THE HIND CYCLES AND SEN-RALEIGH LIMITED (NATIONALISATION) ACT, 1980
[Act, No. 70 of 1980]
[27th December, 1980]
PREAMBLE
An Act to provide for the acquisition of the undertakings of the Hind Cycles and Sen-Raleigh Limited, with a view to securing the proper management of such undertakings so as to subserve the interest of the general public by ensuring the continued manufacture, production and distribution of bicycles, and their component parts and accessories which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
Whereas Hind Cycles Limited and Sen-Raleigh Limited has been engaged in the manufacture, production and distribution of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951(65 of 1951), namely, bicycle and their component parts and accessories;
And Whereas the management of the undertakings of the Hind Cycles Limited and Sen-Raleigh Limited were taken over by the Central Government under the provisions of the Industries (Development and Regulation) Act, 1951(65 of 1951);
And Whereas it is necessary to acquire the undertakings of the Hind Cycles and Sen-Raleigh Limited to ensure that the interests of the general public are served by the continuance, by the undertakings of the companies, of the manufacture, production and distribution of the aforesaid articles which are essential to the needs of the economy of the country;
Be it enacted by Parliament in the Thirty-fifth Year of the Republic of India as follows :-