Section 4(1) in The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979
(1)The Central Governmentshall, as from the appointed day, appoint Hindustan Petroleum CorporationLimited, a Government company, as the Custodian of the undertaking of each ofthe two companies for the purpose of taking over the management thereof, andthe Custodian shall carry on the management of the undertaking of each of thetwo companies for and on behalf of the Central Government.
