Section 12(2) in The Sugar Undertakings (Taking Over Of Managements) Act, 1978
(2)No person in charge, under sub-section (1), of a notified sugar undertaking shall, without the previous approval of the Custodian-General appointed under section 5,--(i)incur any expenditure from the assets appertaining to the undertaking otherwise than for the purpose of making routine payments of salaries or commissions to employees, agents or for the purpose of meeting the routine day to day expenditure;(ii)transfer or otherwise dispose of any such assets or create any charge, hypothecation, lien or other incumbrance thereon;(iii)invest in any manner any moneys forming part of such assets;(iv)acquire any immovable property out of the moneys forming part of such assets;(v)enter into any contract of service or agency, whether expressly or by implication, for purposes connected wholly or partly with the undertaking or vary the terms and conditions of any contract relating to any such transaction subsisting on the date of vesting.
