Section 4(3) in Anglo-French Textiles Limited (Acquisition and Transfer of Textile Undertaking) Act, 1986
(3)Where any licence or other instrument in relation to the textile undertaking had been granted at any time before the appointed day to an owner by the Central Government or the 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 other instrument had been granted to the Corporation and it 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.
