Section 5(5) in The Bird And Company Limited (Acquisition And Transfer of Undertakings) Act, 1980
(5)Any licence or other instrument granted to the Company in relation to any undertaking which has vested in the Central Government under section 3 at any time before the appointed day and in force immediately before the 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 the such undertaking, and, on and from the date of vesting of such undertaking under section 7, in a Government company, that Government company, shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to such Government Company shall hold it for the remainder of the period for which that Company would have held it under the terms thereof.
