(1) On the appointed day, all the shares held by the Company in the share capital of the Bolani Ores Limited shall, by virtue of this act, stand transferred to, and shall vest in, the Central Government.
(2) All the shares which have vested in the Central Government under sub-section (1) shall, by force of such vesting, be freed and discharged of all trusts, liabilities, obligations, mortgages charges, liens and other encumbrances affecting them, and any attachment or injunction or any decree or order of any court, tribunal or other authority restricting the use of such shares in any manner shall be deemed to have been withdrawn.