Section 16(1) in Bolani Ores Limited (Acquisition of Shares) And Miscellaneous Provisions Act, 1978.
(1)Where any property appertaining to any of the undertakings of the dissolved company has been transferred to, and vested in, the Steel Authority of India,-(a)every person in whose possession, custody or control any such property may be, shall on demand by the Steel Authority of India, forthwith deliver the property to the Steel Authority of India or to such person as the Steel Authority of India may authorities in this behalf;(b)any person who, immediately before such vesting, has in his possession, custody or control, any books, documents or other papers relating to any of the undertakings of the dissolved company shall be liable o account for the said books documents, and appears to he Steel authority of India and shall deliver them to the steel authority of India or to such person as the steel authority of India may authorise in this behalf.
