Section 3 in The Air Corporations (Transfer Of Undertakings And Repeal) Act, 1994
3. Undertakings of corporations to vest in companies .-On such date as the Central Government may, by notification in the Official Gazette, appoint, there shall be transferred to, and vest in,--
(a)Indian Airlines Limited, the undertaking of Indian Airlines; and(b)Air India Limited, the undertaking of Air India.
