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Start Free TrialBirds & Company Limited Acquistion & Transfer of Undertakings & Other Properties Act, 1980 Complete Act
Title: Birds & Company Limited Acquistion & Transfer of Undertakings & Other Properties Act, 1980
State: Central
Year: 1980
.....claims Section20 - Disbursement of money by Commissioner to claimants Section21 - Disbursement of amounts to the Company and possession of certain machinery, equipment, etc. Section22 - Undisbursed or unclaimed amount to be deposited to the general revenue account Chapter VII Section23 - Act to have overriding effect Section24 - Contracts to cease to have effect unless ratified by the Central Government or Government company Section25 - Penalties Section26 - Offences by companies Section27 - Protection of action taken in good faith Section28 - Delegation of powers Section29 - Power to make rules Section30 - Power to remove difficulties Section31 - Repeal and saving ScheduleI - SCHEDULE I ScheduleII - SCHEDULE II
List Judgments citing this sectionBengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act, 1980 Complete Act
Title: Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
.....rejection of claims Section23 - Disbursement of money by Commissioner to claimants Section24 - Disbursement of amounts to the Company and possession of certain machinery, equipment, etc Section25 - Undisbursed or unclaimed amount to be deposited to the general revenue account Chapter VII Section26 - Act to have overriding effect Section27 - Contracts to cease to have effect unless ratified by the Central Government or existing, or new, Government company Section28 - Penalties Section29 - Offences by companies Section30 - Protection of action taken in good faith Section31 - Delegation of powers Section32 - Power to make rules Section33 - Power to remove difficulties ScheduleI - SCHEDULE
List Judgments citing this sectionNational Company Limited (Acquisition and Transfer of Undertakings) Act, 1980 Complete Act
Title: National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
.....- Disbursement of amounts to the Company Section24 - Undisbursed or unclaimed amount to be deposited with the general revenue accounts Chapter VII Section25 - Act to have overriding effect Section26 - Assumption of liability Section27 - Management to continue to vest in the Custodian until alternative arrangements have been made Section28 - Contracts to cease to have effect unless ratified by the Central Government or the Government company Section29 - Penalties Section30 - Offences by Companies Section31 - Protection of action taken in good faith Section32 - Delegation of powers Section33 - Power to make rules Section34 - Power to remove difficulties Section35 - Repeal and saving ScheduleI - SCHEDULE
List Judgments citing this sectionMaruti Limited (Acquisition and Transfer of Undertakings) Act, 1980 Complete Act
Title: Maruti Limited (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
.....- Examination of claims Section21 - Admission or rejection of claims Section22 - Disbursement of money by the Commissioner to claimants Section23 - Disbursement of amounts to the Company Section24 - Undisbursed or unclaimed amount to be deposited to the general revenue account Chapter VI Section25 - Act to have overriding effect Section26 - Contracts to cease to have effect unless ratified by Central Government or Government company Section27 - Protection of action taken in good faith Section28 - Delegation of powers Section29 - Penalties Section30 - Offences by companies Section31 - Power to make rules Section32 - Power to remove difficulties Section33 - Repeal and saving ScheduleI - SCHEDULE
List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Complete Act
Title: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
.....V Section10 - Closure of accounts and disposal of profits Section10A - Annual general meeting Section10B - Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account Section11 - Corresponding new bank deemed to be an Indian company Section12 - Vacation of office of Chairman, etc. Section12A - Bonus Section13 - Obligations as to fidelity and secrecy Section14 - Custodian to be public servant Section15 - Certain defects not to invalidate acts or proceedings Section16 - Indemnity Section16A - Arrangement with corresponding new bank on appointment of Directors to prevail Section17 - Construction of references to existing banks Section18 - Dissolution Section18A - Supersession of Board in certain cases Section19 - Power to make regulations Section20 - Repeal Section21 - Repeal and saving ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE ScheduleIII - THIRD SCHEDULE Amending Act1 - BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) AND FINANCIAL INSTITUTIONS LAWS (AMENDMENT) ACT, 2006
List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Amending Act 1
Title: Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006
State: Central
Year: 1980
.....Act, 1959, the Deposit Insurance and Credit Guarantee Corporation Act, 1961, the Export-Import Bank of India Act, 1981 and the National Housing Bank Act, 1987. BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and Commencement.-- (1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 2. Amendment of section 3.-- In section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970(5 of 1970) (hereafter in this Chapter referred to as the Bank Nationalisation Act),-- (a) in sub-section (2B), for clause (c), the following shall.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Chapter II
Title: Transfer of the Undertakings of Existing Banks and Share Capitals of the Corresponding New Banks
State: Central
Year: 1980
.....by him in this behalf realise any asset and discharge any liability of the existing bank. (4) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the commencement of this Act and to which the existing bank is a party or which are in favour of the existing bank shall be of full force and effect against or in favour of the corresponding new bank, and may be enforced or acted upon as fully and effectually as if in the place of the existing bank the corresponding new bank had been a party thereto or as if they had been issued in favour of the corresponding new bank. (5) If, immediately before the commencement of this Act, any suit, appeal or other proceeding of whatever nature in relation to any business of the which has been transferred under section 4, is pending by or against the existing bank, the same shall not abate, be discontinued or be in any way, prejudicially affected by reason of the transfer of the undertaking of the existing bank or of anything contained in this Act but the suit,.....
View Complete Act List Judgments citing this sectionBengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act, 1980 Chapter II
Title: Acquisition and Transfer of the Undertakings of the Company
State: Central
Year: 1980
.....all assets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, offices, factories, workshops, stores, instruments, plants, machinery and equipment, installations, laboratories, office furniture, stationary and equipment, vehicles, patents, trade marks, cash balances, cash on hand, reserve funds, investments, book debts and all other rights and interests in, or arising out of such property as were immediately before the appointed day in the ownership, possession, power or control of the Company, whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto. (2) All properties and assets as aforesaid which have vested in the Central Government under section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other incumbrances affecting them, and any attachment, injunction, decree or order of any court or other authority restricting the use of such properties or assets in any manner or appointing any receiver in respect of the whole or any part of such properties or assets.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 10B
Title: Transfer of Unpaid or Unclaimed Dividend to Unpaid Dividend Account
State: Central
Year: 1980
.....transfer such unpaid amount to the account referred to in sub-section (1). (3) Any money transferred to the Unpaid Dividend Account of a corresponding new bank in pursuance of this section which remains Unpaid or unclaimed for a period of seven years from the date of such transfer, shall be transferred by the corresponding new bank to the Investor Education and Protection Fund established under sub-section (1) of section 205C of the Companies Act, 1956(1 of 1956). (4) The money transferred under sub-section (3) to the Investor Education and Protection Fund shall be utilised for the purposes and in the manner specified in section 205C of the Companies Act,1956(1 of 1956).] ________________________________________________________________ 1. Inserted by the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 w.e.f. 16.10.2006.
View Complete Act List Judgments citing this sectionNational Company Limited (Acquisition and Transfer of Undertakings) Act, 1980 Chapter II
Title: Acquisition and Transfer of the Undertaking of the Company
State: Central
Year: 1980
.....Government company (1) Notwithstanding anything contained in sections 3 and 4, where the undertakings of the Company have been directed, under sub-section (1) of section 5, to vest in an existing Government company, the Central Government may, if it is satisfied that a new Government company is willing to comply, or has complied with such terms and conditions as that Government may think fit to impose, declare, by notification, that the undertakings of the Company be transferred to that new Government company; and on the issue of such declaration, the right, title and interest of the Company in relation to its undertakings, which had been directed under sub-section (1) of section 5 to vest in an existing Government company, shall, instead of continuing to vest in that existing Government company vest in that new Government company with effect from the date on which such declaration is made. (2) Where the right, title and interest of the existing Government company in relation to the undertakings of the Company vest under sub-section (1) in a new Government company, that new Government company shall, on and from the date of such vesting, be deemed to have become the owner in.....
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