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Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Preamble 1

Title: Gresham and Craven of Indian (Private) Limited(Acquisition and Transfer of Undertakings) Act, 1977

State: Central

Year: 1977

.....Limited for the purpose of ensuring the continuity of production of goods which are vital to the needs of the Railways and of the industries manufacturing engineering products and for matters connected therewith or incidental thereto. WHEREAS MESSRS.Gresham and Craven of India (Private) Limited were engaged in the manufacture and production of components of rolling stock like vacuum brake equipment, ejectors, steam brake valves and vacuum exhausters and the like needed by the Railways and the industries manufacturing engineering products; AND WHEREAS as a result of the losses suffered by the Company, there had been a closure of the works owned by the Company; AND WHEREAS for the purposes of speedily bringing the closed works of the Company into operation, the management of the undertakings of the Company was taken over by the Central Government for a limited period under section 18A of the Industries (Development and Regulation) Act, 1951 (65 of 1951.); AND WHEREAS it is necessary to acquire the undertakings of the Company to ensure the continuance of the production of goods which are vital to the needs of the Railways and of the industries manufacturing engineering.....

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Complete Act

Title: Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977

State: Central

Year: 1977

..... Section21 - Disbursement of money by the Commissioner to claimants Section22 - Disbursement of amounts to the Company Section23 - Undisbursed or unclaimed amount to be deposited to the general revenue account Chapter VII Section24 - Act to have overriding effect Section25 - Contracts to cease to have effect unless ratified by the Central Government or the Braithwaite and Company Limited or Government company Section26 - Protection of action taken in good faith Section27 - Delegation of powers Section28 - Penalties Section29 - Offences by companies Section30 - Power to make rules Section31 - Power to remove difficulties Section32 - Declaration as to the policy of the State Section33 - Repeal and saving ScheduleI - SCHEDULE

Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Complete Act

State: Central

Year: 1977

.....management of the company on the 31st March, 1971, under the provisions of Section 18A of the Industries (Development and Regulation) Act, 1951. The factory was reopened on the 12th April, 1971. The company is mainly engaged in the manufacture of rolling stock components of the Indian Railways, such as vacuum brake equipment, ejectors, steam valves, vacuum exhausters etc. After takeover of the management by the Central Government, there had been considerable progress in the production performance of the company. The actual production for the year 1976-77 had been of the order of Rs. 177 lakhs. After careful consideration of the whole matter, the Government decided to acquire the undertakings of this company. At the time of takeover of the management of the company, it was clear that it was not possible for the company to meet all its past dues. Accordingly, moratorium was imposed on the 14th August, 1972 in accordance with the provisions ofSec. 18FB of the Industries (Development and Regulation) Act, 1951, on realisation of the dues from the company. The period of this moratorium which cannot exceed five years in aggregate, expired on the 13th August. 1977, since early action was.....

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Chapter I

Title: Preliminary

State: Central

Year: 1977

.....of the Government of India in the Ministry of Industry (Department of Heavy Industry) No.S.O.771 (E), dated the 3rd December, 1976, issued under sub-section (1) of section 6 of the Braithwaite and Company (India) Limited (Acquisition and Transfer of undertakings) Act, 1976 (96 of 1976.); (c) "Commissioner means the Commissioner of Payments appointed under section 14; (d) "Company means the Gresham and Craven of India (Private) Limited, being a company as defined in the Companies Act, 1956 (1 of 1956.), and having its registered office at 22-Gobra Road, Calcutta-14; (e) "Government company" has the meaning assigned to it by section 617 of the Companies Act, 1956 (1 of 1956.); (f) "notification" means a notification published in the Official Gazette; (g) "Ordinance" means the Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Ordinance, 1977 (14 of 1977.); (h) "prescribed" means prescribed by rules made under this Act; (i) "specified dates" 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; .....

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 2

Title: Definitions

State: Central

Year: 1977

.....of the Government of India in the Ministry of Industry (Department of Heavy Industry) No.S.O.771 (E), dated the 3rd December, 1976, issued under sub-section (1) of section 6 of the Braithwaite and Company (India) Limited (Acquisition and Transfer of undertakings) Act, 1976 (96 of 1976.); (c) "Commissioner means the Commissioner of Payments appointed under section 14; (d) "Company means the Gresham and Craven of India (Private) Limited, being a company as defined in the Companies Act, 1956 (1 of 1956.), and having its registered office at 22-Gobra Road, Calcutta-14; (e) "Government company" has the meaning assigned to it by section 617 of the Companies Act, 1956 (1 of 1956.); (f) "notification" means a notification published in the Official Gazette; (g) "Ordinance" means the Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Ordinance, 1977 (14 of 1977.); (h) "prescribed" means prescribed by rules made under this Act; (i) "specified dates" 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; .....

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 1

Title: Short Title and Commencement

State: Central

Year: 1977

(1) This Act may be called the Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977. (2) The provisions of sections 28 and 29 shall be deemed to have come into force on the 30th day of September, 1977 and the remaining provisions of this Act shall be deemed to have come into force on the 1st day of August, 1977.

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Chapter VII

Title: Miscellaneous

State: Central

Year: 1977

.....or the Government company, for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act. Section 27 - Delegation of powers (1) The Central Government may, by notification, direct that all or any of the power exercised by it under this Act, other than the power conferred by section 30, may also be exercised by such person or persons as may be specified in the notification. (2) Whenever any delegation of power is made under sub-section (1), the person to whom such power has been delegated shall act under the direction, control and supervision of the Central Government. Section 28 - Penalties any person who, -- (a) having in his possession, custody or control any property forming part of the undertaking of the Company, wrongfully withholds such property from the Central Government or the Braithwaite and Company Limited, or the Government company; or (b) wrongfully obtains possession of, or retains, any property forming part of the undertaking of the Company or wilfully withholds or fails to furnish to the Central Government, or the Braithwaite and Company Limited, or the Government company or any person.....

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 33

Title: Repeal and Saving

State: Central

Year: 1977

(1) The Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Ordinance, 1977 (14 of 1977.), 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.

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Chapter II

Title: Acquisition and Transfer of the Undertakings of the Company

State: Central

Year: 1977

.....claim, in accordance with his rights and interests, payment of the mortgage money or other dues, in whole or in part, out of the amount specified in section 8, and also out of the monies determined under section 9, but, no such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the Central Government. (5) If on the appointed day, any suit, appeal or other proceeding by or against the Company, of whatever nature in relation to any property which has vested in the Central Government, under section 3, is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertakings of the Company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Central Government, or the Braithwaite and Company Limited, or, where the undertakings of the Company are directed, under section 7, to vest in a Government company, against that Government company. Section 5 - Central Government or the Braithwaite and Company Limited or the Government company not to be liable for prior liabilities (1).....

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 3

Title: Transfer of and Vesting in the Central Government of the Undertakings of the Company

State: Central

Year: 1977

On the appointed day, the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings, shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government.