law: Trade Monopolies and Restrictive Trade Practices Act, 1969 
  27. Division of Undertakings
  (1) Notwithstanding anything
  
  contained in this Act or in any other law for the time being in force, the
  
  Commission may, -
  (i) upon receiving a
  
  complaint of facts from any trade association or from any consumer or a
  
  registered consumers' association, whether such consumer is a member of that
  
  consumers' association or not, or
  (ii) upon a reference
  
  made to it by the Central Government or a State Government, or
  (iii) upon its own
  
  knowledge or information.
  If it is of opinion
  
  that the working of an undertaking is prejudicial to the public interest, or
  
  has led, or is leading, or is likely to lead, to the adoption of any
  
  monopolistic or restrictive trade practices, inquire as to whether it is
  
  expedient in the public interest to make an order, -
  (a) for the division of
  
  any trade of the undertaking by the sale of any part of the undertaking or
  
  assets thereof, or
  (b) for the division of
  
  any undertaking or inter-connected undertakings into such number of
  
  undertakings as the circumstances of the case may justify, and the Commission
  
  may, after such hearing as it thinks fit, report to the Central Government its
  
  opinion thereon and shall, where it is of opinion that a division ought to be
  
  made, specify the manner of the division and compensation, if any, payable for
  
  such division.
  
  Explanation : For the purposes of this section all activities carried on
  
  by way of trade by an undertakings or two or more inter-connected undertaking
  
  may be treated as a single trade.
  (2) If the Commission so
  
  recommends, the Central Government may, notwithstanding anything contained in
  
  any other law for the time being in force, by an order in writing, direct the
  
  division of any trade of the undertaking or of the undertaking or
  
  inter-connected undertakings.
  (3) Notwithstanding anything
  
  contained in any other law for the time being in force, the order referred to
  
  in sub-section (2) may provide for all such matters as may be necessary to give
  
  effect to the division of any trade of the undertaking, or of the undertaking
  
  or inter-connected undertakings, including, -
  (a) the transfer or
  
  vesting of property, rights, liabilities or obligations;
  (b) the adjustment of
  
  contracts either by the discharge or reduction of any liability or obligation
  
  or otherwise;
  (c) the creation,
  
  allotment, surrender or cancellation of any shares, stock or securities;
  
  
  (d) the payment of compensation;
  (e) the formation or
  
  winding up of an undertaking or the amendment of the memorandum and articles of
  
  association or any other instruments regulating the business of any
  
  undertaking;
  (f) the extent to which
  
  and the circumstances in which provisions of the order affecting an undertaking
  
  may be altered by the undertaking and the registration thereof;
  (g) the continuation,
  
  with such changes as may be necessary, of parties to any legal proceeding
  (4) Where the Central Government
  
  makes, or intends to make, an order for any purpose mentioned in sub-section
  
  (3), it may, with a view to achieving that purpose, prohibit or restrict the
  
  doing of anything that might impede the operation or making of the order and
  
  may impose on any person such obligations as to the carrying on of any
  
  activities or the safeguarding of any assets, as it may think fit, or it may,
  
  by order, provide for the carrying on of any activities or safeguarding of any
  
  assets either by the appointment of a person to conduct, or supervise the conduct
  
  of, any such activities or in any other manner.
  (5) Notwithstanding anything
  
  contained in any other law for the time being in force or in any contract or in
  
  any memorandum or articles of association, an officer of a
  
  company who ceases to hold office as such in consequence of the division of an
  
  undertaking or inter-connected undertakings shall not be entitled to claim any
  
  compensation for such cesser.