(1) Where the Company has established a provident fund, superannuation fund, welfare fund or other fund for the benefit of the person employed in any of the undertakings of the Company, the monies relatable to the employee, whose services have become transferred by or under this Act, to the Central Government or the Government company, shall, out of the monies standing, on the appointed day, to the credit of such provident, superannuation, welfare or other fund, stand transferred to , and vest in, the Central Government or the Government company, as the case may be.
(2) The monies which stand transferred under sub-section (1) to the Central Government or the Government company, as the case may be, shall be dealt with by that Government or the Government company in such manner as may be prescribed.
(2) The monies which stand transferred under sub-section (1) to the Central Government or the Government company, as the case may be, shall be dealt with by that Government or the Government company in such manner as may be prescribed.
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Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Transfer to, and vesting in, the Central Government of the undertakings of the Company.Section 4 · Transfer and vesting of shares held by the Company in the specified companies.Section 5 · General effect of vesting.Section 6 · Central Government or the Government company not to liable for certain prior liabilities.Section 7 · Power of Central Government to direct vesting of the undertakings of the Company in a Government c ompany.Section 8 · Payment of amounts to the Company and specified companies.India Code, Government of India. Text fetched 17 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.