Title : Provident and Other Funds
State : Central
Year : 1976
(1) Where either of the two companies have established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in any of its undertakings, the monies relatable to the officers or other employees, whose services have become transferred by or under this Act to the Central Government or the Government company shall, out of the monies standing, on the appointed day, to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to, and vest in, the Central Government or the Government company, as the case may be. (2) The monies which stand transferred under sub-section (1) to the Central Government or the Government company, as the case may be, shall be dealt with by that Government or Government company in such..... View Complete Act List Judgments citing this sectionTitle : Claims to Be Made to the Commissioner
State : Central
Year : 1976
Every person having a claim against either of the two companies shall prefer such claim before the Commissioner within thirty days from the specified date: Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of thirty days, he may entertain the claim within a further period of thirty days, but not thereafter. View Complete Act List Judgments citing this sectionTitle : Undisbursed or Unclaimed Amount to Be Deposited with the General Revenue Account
State : Central
Year : 1976
Any money paid to the Commissioner which remains undisbursed or unclaimed for a period of three years from the last day on which the disbursement was made, shall be transferred by the Commissioner 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. View Complete Act List Judgments citing this sectionTitle : Contracts to Cease to Have Effect Unless Ratified by the Central Government or Government Company
State : Central
Year : 1976
(1) Every contract entered into by either of the two companies in relation to any of its undertakings which have vested in the Central Government under section 3 for any service, sale or supply, and in force immediately before the appointed day, shall, on and from the expiry of one hundred and eighty days from the date of promulgation of the Ordinance, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government, or Government company, and in ratifying such contract the Central Government or Government company may make such alteration or modification therein as it may think fit: Provided that the Central Government or Government company shall not omit to ratify a contract and shall not make any alteration or..... View Complete Act List Judgments citing this sectionTitle : Payment of Amount
State : Central
Year : 1976
For the transfer to, and vesting in, the Central Government, under section 3, of 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, there shall be given by the Central Government to each of the two Companies, in cash and in the manner specified in Chapter VI, an amount equal to the amount specified against the name of such company in the First Schedule. View Complete Act List Judgments citing this sectionTitle : Accounts and Audit
State : Central
Year : 1976
The Custodian of the undertakings of either, or both, of the companies shall maintain an account of the undertakings of the concerned company or companies in such form and manner and under such conditions as may be prescribed and the provisions of the Companies Act, 1956(1 of 1956), shall apply to the audit of the account so maintained as they apply to the audit of the accounts of a company. View Complete Act List Judgments citing this sectionTitle : Disbursements of Amounts to the Two Companies
State : Central
Year : 1976
(1) If, out of the monies paid to him in relation to the undertakings of either of the two companies, there is a balance left after meeting the liabilities as specified in the Second Schedule, the Commissioner shall disburse such balance to the concerned company. (2) Where the possession of any machinery, equipment or other property has vested in the Central Government or the Government company under this Act, but such machinery, equipment or other property does not belong to either of the two companies, it shall be lawful for the Central Government or the Government company to continue to possess such machinery or equipment or other property on the same terms and conditions under which they were possessed by either of, or both, the companies immediately before the 1st day of April,..... View Complete Act List Judgments citing this sectionTitle : Priority of Claims
State : Central
Year : 1976
The claims arising out of the matters specified in the Second Schedule 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, except Category IV, 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; (c) the liabilities specified in Category IV shall be discharged, subject to the priorities specified in this section, in accordance with the terms of the secured loans and the priority, inter se, of such loans; and (d) the question of discharging any liability with..... View Complete Act List Judgments citing this sectionTitle : Disbursement of Money by Commissioner to Claimants
State : Central
Year : 1976
After admitting a claim under this Act, the amount due in respect of such claim shall be paid by the Commissioner to the persons or persons to whom such sums are due and on such payment, the liability of each of the two companies in respect of such claim shall stand discharged. View Complete Act List Judgments citing this sectionTitle : Power of the Central Government to Direct Vesting of the Undertakings of the Two Companies in a Government Company
State : Central
Year : 1976
(1) Notwithstanding anything contained in sections 3 and 4, the Central Government may, if it is satisfied that a Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, direct, by notification, that the undertakings of the two companies and the right, title and interest of the two companies in relation to their respective undertakings which have vested in that Government under section 3, and such of the liabilities of the two Companies as are specified in sub-section (2) of section 5, shall, instead of continuing to vest in the Central Government, vest in the Government company 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..... View Complete Act List Judgments citing this section