Section 4(5) in The Central India Spinning, Weaving and Manufacturing Company Limited, The Empress Mills, Nagpur (Acquisition and Transfer of Undertaking) Act, 1986
(5)Any licence or other instrument granted to the proprietors in relation to the undertaking which has vested in the State Government under section 3, at any time before the appointed day and in force immediately before that 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 such undertaking, and, on and from the date of vesting of such undertaking under section 3 in the Corporation, or under section 6 in the new Government company, the Corporation, or new Government Company, as the case may be, shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to the Corporation, or new Government company, and that the Corporation, or the new Government company, shall hold if for the remainder of the period for which the proprietors would have held it under the terms thereof.
