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to such existing, or new, Government company shall hold it for the remainder of the period for which the Company would have held it under the terms thereof.
