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Start Free TrialIron and Steel Companies Amalgamation Act, 1952 [Repealed] Section 7
Title: Terms of Transfer as Respects Shareholders in the Dissolved Company
State: Central
Year: 1952
.....immediately before the appointed day shall be entitled, on presentation within the prescribed period of the allotment letter and the share certificate in respect of the shares held by him in the dissolved company, to receive in due course share certificates of the Iron and Steel Company in accordance with the provisions of this Act and the rules made thereunder. (6) Any rights specified in sub--section (5) shall, during the period beginning with the appointed day and ending with the day on which the Iron and Steel Company issues fresh share certificates to the shareholders of the dissolved company, be transferable in like manner as the shares in the Iron and Steel Company themselves are transferable, and the transferees of such rights shall be entitled, upon submission of the letter of allotment, the relative share certificate in the dissolved company and the document of transfer to share certificates in the same manner and to the same extent as the transferors would have been entitled.
View Complete Act List Judgments citing this sectionCompany Secretaries Act 1980 Section 32
Title: Transfer of Assets and Liabilities of the Dissolved Company to the Institute
State: Central
Year: 1980
.....and the liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind then existing of that company. (3) All contracts, debts, bonds, agreements and other instruments of whatever nature to which the dissolved company is a party, subsisting or having effect immediately before the commencement of this Act, shall be of as full force and effect against or in favor of the Institute, as the case may be, and may be enforced as fully and effectively as if instead of the dissolved company, the Institute had been a party thereto. (4) If, on the commencement of this Act, any suit, appeal or other legal proceeding of whatever nature by or against the dissolved company is pending, the same shall not abate, be discontinued or be in any way pew judicially affected by reason of the transfer to the Institute of the assets and liabilities of the dissolved company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Institute, in the same manner and to the same extent as it would or may be continued, prosecuted and enforced by or against the dissolved company if this Act had.....
View Complete Act List Judgments citing this sectionIron and Steel Companies Amalgamation Act, 1952 [Repealed] Section 10
Title: Payment of Interim Dividends to Shareholders in the Dissolved Company
State: Central
Year: 1952
If the profits of the dissolved company warrant such a course, the directors of the dissolved company may, at any time before the appointed day, declare the following dividends as being payable-- (a) to the holders of preference shares immediately before the appointed day, a dividend at the rate of five per cent.per annum on the amount paid up without deduction of Indian income--tax payable by the dissolved company for the period commencing on the 1st day of June, 1952, and ending with the 31st day of December, 1952; (b) to the holders of ordinary shares whose names appear on the register of the company on the date of such payment, an interim dividend not exceeding two and half per cent.on the amount paid up or credited as having been fully paid up thereon without deduction of Indian income--tax payable by the dissolved company for the period commencing on the 1st day of January, 1952, and ending with the 31st day of December, 1952.
View Complete Act List Judgments citing this sectionIron and Steel Companies Amalgamation Act, 1952 [Repealed] Section 8
Title: Priority as Between Secured Creditors of the Dissolved Company and Secured Creditors of the Iron and Steel Company
State: Central
Year: 1952
Creditors of the dissolved company whose debts are secured by a mortgage, charge or lien on the property of the dissolved company or any part thereof shall, with reference to similar secured creditors of the Iron and Steel Company, have such priority in the repayment of the debts as may be determined by agreement between the Iron and Steel Company and the secured creditors of the dissolved company: Provided that in the absence of any such agreement the matter shall be referred by the Iron and Steel Company to the determination of such personas may be appointed by the Central Government in this behalf, and the decision of such person shall be final and binding on the Iron and Steel Company and the secured creditors concerned.
View Complete Act List Judgments citing this sectionIron and Steel Companies Amalgamation Act, 1952 [Repealed] Section 6
Title: Saving of Legal Proceedings to Which the Dissolved Company is a Party
State: Central
Year: 1952
If, on the appointed day, any suit, appeal or other legal proceeding of whatever nature by or against the dissolved company is pending, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the Iron and Steel Company of the undertaking of the dissolved company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Iron and Steel Company, in the same manner and to the same extent as it would or may be continued, prosecuted and enforced by or against the dissolved company if this Act had not been passed.
View Complete Act List Judgments citing this sectionCompany Secretaries Act 1980 Section 33
Title: Provisions Respecting Employees of the Dissolved Company
State: Central
Year: 1980
(1) Every person employed in the dissolved company and continuing in its employment immediately before the commencement of this Act shall, as from such commencement, become an employee of the Institute, shall hold his office or service therein by the same tenure and upon the same terms and conditions and with the same rights and privileges as to pension and gratuity as he would have held the same under the dissolved company if this Act had not been passed, and shall continue to do so unless and until his employment in the Institute is terminated or until his remuneration, terms and conditions of employment are duly altered by the Institute. (2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or in any other law for the time being in force, the transfer of the services of any employee of the dissolved company to the Institute shall not entitle any such employee to any compensation under that Act or other law, and no such claim shall be entertained by any court, Tribunal or other authority.
View Complete Act List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Section 14
Title: Provisions Relating to Officers and Other Employees of Dissolved Companies
State: Central
Year: 1978
(1) Every officer (not being a director) or other employee holding office immediately before the appointed day in a dissolved company in relation to any undertaking of such company, other than an officer or other employee holding such office in relation to transferred units referred to in section 6, shall, as from the appointed day, continue to hold office as such in the corresponding unit of the Integral Company by the same tenure and upon the same terms and conditions of service and with the same rights and privileges as to retirement benefits as would have been admissible to him if the company in which he was holding office had not been dissolved and shall continue to do so unless and until such tenure and terms and conditions are duly altered by the Integral Company. (2) Notwithstanding anything contained in sub-section (1), rules relating to the conditions of service and Standing Orders applicable to the officers or other employees referred to in sub-section (1), as immediately before the appointed day, shall continue to apply unless and until they are duly altered by the Integral Company or other authority, as the case may be.
View Complete Act List Judgments citing this sectionIron and Steel Companies Amalgamation Act, 1952 [Repealed] Section 5
Title: Saving of Contracts, Etc., to Which the Dissolved Company is a Party
State: Central
Year: 1952
Subject to the other provisions contained in this Act, all contracts, deeds, bonds, agreements and other instruments of whatever nature to which the dissolved company is a party, subsisting or having effect immediately before the appointed day, shall be of as full force and effect against or in favour of the Iron and Steel Company, as the case may be, and may be enforced as fully and effectually as if, instead of the dissolved company, the Iron and Steel Company had been a party thereto.
View Complete Act List Judgments citing this sectionIron and Steel Companies Amalgamation Act, 1952 [Repealed] Section 11
Title: Provisions Respecting Existing Officers and Other Employees of the Dissolved Company
State: Central
Year: 1952
Every officer or other employee (including within that expression auditors but excluding therefrom directors, managing agents and London Committee Members) employed immediately before the appointed day in the dissolved company shall, as from the appointed day, become an officer or other employee, as the case may be, of the Iron and Steel Company and shall hold his office or service therein by the same tenure and upon the same terms and conditions and with the same rights and privileges as to pension or gratuity as he would have held the same under the dissolved company if this Act had not been passed, and shall continue to do so unless and until he is duly removed from his employment in the Iron and Steel Company or until his terms and conditions of employment are duly altered by that Company.
View Complete Act List Judgments citing this sectionIron and Steel Companies Amalgamation Act, 1952 [Repealed] Section 12
Title: Position of Directors of the Dissolved Company
State: Central
Year: 1952
Every director of the dissolved company holding office as such immediately before the appointed day shall become, as from the appointed day, a director of the Iron and Steel Company, in addition to the other directors of the Iron and Steel Company, in addition to the other directors of the Iron and Steel Company holding office as such before the appointed day, and shall, subject to the revisions of the articles of association of the Iron and Steel Company, hold his office and act in all respects as if he had been duly appointed under the said articles.
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