Section 10(1) in The National Iron And Steel Company Limited (Acquisition And Transfer Of Undertakings) Act, 1984
(1)The general superintendence, direction, control and management of the affairs and business of the undertakings of the Company, the right, title and interest in relation to which have vested in the State Government under section 3, shall,-(a)where a direction has been given by the State Government under subsection (1) of section 6, vest, on and from the date specified in such direction, in the existing Government company specified therein; or(b)where a declaration has been made under sub-section (1) of section 7, vest, on and from the date of such declaration, in the new Government company specified therein; or(c)where no direction referred to in clause (a) or declaration under clause (b) has been given or made, vest in one or more Custodians appointed by the State Government under sub-section (2),and thereupon the existing, or new, Government company so specified or the Custodian or Custodians so appointed, as the case may be, shall be entitled to exercise, to the exclusion of all other persons, all such powers and do all such, things as the Company is authorised to exercise and do in relation to its undertakings.
