Bare Act Search Results

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Complete Act

State: Central

Year: 1978

.....a complaint, in writing, made by the Central Government or any officer authorised in this behalf by that Government. SECTION 21: SAVING OF CONTRACTS, ETC - All contracts, deeds, bonds, agreements and other instruments of whatever nature to which the dissolved company is a party subsisting or having effect immediately before the appointed day, shall as from that day, be of full force and effect against, or, as the case may be, in favour of, the Steel Authority of India and may be enforced as fully and effectually as if, instead of the dissolved company, the Steel Authority of India had been a party thereto. SECTION 22: SAVING OF LEGAL PROCEEDINGS - If, on the appointed day, there is pending any suit, 'arbitration, appeal or other legal proceeding of whatever nature by or against the dissolved company, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer of the undertakings of the dissolved company or of anything contained in this Act, but the suit, arbitration, appeal or other proceeding may be continued, prosecuted and enforced by or against the Steel Authority of India in the same manner and to the same extent as.....

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Preamble 1

Title: The Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978

State: Central

Year: 1978

THE BOLANI ORES LIMITED (ACQUISITION OF SHARES) AND MISCELLANEOUS PROVISIONS ACT, 1978 [Act, No.42 of 1978] [8th December, 1978] PREAMBLE An Act to provide for the acquisition of shares of the Bolani Ores Limited in public interest in order to serve better the needs of the nation and to facilitate the promotion and development in the interests of the general public, of national steel industry and for matters connected therewith or incidental thereto. WHEREAS Bolani Ores Limited was incorporated as a private limited company in June, 1957.For supplying ores mainly to the Durgapur Steel Plant; WHEREAS 50.5 per cent, shares in the share capital of the said Bolani Ores Limited are held by the Steel Authority of India Limited, a wholly owned Government company and the remaining 49.5 per cent.shares are held by the Orissa Minerals Developments Company Limited; WHEREAS cumulative losses suffered by the Bolani Ores Limited at the end of 1977-78 were to the extent of over Rs.270 lakhs and the said Bolani Ores Limited is in need of urgent funds to carry on the operations of its undertakings; AND WHEREAS the Orissa Minerals Development Company is not willing to contribute.....

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Chapter I

Title: Preliminary

State: Central

Year: 1978

.....day" means the date on which this act comes into force; (b) "Bolani Ores Limited" means the Bolani Ores Company Limited, a company formed and registered under the companies Act and having its registered office at Chartered Bank Buildings in Calcutta in the state of West Bengal; (c) "Companies Act" means the companies Act, 1956 (1 of 1956); (d) "dissolved company" means the Bolani Ores Limited dissolved by virtue of section 6; (e) "the company" means the Orissa Minerals Development Company Limited, a company formed and registered under the companies Act and having its register office at Chartered Bank Buildings, Calcutta in the State of West Bengal; (f) "Steel Authority of India: means the steel Authority of India Limited, a company formed and register under the companies Act and having its registered office at New Delhi. (2) Save as provided in section 14, the words and expressions used herein and not defined but defined in the Companies Act have the meanings respectively assigned to them in that Act.

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Chapter II

Title: Acquisition and Transfer of Shares of Bolani Ores Limited

State: Central

Year: 1978

.....an amount of forty-nine thousand five hundred rupees. (2) Where the Central Government fails to pay to the Company the amount specified in sub-section (1) within the period specified in that sub-section, the central Government shall pay on the said amount simple interest at the rate of six per cent, per annum from the appointed day till the date of payment. Section 5 - Allocation of share s to the Steel authority of India (1) All the shares held by the Company in the Bolani Ores Limited which have vested in the Central Government by virtue of section 3 shall, immediately after they have so vested, stand transferred to, and shall vest in, the steel authority of India. (2) The amount paid by the Central Government for the shares which stand transferred to, and vested in, the Steel authority of India under sub-section (1) shall be deemed to the contribution by the central Government to the equity capital of the steel Authority of India and the Steel authority of India shall issue (if necessary, after amending its memorandum and articles of association) to the Central Government forty-nine fully paid-up shares of the face value of one thousand rupees each and pay to that.....

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Section 2

Title: Definitions

State: Central

Year: 1978

(1) In this Act, unless the context otherwise requires,- (a) "appointed day" means the date on which this act comes into force; (b) "Bolani Ores Limited" means the Bolani Ores Company Limited, a company formed and registered under the companies Act and having its registered office at Chartered Bank Buildings in Calcutta in the state of West Bengal; (c) "Companies Act" means the companies Act, 1956 (1 of 1956); (d) "dissolved company" means the Bolani Ores Limited dissolved by virtue of section 6; (e) "the company" means the Orissa Minerals Development Company Limited, a company formed and registered under the companies Act and having its register office at Chartered Bank Buildings, Calcutta in the State of West Bengal; (f) "Steel Authority of India: means the steel Authority of India Limited, a company formed and register under the companies Act and having its registered office at New Delhi. (2) Save as provided in section 14, the words and expressions used herein and not defined but defined in the Companies Act have the meanings respectively assigned to them in that Act.

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Chapter III

Title: Vesting of Undertakings in the Steel Authority of India and Dissolution of Bolani Ores Limited

State: Central

Year: 1978

.....in the Steel Authority of India by virtue of section 5, shall stand transferred to, and shall vest in, the Steel Authority of India; (b) the Bolani Ores Limited shall stand dissolved. Section 7 - Under-taking meaning of For the purposes of this act, the undertakings of the dissolved company shall be deed to include all assets, rights, lease-holds (including mining leases), industrial or other licences, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, works, mines, workshops, projects, stores, instruments, machinery, automobiles and other vehicles, equipment, cash or bank balances, cash in hand, reserve funds, investments and 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 dissolved company and all books of account, registers, maps, drawings, records of survey and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings liabilities and obligations of whatever kind of the dissolved company.

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Section 6

Title: Vesting of Undertakings a in the Steel Authority of India and Dissolution of Bolani Ores Limited

State: Central

Year: 1978

On the appointed day (a) all the undertakings of the Bolani Ores Limited, the shares of which have vested in the Steel Authority of India by virtue of section 5, shall stand transferred to, and shall vest in, the Steel Authority of India; (b) the Bolani Ores Limited shall stand dissolved.

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Complete Act

Title: Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978

State: Central

Year: 1978

..... Section12 - Provident fund Section13 - Gratuity, welfare fund and other funds Chapter V Section14 - Provisions with respect to income-tax and surtax Section15 - Taxes, fees and other charges not payable Chapter VI Section16 - Duty to deliver possession of properties, etc. Section17 - Penalties Section18 - Offences by companies Section19 - Protection of action taken in good faith Section20 - Cognizance of offences Section21 - Saving of contracts, etc. Section22 - Saving of legal proceedings Section23 - Board of Directors of the steel authority of India to adopt accounts of dissolved company Section24 - Transfer of documents relating to the dissolved company Section25 - Power to remove difficulties Section26 - Act to override the provisions of other laws Section27 - Power to amend memorandum and articles of association Section28 - Power to make rules

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Section 1

Title: Short Title and Commencement

State: Central

Year: 1978

(1) This Act may be called the Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions act, 1978. (2) it shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Section 3

Title: Vesting in the Central Government of the Shares Held by the Company

State: Central

Year: 1978

(1) On the appointed day, all the shares held by the Company in the share capital of the Bolani Ores Limited shall, by virtue of this act, stand transferred to, and shall vest in, the Central Government. (2) All the shares which have vested in the Central Government under sub-section (1) shall, by force of such vesting, be freed and discharged of all trusts, liabilities, obligations, mortgages charges, liens and other encumbrances affecting them, and any attachment or injunction or any decree or order of any court, tribunal or other authority restricting the use of such shares in any manner shall be deemed to have been withdrawn.