Section 10(1) in The Richardson and Cruddas Ltd.(Acquisition and Transfer of Undertaking) Act, 1972
(1)The affairs of the old company shall be managed by a Custodian to be appointed by the Central Government in this behalf:Provided that the Central Government may, if the Custodian declines to become, or to continue to function as, the Custodian or if it is of opinion that it is necessary in the interests of the old company so to do, appoint any other person as the Custodian of the old company.
