9. Management, etc., of the undertakings of the Company.—(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 Central Government under section 3,
shall,—
(a) where a direction has been made by the Central Government under sub-section (1) of
section 7, vest, on and from the date specified in such direction, in the Government company
specified therein;
(b) where no such direction has been made by the Central Government, vest, on and from the
appointed day, in one or more Custodians appointed by the Central Government under
sub-section (2),
and thereupon the 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.
(2) The Central Government may appoint an individual or a Government company as the Custodian
of the undertakings of the Company in relation to which no direction has been made by it under
sub-section (1) of section 7.
(3) The Custodian shall receive from the funds of the undertakings of the Company such
remuneration as the Central Government may fix and shall hold office during the pleasure of the Central
Government.
10. Duty of persons in charge of management of undertakings of the Company to deliver all
assets, etc.—(1) On the vesting of the management of the undertakings of the Company in a Government
company or on the appointment of a Custodian, all persons in charge of the management of the
undertakings of the Company immediately before such vesting or appointment, shall be bound to deliver
7
to such Government company or Custodian, as the case may be, all assets, books of account, registers and
other documents in their custody relating to the undertakings of the Company.
(2) The Central Government may issue such directions as it may deem desirable in the circumstances
of the case to the Government company or the Custodian as to the powers and duties of such Government
company or Custodian and such Government company or Custodian may also, if it is considered
necessary so to do, apply to the Central Government at any time for instructions as to the manner in which
the management of the undertakings of the Company shall be conducted or in relation to any other matter
arising in the course of such management.
(3) The Custodian shall maintain an account of the undertakings of the Company in such form and
manner and under such conditions as may be prescribed and the provisions of the Companies Act, 1956
(1 of 1956), shall apply to the audit of the account so maintained as they apply to the audit of the accounts
of a company.