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 6, vest in the Government company specified in such direction; or
(b) where no such direction has been made by the Central Government, vest 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 one or more individuals or a Government company as the
Custodian or Custodians of the undertakings of the Company in relation to which no direction has been
made by it under sub-section (1) of section 6.
(3) The Custodian or Custodians so appointed 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 the 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 or Custodians, all persons in charge of the management of
the undertakings of the Company immediately before such vesting or appointment, shall be bound to
deliver to the Government company or the Custodian or Custodians, as the case may be, all assets, books
of account, registers or 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 or Custodians, and such Government company
or the Custodian or Custodians 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.
11. Duty of persons to account for assets, etc., in their possession.—(1) Any person who has, on
the appointed day, in his possession or under his control, any assets, books, documents or other papers
relating to any undertaking owned by the Company, which have vested in the Central Government or in a
Government company under this Act, and which belong to the Company, or would have so belonged, if
the undertakings owned by the Company had not vested in the Central Government or such Government
company, shall be liable to account for the said assets, books, documents and other papers to the Central
Government or the Government company and shall deliver them up to the Central Government or such
Government company or to such person or persons as the Central Government or the Government
company may specify in this behalf.
(2) The Central Government or the Government company aforesaid may take or cause to be taken all
necessary steps for securing possession of the undertakings of the Company which have vested in the
Central Government or the Government company under this Act.
(3) The Company shall, within such period as the Central Government may allow in this behalf,
furnish to that Government a complete inventory of all its properties and assets, as on the appointed day,
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pertaining to the undertakings which have vested in the Central Government under section 3, and, for this
purpose, the Central Government or the Government company aforesaid shall afford to the Company all
reasonable facilities.
12. Accounts and audit.—The Custodian or Custodians of the undertakings of the Company 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 accounts so maintained as they apply to the audit of the accounts of a company.