Section 12 of the Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984 – Duty of persons to account for assets, etc., in their possession

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Section 12: 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 the undertakings owned by either of the two companies, which have vested in the Central Government or in an existing, or a new, Government company under this Act, shall be liable to account for the said assets, books, documents and other papers to the Central Government or the existing, or new, Government company, as the case may be, and shall deliver them to the Central Government or the existing, or new, Government company or to such person or persons as the Central Government or the existing, or new, 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 two companies which have vested in the Central Government or the Government company under this Act.
  • (3) The two companies shall, within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all their properties and assets, as on the appointed day, 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 two companies all reasonable facilities.

Source: official text of The Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984 as published on India Code (PDF). All sections of the Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984.

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  2. Section 11 of the Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984 – Duty of persons in charge of management of undertakings of the two companies to deliver all assets, etc
  3. Section 5 of the Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984 – Companies to be liable for certain prior liabilities
  4. Section 7 of the Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984 – Transfer of the undertakings of the two companies from an existing Government company to a new Government company