Section 4(5) in The Indore Textiles Limited (Upkram Ka Arjan Aur Antaran) Adhiniyam, 1986
(5)Any licence or other instrument granted to the Company in relation to the undertaking which has vested in the State Government under Section 3 at any time before the appointed day and in force immediately before that day shall continue to be in force on or after such day in accordance with its tenor in relation to and for the purposes of such undertaking, and on and from the date of vesting of such undertaking under Section 6 in a Government Company, such Government Company shall be deemed to be substituted in place of company referred to therein in such licence or other instrument as if such licence or other instrument had been granted to such Government Company and that Government Company shall hold it for the remainder of the period for which the company would have held it under the terms thereof.
