Section 27 in The National Company Limited (Acquisition And Transfer Of Undertakings) Act, 1980
27. Management to continue to vest in the Custodian until alternative arrangements have been made.
- Notwithstanding the Vesting under this Act of the undertakings of the Company in the Central Government or an existing, or a new, Government company, -(a)The Custodian who has been managing the affairs of such undertaking before the date on which the undertaking had so vested shall, until alternative arrangements have been made by the Central Government or, as the case may be, such Government company, for the management of such undertakings, continue to manage the affairs of the undertakings as if the Custodian had been authorised by the Central Government or, as the case may be, such Government company, to manage such undertakings;(b)the Custodian or any person authorised by him for this purpose shall, until alternative arrangements have been made by the Central Government or, as the case may be, such Government company, continue to be authorised to operate, in relation to the undertakings of the Company, any account of such undertakings in any bank as if the Custodian or the person authorised by him had been authorised by the Central Government or such Government company to operate such account.
