Section -3

Where any property is held by FSSO under any lease or under any right the Government shall without prejudice to the provision of section 3 shall become a lessee or the tenant in respect of such property as if lease or tenancy has been granted to the Government. All right under such lease or tenancy, including the right of renewal thereof, shall be deemed to have been transferred to, and vested in the Government. It has been provided that after expiry of term of any lease or tenancy the Government may continue to hold the property for such period as it
may consider necessary on the same terms and conditions on which it was held immediately before such expiry as if the lease or tenancy had been renewed for such period.

M/s. Shahjahan Enterprise Ltd: Vs. Meghna Petroleum Ltd. & Ors.UBLT(AD)-103