Section 4(5) in The Hind Cycles And Sen-Raleigh Limited (Nationalisation) Act, 1980
(5)Any licence or other instrument granted to either of the two companies in relation to any undertaking which has vested in the Central 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 and after such day in accordance with its tenor in relation to an for the purposes of such undertaking, and , on and from the date of vesting of such undertaking under section 6 in a Government company, and such Government company, shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to such Government company and such Government company, shall hold it for the remainder of the period for which the company to which it was granted would have held it under the terms thereof.
