Section 5 in Bihar State Electricity Reforms Transfer Scheme, 2012
5. Transfer of Undertaking by the State.
- 5.1 The functions, business and Undertakings forming part of Transmission Undertakings as set out in Schedule 'A' hereto shall stand transferred to and vest in Bihar State Power Transmission Company Limited on and from the effective date, without any further act or thing to be done by the State Government or Board or any person, subject to the terms and conditions specified in the Act and this Scheme.5.2The functions, business and Undertakings forming part of Generation Undertakings as set out in Schedule 'B' shall stand transferred to and vest in Bihar State Power Generation Company Limited on and from from the effective date, without any further act or thing to be done by the State Government or Board or any person, subject to the terms and conditions specified in the Act and this Scheme.5.3The functions, business and Undertakings forming part of Distribution Undertakings as set out in Schedule 'C' shall stand transferred to and vest in South Bihar Power Distribution Company Limited, North Bihar Power Distribution Company Limited on and from the effective date, without any further act or thing to be done by the State Government or Board or any person, subject to the terms and conditions specified in the Act and this Scheme5.4The function, business and undertakings forming part of Holding Undertakings as set out in Schedule 'D' shall stand transferred to and vest in Bihar State Power (Holding) Company Limited on and from the effective date, without any further act or thing to be done by the State Government or Board or any person, subject to the terms and conditions specified in the Act and this Scheme.5.5On such transfer and vesting of the functions, business and Undertakings in terms of sub-clauses 5.1 to 5.4 above and except as otherwise provided, the respective Transferee, shall be responsible for all functions, contracts, rights, deeds, schemes, bonds, agreements, proceedings and other instruments of whatever nature relating to the respective Undertakings transferred to it to which the Board was a party, subsisting or having effect on the date of the transfer, and the same shall remain in force and effect against or in favour of the respective Transferee and may be enforced effectively as if the respective Transferee had been a party thereto instead of the Board.5.6As consideration for the transfer and vesting of the Undertakings as specified in this Scheme, the relevant Transferee shall have the financials and opening balance sheet and shall issue shares and / or/ other instruments as the State Government may notify by order (as specified in Part II of Schedule A to D respectively).5.7The State Government may, by an order to be issued for the purpose, amend, vary, modify, add, delete or otherwise change the terms and conditions specified in the Schedules at any time during the provisional period mentioned in Clause 9 of this Scheme.5.8The transfer value of the Assets & Liabilities forming part of the Schedules A, B, C & D of the respective Transferee have been taken at Book Values. However the land assets will be revalued on the basis of Govt. values as on the effective date and other fixed assets consisting of Buildings, Equipments and Machinery will be valued at their depreciated book value. The revaluation of the fixed assets will be completed before the notification of the final transfer scheme but in no case later than the first Annual General Meeting of the respective successor company. The impact of revaluation will be reflected in the Equity Contribution of the State Govt.
