Section 3 in The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979
3. Management of the undertakings of the twocompanies to vest in Central Government:
(1)On and from the appointed day, the management ofthe undertaking of each of the two companies shall vest in the CentralGovernment.(2)The undertaking of each ofthe two companies shall be deemed to include all assets, rights, leaseholds,powers, authorities and privileges and all property, movable and immovable,including lands, buildings, works, workshops, accommodation, shops and godowns,projects, stores, gas cylinders, facilities for bottling and filling liquefiedpetroleum gas and transporting, marketing and distribution thereof in bulk andin cylinders, regulators, valves, machinery, locomotives, automobiles, tanklorries, tank wagons, and other vehicles, liquefied petroleum gas in process orin stock or in transit, bank balances, cash balances, reserve funds,investments, books debts and all other rights and interests in or arising outof such property as were, immediately before the appointed day, in theownership, possession, power or control of the concerned company in relationconcerning the undertaking in India, and all books of accounts, registers,records, correspondence files, instruments (including agreements with dealers,sub–dealers and customers), assurances, maps, plans, sections, drawings,records of survey and all other documents of whatever nature relating thereto.(3)Any contract, whetherexpress or implied, or other arrangement in so far as it relates to themanagement of the business and affairs of each of the two companies in relationto its undertaking and in force immediately before the appointed day, shall bedeemed to have terminated on the appointed day.(4)All persons in charge ofthe management including persons holding offices as directors, managers or anyother managerial personnel of each of the two companies immediately before theappointed day shall be deemed to have vacated their offices as such on theappointed day.(5)Notwithstanding anythingcontained in any other law for the time being in force, no person in force, noperson in respect of whom any contract of management or other arrangement isterminated by reason of the provisions contained in sub–section (3) orwho ceases to hold any office by claim any the provisions contained in sub–section(4), shall be entitled to claim any compensation for the premature terminationof the contract of management or other arrangement or for the loss of office,as the case may be.
