Section 4(3) in The Gujarat Sick Textile Undertakings (Nationalisation) Act, 1986
(3)Where any licence or other instrument in relation to the sick textile undertaking had been granted at any time before the appointed day to an owner by the Central Government or a State Government or any other authority, the Corporation shall, on and from such date, be deemed to be substituted in such licence or other instrument in place of the owner referred to therein as if such licence or such other instrument had been granted to it and shall hold such licence or such other instrument for the remainder of the period for which the owner would have held such licence or such other instrument.
