Section 3(1) in The Orissa Electricity Reform (Transfer of Undertakings, Assets, Liabilities, Proceedings and Personnel) Scheme Rules, 1996
(1)With effect from the date of publication of these rules, all the assets, liabilities and proceedings which the Board owns or possesses shall stand transferred to and vest in the State and in consideration thereof all loans, subventions and obligations of the Board towards the State shah stand extinguished and cancelled, which shall be the consideration in full and final settlement of all claims of the Board, whatsoever.
