Section 5(3) in The Sugar Undertakings (Taking Over Of Managements) Act, 1978
(3)On the appointment of a Custodian under sub-section (1), the charge of management of the notified sugar undertaking or group of notified sugar undertakings, as the case may be, shall vest in such Custodian and all persons in charge of the management of such undertaking or undertakings immediately before such appointment shall cease to be in charge of such management and shall be bound to deliver to the Custodian all assets, books of account, registter or other documents in their costody relating to such undertaking or group of undertakings.
