Section 10 in Madura Sugars Limited (Acquisition and Transfer of Undertaking) Act, 1984
10. Management, etc., of the undertaking.
(1)The general superintendence, direction, control and management of the affairs and business of the undertaking, the right, title and interest in relation to which have vested in the Government under section 4, shall,-(a)where a direction has been made by the Government under sub-section (1) of section 6, vest on and from the date specified in such direction in the existing Government company, specified therein; or(b)where a declaration has been made under sub-section (1) of section 7, vest, on and from the date of such declaration, in the new Government company specified therein; or(c)where no direction referred to in clause (a) or declaration referred to in clause (b) has been made, vest, on and from the appointed day, in one or more Custodians appointed by the Government under sub-section (2),and, thereupon, the existing, or new, Government company or the Custodian or Custodians so appointed, as the case may be, shall, be entitled to exercise, to the exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise and do in relation to its undertaking.(2)The Government may appoint one or more individuals or a Government company as the Custodian or Custodians of the undertaking in relation to which no direction has been made by them under sub-section (1) of section 6 or no declaration has been made by them under sub-section (1) of section 7, and the Custodian or Custodians so appointed shall receive, from the funds of the undertaking, such remuneration as the Government may fix and shall hold office during the pleasure of the Government.(3)The Custodian or Custodians of the undertaking shall maintain an account of the undertaking in such form and manner and under such conditions as may be prescribed, and the provisions of the Companies Act, 1956 (Central Act I of 1956), shall apply to the audit of the accounts so maintained as they apply to the audit of the accounts of a company.
