Title : Penalties
State : Central
Year : 1987
Any person who,- (a) having in his possession, custody or control any property forming part of the undertakings of the Company, wrongfully with-holds such property from the Central Government or Andrew Yule; or (b) wrongfully obtains possession of, or retains, any property forming part of the undertakings of the Company; or (c) wilfully withholds or fails to furnish to the Central Government or Andrew Yule or any person or body of persons specified by that Government or Andrew Yule, as the case may be, any document relating to the undertakings, which may be in his possession, custody or control; or (d) fails to deliver to the Central Government or Andrew Yule or any person or body of persons specified by that Government or Andrew Yule, as the case may be, any assets, books of..... View Complete Act List Judgments citing this sectionTitle : Power of Central Government to Direct Vesting of the Undertakings of the Company in Andrew Ule
State : Central
Year : 1987
(1) Notwithstanding anything contained in section 3 and 4.the Central Government may, subject to such terms and conditions as it may think fit to impose, direct, by notification, that the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings, which have vested in the Central Government under section 3, shall, instead of continuing to vest in the Central Government vest in Andrew Yule, either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification. (2) Where the right, title and interest, and the liabilities referred to in sub-section (2) of section 5, of the Company in relation to its undertakings vest in Andrew Yule under..... View Complete Act List Judgments citing this sectionTitle : Management, Etc., of the Undertakings of the Company
State : Central
Year : 1987
The general superintendence, direction, control and management of the affairs and business of the undertakings of the Company, the right, title and interest in relation to which have vested in the Central Government under section 3, shall, where a direction has been made buy the Central Government under sub-section (1) of section 6, vest in Andrew Yule, and thereupon Andrew Yule shall be entitled of exercise, to the exclusion of all other persons, all such powers and do all such things as the Company was authorised to exercise and do in relation to its undertakings. View Complete Act List Judgments citing this sectionTitle : Provident Fund and Other Funds
State : Central
Year : 1987
(1) Where the Company has established a provident fund, superannuation fund, welfare fund or any other fund for the benefit of the persons employed in any of its undertakings, the moneys relatable to the officers or other employees, whose services have become transferred by or under this Act to the Central Government or Andrew Yule shall, out of the moneys standing, on the appointed day, to the credit of such provident fund, superannuation fund, welfare fund or other fund, stand transferred to, and vest in, the Central Government or Andrew Yule, as the case may be. (2) The moneys which stand transferred under sub-section (1) to the Central Government or Andrew Yule, as the case may be, shall be dealt with by that Government or Andrew Yule in such manner, as may be prescribed. View Complete Act List Judgments citing this sectionTitle : Priority of Claims
State : Central
Year : 1987
The claims made under section 17 shall have priorities in accordance with the following principles, namely:- (a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on; (b) the claims specified in each of the categories shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; and (c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category. View Complete Act List Judgments citing this sectionTitle : Disbursement of Amounts to the Company
State : Central
Year : 1987
(1) If, out of the moneys paid to him in relation to the undertakings of the Company, there is a balance left after meeting the liabilities specified in the Schedule, the Commissioner shall disburse such balance to the Company. (2) Where the possession of any machinery, equipment or other property has vested in the Central Government or Andrew Yule under this Act, but such machinery, equipment or other property does not belong to the Company, it shall be lawful for the Central Government or Andrew Yule, to continue to possess such machinery or equipment or other property on the same terms and conditions under which they were possessed by the Company immediately before the appointed day. View Complete Act List Judgments citing this sectionTitle : General Effect of Vesting
State : Central
Year : 1987
(1) The undertakings of the Company shall be deemed to include all assets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, cheques, demand drafts, reserve funds, investments, book debts, and all other right 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, records and all other documents of whatever nature relating thereto. (2) All properties as aforesaid which have vested in the Central Government under section 3 shall, by force of such vesting,..... View Complete Act List Judgments citing this sectionTitle : Company to Be Liable for Certain Prior Liabilities
State : Central
Year : 1987
(1) Every liability of the Company, other than the liabilities specified in sub-section(2), in respect of any period prior to the appointed day, shall be the liability of the Company and shall be enforceable against it and not against the Central Government, or, where the undertakings of the Company are directed, under section 6, to vest in Andrew Yule. (2) Any liability arising in respect of advances made to the Company for the supply of articles, or in respect of materials supplied to the Company, after the management of the undertakings of the Company had been taken over by the Central Government shall, on and form the appointed day, be the liability of the Central Government or of Andrew Yule, as the case may be, and shall be discharged by that Government or Andrew Yule, as and..... View Complete Act List Judgments citing this sectionTitle : Duty of Persons to Account for Assets, Etc., in their Possession
State : Central
Year : 1987
(1) Any person who has, on the appointed day, in his possession or under his control, any assets, books, documents, or other papers relating to any undertaking owned by the Company, which have vested in the Central Government or in Andrew Yule under this Act and which belong to the Company or would have so belonged, if the undertakings owned by the Company had not vested in the Central Government or Andrew Yule, shall be liable to account for the said assets, books, documents and other papers to the Central Government or Andrew Yule and shall deliver them to the Central Government or Andrew Yule or to such person or persons as the Central Government or Andrew Yule may specify in this behalf. (2) The Central Government or Andrew Yule may take or cause to be taken all necessary steps..... View Complete Act List Judgments citing this sectionTitle : Disbursement of Money by the Commissioner to Claimants
State : Central
Year : 1987
After admitting a claim under this Act, the amount due in respect of such claim shall be paid by the Commissioner to the person or persons to whom such amount is due and on such payment, the liability of the Company in respect of such claim shall stand discharged. View Complete Act List Judgments citing this section