The parel investments and trading private limited and domestic gas private limited (taking over of management) repeal act, 2005

This Act may be called the Parel Investments and Trading Private Limited andDomestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005.

(1) The Parel Investments and Trading Private Limited and Domestic GasPrivate Limited (Taking Over of Management) Act, 1979 (29 of 1979) is hereby repealed.; (2) On the repeal of the Parel Investments and Trading Private Limited and Domestic Gas PrivateLimited (Taking Over of Management) Act, 1979 (29 of 1979) the management of the Parel Investmentsand Trading Private Limited and Domestic Gas Private Limited shall be vested and deemed to have been vested in the respective board of directors of the said Companies to be appointed after such repeal andpossession of the assets of the said Companies relating to their business other than the business relating toliquefied petroleum gas and not taken over by the Central Government by the Act so repealed shall bedeemed to have been taken over by, and continued with, the said Companies through their respectiveboard of directors, as may be appointed in accordance with the law for the time being in force. (3) Notwithstanding such repeal and without prejudice to the provisions contained in the GeneralClauses Act, 1897 (10 of 1897) with respect to repeals, anything done or action taken including anyagreement entered into under any provision of the Parel Investments and Trading Private Limited andDomestic Gas Private Limited (Taking Over of Management) Act, 1979 (29 of 1979), by the CentralGovernment or the Custodian appointed by it shall continue to be in force and have effect as if this Acthad not been passed.