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British India Corporation Limited (Acquisition of Shares ) Act , 1981 Complete Act

Title: British India Corporation Limited (Acquisition of Shares ) Act , 1981

State: Central

Year: 1981

Preamble1 - BRITISH INDIA CORPORATION LIMITED (ACQUISITION OF SHARES) ACT , 1981 Chapter I Section1 - Short title and commencement Section2 - Defintions Chapter II Section3 - Transfer and vesting of shares of the company in the central government Section4 - Management of the company Section5 - Payments of amounts Section6 - Appointment of commissioner of payments Section7 - Payments by the central government to the commissioner Section8 - Claims to be made to the commissioner Section9 - Examinations of claims Section10 - Admission or rejection of claims Section11 - Disbursement of money by the Commissioner to claimants Section12 - Undisbursed or unclaimed amount to be deposited to the general Revenue account Section13 - Power of inspection Section14 - Power of Commissioner to inquire into disputes as to amount Section15 - Deposit of amount in court Chapter III Section16 - Act to have over riding effect Section17 - Penalties Section18 - Offences by companies Section19 - Limitation of cognizance of offences Section20 - Power to make rules Section21 - Repeal and saving

British India Corporation Limited (Acquisition of Shares ) Act , 1981 Preamble 1

Title: British India Corporation Limited (Acquisition of Shares) Act , 1981

State: Central

Year: 1981

.....and for matters connected therewith or incidental thereto. WHEREAS messrs, British India corporation Limited , Kanpur, are engaged in the manufacture and production of pure and blended woollies fabrics which are vital to the needs of the general public; And WHEREAS as a result of an investigation made under section 15 of the industries (Development and Regulation) Act . 1951, (65 of 1951) certain directions were issued to the company under section 16 of that Act which , inter alia included the modernization of the plant and machinery of the under taking of the company ; And WHEREAS for the purpose of carrying out the said directions , public financial institutions had advanced large sums of money to the company; And WHEREAS the central government and certain public financial institutions have also invested considerable funds in the share capital of the company ; And WHEREAS the state bank of India has advanced considerable sums to the company and a part there of has been guaranteed by the central government; And WHEREAS further investments of large sums of money is necessary for the maintenance and development of the production of the under taking of the company.....

British India Corporation Ltd (Acquisition of Shares) Act, 1981 Complete Act

State: Central

Year: 1981

.....in making any modification in the rule or both Houses agree that the rule should not be made the rule 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 that rule. SECTION 21: REPEAL AND SAVING (1) The British India Corporation (Acquisition of Shares) Ordinance, 1981, is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act. Central Bare Acts

British India Corporation Limited (Acquisition of Shares ) Act , 1981 Chapter I

Title: Prelminary

State: Central

Year: 1981

.....the appointed day ,was registered by the company as the holder of any share and includes his legal representative :; or (ii) a person who , before the appointed day , had lodged with the company a proper instrument of transfer of any share in the form prescribed under section 108 of the companies Act , 1956, and executed in accordance with the provisions of that section; or (iii) a person who claims under a proper instrument of transfer of any share in the form prescribed under section 106 of the companies Act,1956 , and delivers such instrument to the Comissioner, duly executed , on or before such date as the central government may , by notification, specify in this behalf; (h) " specified date" means such date as the central government may, for the purpose of any provision of this Act ,by notification ,specify and different dates may be specified for different provisions of this Act . (I) words and expressions used herein and not defined but defined in the companies Act,1956, have the meanings respectively assigned to them in that Act.

British India Corporation Limited (Acquisition of Shares ) Act , 1981 Section 1

Title: Short Title and Commencement

State: Central

Year: 1981

(1) This Act may be called the British India Corporation Limited (acquisition of shares) act, 1981. (2). It shall be deemed to have come into force on the 11 th day of June, 1981.

British India Corporation Limited (Acquisition of Shares ) Act , 1981 Section 2

Title: Defintions

State: Central

Year: 1981

.....the appointed day ,was registered by the company as the holder of any share and includes his legal representative :; or (ii) a person who , before the appointed day , had lodged with the company a proper instrument of transfer of any share in the form prescribed under section 108 of the companies Act , 1956, and executed in accordance with the provisions of that section; or (iii) a person who claims under a proper instrument of transfer of any share in the form prescribed under section 106 of the companies Act,1956 , and delivers such instrument to the Comissioner, duly executed , on or before such date as the central government may , by notification, specify in this behalf; (h) " specified date" means such date as the central government may, for the purpose of any provision of this Act ,by notification ,specify and different dates may be specified for different provisions of this Act . (I) words and expressions used herein and not defined but defined in the companies Act,1956, have the meanings respectively assigned to them in that Act.

British India Corporation Limited (Acquisition of Shares ) Act , 1981 Chapter III

Title: Miscellaneous

State: Central

Year: 1981

.....anything inconsistent therewith contained in any law, other than this Act, or in any instrument having effect by virtue of any law, other than this Act. Section 17 - Penalties If any person,- (a) makes any claim for any payment under this Act, knowing or having reason to believe that such claim is false or without any basis; or (b) when required under this Act so to do,- (i) omits or fails to produce any register or record of the Company; or (ii) makes any statement of furnishes any information which is false in any material particular and which he knows or believes to be false or does not believes to be false or does not believe to be true; or (c) makes any such statement as aforesaid in any book, account, record, register, return or other document, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to two thousand rupees, or with both. Section 18 - Offences by companies (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.....

British India Corporation Limited (Acquisition of Shares ) Act , 1981 Section 21

Title: Repeal and Saving

State: Central

Year: 1981

(1) The British India Corporation (Acquisition of Shares) Ordinance, 1981, (5 of 1981.) is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.

British India Corporation Limited (Acquisition of Shares ) Act , 1981 Section 12

Title: Undisbursed or Unclaimed Amount to Be Deposited to the General Revenue Account

State: Central

Year: 1981

Any money paid to the Commissioner which remains undisbursed or unclaimed on the date immediately preceding the date on which the office of the Commissioner is finally wound up, shall be transferred by the Commissioner before his office is finally would up to the general Revenue account of the Central Government; but a claim to any money so transferred may be preferred to the Central Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, the order, if any, for payment of the claim being treated as an order for the refund of Revenue.

British India Corporation Limited (Acquisition of Shares ) Act , 1981 Section 20

Title: Power to Make Rules

State: Central

Year: 1981

(1) The Central Government may, by notification, make rules to carry out the provisions of this Act. (2) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session, for a total period of thirty days which may be comprised in one or in two or more successive sessions, and if, before the expiry of the session immediately following the session or successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree in making an modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have affect only in such modified form or be 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 that rule.