Burmah Oil Company [Acquisition of Shares of Oil India Limited and of the Undertaking in India of Assam Oil Company Limited and the Burmah Oil Company (India Trading) Limited ] Act , 1981 Preamble 1 - Bare Act

THE BURMAH OIL COMPANY [ACQUISITION OF SHARES OF OIL INDIA LIMITED AND OF THE UNDERTAKING IN INDIA OF ASSAM OIL COMPANY LIMITED AND THE BURMAH OIL COMPANY (INDIA TRADING) LIMITED ] ACT , 1981

[Act, No. 41 of 1981]

[28th September, 1981]

PREAMBLE

An Act to provide in the public interest for the acquisition of the shares of oil India Limited held by The Burma Oil Company Limited and for the acquisition and transfer of the right , title and interest of the Assam Oil Company Limited and The Burmah Oil Company (India Trading) Limited in relation to their undertakings in India and thereby to secure that the ownership and control of crude oil , gas and petroleum products produced by the undertaking in India of the Assam Oil Company Limited and of petroleum products marketed and distribution by the said undertakings and the undertakings in India of The Burmah Oil Company (India Trading) Limited are so distributed as best to subserve the common good.

WHEREAS "The Burmah Oil Company Limited "(a foreign company) has at present the ownership of and , control over , a significant portion of crude oil , gas and petroleum products produced , marketed and distributed in India by reason of the fact that Oil India Limited , wherein it holds fifty percent , of the shares , and one of its subsidiaries , namely , the Assam Oil Company limited are carrying on the business of exploration and production of crude oil , gas and petroleum products , and the said Assam Oil Company Limited is also carrying on through its undertakings in India and through the undertaking in India of "The Burmah Oil Company (India Trading) Limited" another of the subsidiaries of " The Burmah Oil Company Limited", the business of marketing and distribution of petroleum products;

AND WHEREAS it is expedient in the public interest that the shares of the said Oil India Limited held by " The Burmah Oil Company Limited " and the undertakings in India of the said Assam Oil Company Limited and "The Burma Oil Company (India Trading) Limited " should be acquired;

AND WHEREAS such acquisition is for giving effect to the policy of the state towards securing the principle specified in clause (b) of article 39 of the constitution as the ownership and control of the material resources of the community , to wit , crude oil , gas and petroleum products produced by the said Oil India Limited and by the undertakings in India of the Assam Oil Company Limited and marketed and distributed by the undertakings in India of the said Assam Oil Company Limited and "The Burmah Oil Company (India Trading) Limited ", would by reason of such acquisition become vested in the state and thereby so distributed as best to sub serve the common good;

BE it enacted by parliament in the thirty-second year of the Republic of India as follows.-