State : Central
Year : 1976
BURN COMPANY AND INDIAN STANDARD WAGON COMPANY (NATIONALISATION) ACT, 1976 BURN COMPANY AND INDIAN STANDARD WAGON COMPANY (NATIONALISATION) ACT, 1976 97 of 1976 5th September,1976 The Burn and Company Limited and the Indian Standard Wagon Company Limited are inter-linked, both financially and production-wise. These two Companies were engaged in the production of goods which are vital to the needs of the economy of the country, such as, railway wagons and components thereof, steel structural, iron casting*, forgings and the like and also other goods needed by the iron and steel industry. 2. Both the Companies were functioning reasonably well till 1966-67, after which, due to mismanagement, there was a steady decline in the production of the Companies. Towards the middle of..... List Judgments citing this sectionTitle : Burn Company and Indian Standard Wagon Company (Nationalisation) Act, 1976
State : Central
Year : 1976
Preamble1 - THE BURN COMPANY AND INDIAN STANDARD WAGON COMPANY (NATIONALISATION) ACT, 1976 Chapter I Section1 - Short title and commencement Section2 - Definitions Chapter II Section3 - Transfer and vesting in Central Government of the undertakings of the two companies Section4 - General effect of vesting Section5 - Owners of the two companies to be liable for certain prior liabilities Section6 - Power of the Central Government to direct vesting of the undertakings of the two companies in a Government company Chapter III Section7 - Payment of amount Section8 - Payment of further amount Chapter IV Section9 - Management ,etc., undertakings of the two companies Section10 - Duty of persons in charge of management of the undertakings of the two companies to deliver all assets, etc. ..... List Judgments citing this sectionTitle : Repeal and Saving
State : Central
Year : 1976
(1) The Burn Company and Indian Standard Wagon Company (Taking Over of Management) Act, 1973(57 of 1973) and the Burn Company and Indian Standard Wagon Company (Nationalisation) Ordinance, 1976(8 of 1976), are hereby repealed. (2) Notwithstanding such repeal,- (a) anything done or any action taken by the Custodian in exercise of the powers of the Board of Management of the two companies at any time within the period during which the management of the undertakings of the two companies remained vested in the Central Government or at any time before the date on which this Act receives the assent of the President, shall be deemed to have been done or taken in accordance with law; (b) anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or..... View Complete Act List Judgments citing this sectionTitle : Definitions
State : Central
Year : 1976
In this Act, unless the context otherwise requires,- (a) "appointed day" means the 1st day of April, 1975; (b) "Burn and Company Limited" includes its wholly owned subsidiary company, namely, Coburn Properties Limited, having its registered office at 10-C, Hunger Street, Calcutta-17; (c) "Commissioner" means the Commissioner of Payments appointed under section 14; (d) "Custodian" means the Custodian appointed under sub-section (2) of section 9 to take over, or carry on, the management of the undertakings of either or both of the two companies; (e) "Ordinance" means the Burn Company and Indian Standard Wagon Company (Nationalisation) Ordinance, 1976(8 of 1976); (f) "notification" means a notification published in the Official Gazette; (g) "prescribed" means prescribed by..... View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 1976
(1) This Act may be called the Burn Company and Indian Standard Wagon Company (Nationalisation) Act, 1976. The provisions of sections 27 and 28 shall come into force at once and the remaining provisions of this Act shall be deemed to have come into force on the 1st day of April, 1975. View Complete Act List Judgments citing this sectionTitle : Payment of Further Amount
State : Central
Year : 1976
(1) In consideration of the retrospective operation of the provisions of sections 3, 4 and 5, there shall also be given, in cash, by the Central Government to each of the two companies an amount equal to an amount, calculated at the rates specified in section 5 of the Burn Company and Indian Standard Wagon Company (Taking Over of Management) Act, 1973(57 of 1973), for the period commencing on the appointed day and ending on the date of promulgation of the Ordinance. (2) The amount specified in section 7, and the amount determined under sub-section (1), shall carry simple interest at the rate of four per cent.per annum for the period commencing on the date of promulgation of the Ordinance and ending on the date on which payment of such amount is made by the Central Government to the..... View Complete Act List Judgments citing this sectionTitle : Payment by the Central Government to the Commissioner
State : Central
Year : 1976
(1) The Central Government shall, within thirty days from the specified date, pay in cash to the Commissioner, for payment to each of the two companies,- (a) an amount equal to the amount specified against the name of such company in the First Schedule; and (b) an amount equal to the amount payable to each of the two companies under section 8. (2)In addition to the sums referred to in sub-section (1), there shall be paid by the Central Government to the Commissioner, in cash, such amount, payable under section 5 of the Burn Company and Indian Standard Wagon Company (Taking Over of Management) Act, 1973(57 of 1973), to each of the two companies in relation to the period commencing on the date on which the management of the undertakings of each of the two companies was taken over by..... View Complete Act List Judgments citing this sectionTitle : Transfer and Vesting in Central Government of the Undertakings of the Two Companies
State : Central
Year : 1976
On the appointed day, the undertakings of each of the two companies, and the right, title and interest of each of the two companies in relation to such undertakings, shall stand transferred to, and shall vest absolutely in, the Central Government. View Complete Act List Judgments citing this sectionTitle : Duty of Persons in Charge of Management of the Undertakings of the Two Companies to Deliver All Assets, Etc.
State : Central
Year : 1976
(1) On the vesting of the management of the undertakings of the two companies in a Government company or on the appointment of a Custodian, all persons in charge of the management of the undertakings of either of the two companies immediately before such vesting or appointment, shall be bound to deliver to the Government company or the Custodian, as the case may be, all assets, books of account, registers or other documents in their custody relating to the undertakings of such company. (2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Government company or the Custodian as to its or his powers and duties and the Government company or Custodian may also, if it or he so desires, apply to the Central Government at any..... View Complete Act List Judgments citing this sectionTitle : Penalties
State : Central
Year : 1976
Any person who, (a) having in his possession, custody or control any property forming part of any undertakings of either of the two companies, wrongfully withholds such property from the Central Government or Government company; or (b) wrongfully obtains possession of, or retains, any property forming part of any undertakings of either of the two companies, or wilfully withholds or fails to furnish to the Central Government or Government company or any person or body of persons specified by that Government or Government company, any document relating to such undertaking which may be in his possession, custody or control, or fails to deliver to the Central Government or Government company or any person or body of persons specified by that Government or Government company, any assets,..... View Complete Act List Judgments citing this section