Title : Transaction Resulting in Dissipation of Assets
State : Karnataka
Year : 1974
(1) This section shall apply where the company has, after the first day of January 1972 and before the vesting date,- (a) made any payment to any person without consideration or for an inadequate consideration; (b) sold or disposed of any of its properties or rights without consideration or for an inadequate consideration; (c) acquired any property or rights for an excessive consideration; (d) entered into or varied any agreement so as to require an excessive consideration to be paid or given by the company; (e) entered into any other transaction of such an onerous nature as to cause a loss to or impose a liability on the company exceeding any benefit accruing to the company; or (f) sold or otherwise transferred any equipment or machinery or other property of book value..... View Complete Act List Judgments citing this sectionTitle : Penalties
State : Karnataka
Year : 1974
(1) If any person wilfully withholds or fails to deliver to the Government as required by section 8 any documents which may be in his possession or wrongfully obtains possession of any property of the company which has vested in the Government under this Act, or having any such property in his possession wrongfully withholds it from the Government, or wilfully applies to purposes other than those expressed in or authorised by this Act, he shall be punishable with imprisonment for a term which may extend to two years or with fine which may extend to five thousand rupees, or with both and in the cases of a continuing offence with additional fine which may extend to five hundred rupees for every day after the first during which the offence continues and may be ordered by the court trying..... View Complete Act List Judgments citing this sectionTitle : Offences by Companies
State : Karnataka
Year : 1974
(1) Where an offence under this Act has been committed by a company, every person who at the time the offence was committed was in charge of and was responsible to , the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been committed by a company and it is proved that the offence has been..... View Complete Act List Judgments citing this sectionTitle : Protection of Action Taken Under the Act
State : Karnataka
Year : 1974
No suit, prosecution, or other legal proceeding shall lie against the Government or any officer or servant of the Government or any person acting under the direction of the Government or of any officer or servant of the Government in respect of anything which is in good faith done or intended to be done in pursuance of this Act or any rules or orders made thereunder. View Complete Act List Judgments citing this sectionTitle : Power to Make Rules
State : Karnataka
Year : 1974
The Government may by notification make rules to carry out the purposes of this Act. View Complete Act List Judgments citing this sectionTitle : Power to Remove Difficulties
State : Karnataka
Year : 1974
If any difficulty arises in giving effect to the provisions of this Act, the Government may, by notified order, not inconsistent with the provisions of this Act remove the difficulty: Provided that no such power shall be exercised after the expiry of a period of two years from the commencement of this Act. View Complete Act List Judgments citing this sectionTitle : Laying of Rules and Orders Before the State Legislature
State : Karnataka
Year : 1974
Every rule made under this Act and every order issued under section 19 shall be laid as soon as may be after it is made or issued before each House of the State Legislature while it is in session for a total period of thirty days which may be comprised in one session or in two successive sessions and if, before the expiry of the session in which it is so laid or the session immediately following both Houses agree in making any modification in the rule or order or both Houses agree that the rule, or order should not be made, the rule or order shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under such rule or order. ..... View Complete Act List Judgments citing this sectionTitle : Effect of Other Laws
State : Karnataka
Year : 1974
(1) No provision of the Electricity Act or of the Electricity Supply Act or of any rule made under any of those Acts or of any instrument having effect by virtue of any of those Acts or any rule made thereunder shall in so far as it is inconsistent with any of the provisions of this Act have any effect. (2) Save as otherwise provided in this Act, the provisions of this Act shall be in addition to and not in derogation of the Electricity Act and the Electricity Supply Act. View Complete Act List Judgments citing this sectionTitle : Act to Apply to Undertaking Voluntarily Handed over to Government
State : Karnataka
Year : 1974
Where an undertaking has been voluntarily handed over by a company to the Government before the commencement of this Act, and the Government have taken possession of such undertaking, the provisions of this Act shall apply to such undertaking as if such undertaking vests in the Government under this Act. All the provisions of this Act shall accordingly apply to such undertaking: Provided that where under this Act any period is to be computed from the vesting date, such period shall, in relation to any undertaking to which this section applies, be computed from the date of the publication of this Act in the official Gazette. View Complete Act List Judgments citing this sectionTitle : The First Schedule
State : Karnataka
Year : 1974
SCHEDULE [See Section 5] For purposes of payment of amount under section 5 the depreciation shall be calculated at annual rates arrived at by dividing ninety percent of the book value of each asset by the number of years of life of the asset as specified in the Table below. For the account year in which an asset was brought into beneficial use, the depreciation shall be calculated at half the annual rate and for the period after the last completed account year till the vesting date, the depreciation shall be calculated pro rata. Depreciation shall not be calculated for any period beyond the life of the asset as prescribed herein. TABLE Description of assets Number of years or period 1 2 A. Land owned under full title ..... View Complete Act List Judgments citing this section