[4. (1) All such shares and other proprietary interests in each of the scheduled industrial enterprises, and all such industrial enterprises placed under a Corporation by, or by an order under clause (1) of Article 10 and all shares and proprietary and other interests, as have not already vested in the Government by or under any law for the time being in force, shall, by virtue of this Article and without any further proceeding or formality, stand vested in, and allotted to, the Government free of any trust, mortgage, charge, lien, interest or other encumbrance whatsoever-
(a) in the case of a scheduled industrial enterprise, on the commencement of this Order; and
(b) in the case of an industrial enterprise placed under a Corporation by order under clause (1) of Article 10, on the date on which it is so placed;
and subject to the provisions of clause (2), the Government shall, as from such commencement or date, be the sole shareholder in, or owner of, such industrial enterprises.
[(2) The Government may, if in the national interest it deems it expedient so to do, sell or otherwise transfer to a Corporation or to any other person, in such manner and on such
terms and conditions as it deems fit, any scheduled industrial enterprise or any other industrial enterprise or any share or proprietary or other interest therein, vested in the Government under clause (1).]
(3) Where the Government sells or otherwise transfers under clause (2), wholly or partly, any industrial enterprises, or any share or proprietary or other interest in an industrial enterprise, it may, by notification in the official Gazette, omit from the Schedule, or, as the case may be, withdraw from the Corporation under which it was placed by an order under clause (1) of Article 10, that industrial enterprise.
(4) Where a notification under clause (3) is issued in respect of any industrial enterprise, the Government may,-
(a) by the same notification or by a separate notification, direct that the provisions of Articles 5, 6, 7 and 8 shall cease to apply, or shall apply with such modification or qualification as may be specified in the notification, to such industrial enterprise; and
[(b) take such measures, including consequential changes in the relevant memorandum or articles of association, as may be necessary to facilitate the sale or transfer of the industrial enterprise under clause (2) or to enable the industrial enterprise to function under the Companies Act, 1913 (VII of 1913).]
[(4A) Where the Government sells or otherwise transfers under clause (2) any industrial enterprise or any share or proprietary or other interest therein, the provisions of the Companies Act, 1913 (VII of 1913), relating to holding of meetings, balance sheet, minimum subscription, prospectus, statement in lieu of prospectus, filing of returns in respect of such industrial enterprise or transfer of such share or interest for the period preceding the sale or transfer shall be deemed not to have been applicable thereto.
(4B) Where the Government sells or otherwise transfers under clause (2) any industrial enterprise or any share or proprietary or other interest in favour of a Corporation or Company in which the Government or the Corporation hold the majority shares, no tax, fee, levy or charge under any law shall be payable in respect of such sale or transfer.]
[(5) Notwithstanding anything contained in any law, rules or regulations for the time being in force or in any agreement, contract or other instrument whatsoever, upon transfer of an industrial enterprise or any share or proprietary or other interest in such an enterprise under clause (2), the services of officers and employees for the time being on the pay roll of the industrial enterprise, and also the services of such number of officers and employees of the Head Office of the Corporation under which the industrial enterprise is placed as may be determined by the Government, shall, irrespective of their origin or source of appointment, stand transferred to the industrial enterprise and thereby such officers and employees shall cease to be the officers and employees of the aforesaid Corporation or of any other industrial enterprise under the said Corporation by which the officers or, as the case may be, employees, were appointed.
(6) The terms and conditions of the officers and employees transferred under clause (5), shall, unless altered by the new employer, continue to be the same as were applicable to them before the transfer of the industrial enterprise.]