Act Info:
Preamble1 - RICHARDSON AND CRUDDAS LIMITED (ACQUISITIONAND TRANSFER OF UNDERTAKING) ACT, 1972
Part I Chapter I Section1 - Short title
Section2 - Definitions
Chapter II Section3 - Undertaking of the old company to vest in the Central Government
Section4 - General effect of vesting
Section5 - Duty to deliver possession of property acquired and documents relating thereto
Section6 - Duty to furnish particulars
Section7 - Transfer of employees of the old company
Section8 - Payment of amount
Chapter III Section9 - Formation and Registration of a new, company
Chapter IV Section10 - Management of the old company
Section11 - Custodian to be public servant
Section12 - Vacation of office by directors, etc., of the old company
Part II Chapter I Section13 - Constitution of a Tribunal
Chapter II Section14 - Tribunal to call upon persons to make claims
Section15 - Determination of genuine shares
Section16 - No compensation for cancellation of spurious shares
Section17 - Power of Tribunal to entertain and dispose of claims for reimbursement
Section18 - Suits and legal proceedings, not to be commenced or proceeded with
Section19 - Decision of the Tribunal to be final
Chapter III Section20 - Custodian to reconstruct register of members of the old company
Section21 - Custodian to issue fresh share certificate
Section22 - No annual general meeting of the old company to be held before the reconstruction of the register of members
Section23 - Custodian to file accounts until reconstruction of the register of members of the old company
Part III Section24 - Penalties
Section25 - Offences by companies
Section26 - Offences to be triable by a Magistrate of the first class and not to be compoundable
Part IV Section27 - Protection of action taken in good faith
Section28 - Contracts etc. in bad faith may be cancelled or varied
Section29 - Power to terminate contract of employment
Section30 - Power to remove difficulty
Section31 - Power to make rules