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Burmah Oil Company [Acquisition of Shares of Oil India Limited and of the Undertaking in India of Assam Oil Company Limited and the Burmah Oil Company (India Trading) Limited ] Act , 1981 Chapter III

Title: Acquisition of the Undertakings of the Two Companies

State: Central

Year: 1981

.....the appointed day for sufficient monetary consideration. (3) On the expiry of the term of any lease , tenancy or arrangement referred to in sub-section (1) or sub-section (2) , such lease or tenancy or arrangement shall, if so desired by the central government ,be renewed or continued, so far as may be, on the same terms and conditions on which the lease or tenancy or arrangement was originally granted or entered into. Section 8 - Removal of doubts (1) For the removal of doubts, it is hereby declared that the provisions of sections 5, 6 and 7 shall apply to the extent to which any property appertains to the business carried on by each specified company in India ; and to the rights and powers acquired , and to debts, liabilities and obligations incurred, and to contracts, agreements, and other instruments made, by the specified company in India , and to proceedings relating to those matter pending, in any court or tribunal or before any other authority , in India . (2) if any question arises as to whether any property appertained, immediately before the appointed day, to any business of a specified company in India or whether any rights, powers , debts, liabilities or.....

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Burmah Oil Company [Acquisition of Shares of Oil India Limited and of the Undertaking in India of Assam Oil Company Limited and the Burmah Oil Company (India Trading) Limited ] Act , 1981 Section 6

Title: General Affect of Vesting

State: Central

Year: 1981

.....in relation to the undertakings in India of a specified company which have been transferred to, and vested in the central government under section 5.is pending by or against that specified company , the same shall not abate ,be discontinued or be in any way prejudicially affected by reason or of anything contained in this Act but the suit appeal or other proceeding may be continued ,prosecuted and enforced by or against the central government . (6). The promotion agreement and supplement agreement entered into on the 14th day January , 1958 and the 16 th day of February , 1959.respectively , to which the central government , the Burmah Oil Company and the Assam Oil Company Limited were parties and the adopting agreement and the second supplemental agreement entered into on 14 th day of march . 1959 and the 27 th day of 1961.respectively. to which the central government the Burmah Oil Company , the Assam Oil Company Limited and Oil India Limited. Were parties shall be deemed to have been terminated with effect from the 1st day of January, 1977 , and accordingly the rights, liabilities and obligations arising out of such Agreement shall be deemed to have been.....

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