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of <h1>Key Terms Defined Under Unit Trust of India Act: Administrator and Specified Company Roles in Section 7 Explained</h1> The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, defines key terms related to the transfer and management of undertakings. An 'Administrator' is appointed under section 7 to oversee the process. A 'specified company' is a newly formed entity under the Companies Act, 1956, with capital fully subscribed by designated financial institutions or banks for the purpose of transferring and vesting the undertaking. The 'specified undertaking' encompasses all business, assets, liabilities, and properties of the Trust related to certain schemes and the Development Reserve Fund as outlined in Schedule I.
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