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Start Free TrialBritish India Corporation Limited (Acquisition of Shares ) Act , 1981 Chapter II
Title: Acquisition of the Shares of the Company
State: Central
Year: 1981
....., of the company), as it may consider necessary and the provisions . so made shall have effect notwithstanding anything contained in the companies Act 1956. Section 5 - Payments of amounts (1) For the transfer to and vesting in the central government under section 3, of the shares of the company , there shall be given by the central government to the shareholders of the company , in case and in the manner specified in section 7, an amount of rupees twenty two lakhs and sixty thousand. (2) The amount , referred to in sub-section (1) , shall carry simple interest at the rate of four percent , per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the central government to the commissioner. Section 6 - Appointment of commissioner of payments (1) The central government shall , for the purpose of disbursing the amounts payable to shareholders of the company under section 5, by notification , appoint a commissioner of payments. (2) The central government may appoint such other persons as it may think fit to assist the commissioner and thereupon the commissioner may authorise one or more of such persons.....
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Chapter II
Title: Acquisition of the Shares of the Company
State: Central
Year: 1976
.....pay, in cash to the Commissioner, for payment to the shareholders of the Company,-- (a) an amount equal to the amount specified in sub-section (1) of section 4; and (b) an amount equal to the amount determined under sub-section (2) of section 4, (2) A deposit account shall be opened by the Central Government in favour of the Commissioner, in the Public Account of India, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner. (3) The interest accruing on the amount standing to the credit of the deposit account, referred to in sub-section (2), shall enure to the benefit of the shareholders of the Company: ________________________ 1. 19-11-1976 notified as specified date 4392, dt. 4-11-1976). Section 7 - Claims to be made to the Commissioner (1) Every shareholder, having a claim in relation to any share acquired by this Act, shall prefer such claim before the Commissioner1[before the expiry of one hundred and twenty days from the date of commencement of the Indian Iron and Steel Company (Acquisition of Shares).....
View Complete Act List Judgments citing this sectionJayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Chapter II
Title: Acquisition of Shares of the Company
State: Central
Year: 1971
.....whatsoever. Section 4 - Apportionment and manner of payment of compensation (1) The amount of compensation payable under clause (b) of sub-section 1 of section 3 to the share holder shall be apportioned among the shareholders according to the number of shares held by such shareholders (2) The amount of compensation payable to a shareholder in accordance with the provisions of sub-section (1) shall be given to him, at his option.-- (a) in cash (to be paid by cheque drawn on the Reserve Bank of India) in three equal annual instalments, the amount of each instalment carrying interest at the rate of four per cent.per annum from the appointed day, or (b) in saleable or otherwise transferable promissory notes or stock certificates of the Central Government issued and repayable at par, and maturing at the end of-- (i) ten years from the appointed day and carrying interest from that day at the rate of four and a half per cent.per annum, or (ii) thirty years from the appointed day and carrying interest from that day at the rate of five and a half per cent.per annum, or (c) partly in cash (to be paid by cheque drawn on the Reserve Bank of India) and partly in such.....
View Complete Act List Judgments citing this sectionBolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Chapter II
Title: Acquisition and Transfer of Shares of Bolani Ores Limited
State: Central
Year: 1978
.....an amount of forty-nine thousand five hundred rupees. (2) Where the Central Government fails to pay to the Company the amount specified in sub-section (1) within the period specified in that sub-section, the central Government shall pay on the said amount simple interest at the rate of six per cent, per annum from the appointed day till the date of payment. Section 5 - Allocation of share s to the Steel authority of India (1) All the shares held by the Company in the Bolani Ores Limited which have vested in the Central Government by virtue of section 3 shall, immediately after they have so vested, stand transferred to, and shall vest in, the steel authority of India. (2) The amount paid by the Central Government for the shares which stand transferred to, and vested in, the Steel authority of India under sub-section (1) shall be deemed to the contribution by the central Government to the equity capital of the steel Authority of India and the Steel authority of India shall issue (if necessary, after amending its memorandum and articles of association) to the Central Government forty-nine fully paid-up shares of the face value of one thousand rupees each and pay to that.....
View Complete Act List Judgments citing this sectionState Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Chapter II
Title: Acquisition and Transfer of Certain Shares of Sikkim Bank
State: Central
Year: 1982
.....shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government. (2) All the shares which have vested in the Central Government under sub-section (1) shall, by force of such vesting, be freed and discharged of all trusts, liabilities, obligations, mortgages, charges, liens and other encumbrances affecting them, and any attachment or injunction or any decree or order of any court, tribunal or other authority restricting the use of such shares in any manner shall be deemed to have been withdrawn. (3) Notwithstanding the transfer of the shares of the Sikkim Bank to the Central Government under sub-section (1), any person holding such shares, who immediately before the appointed day is entitled to payment of dividend on such shares, shall be entitled to receive from the co-operative bank- (a) all dividends accruing due on his shares in respect of the half-year which ended before the appointed day and remaining unpaid; (b) dividends calculated at a rate to be specified by the Central Government in respect of any period immediately preceding the appointed day for which the Sikkim Bank had not declared any dividend.
View Complete Act List Judgments citing this sectionState Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Section 3
Title: Vesting in the Central Government of Certain Shares of Sikkim Bank
State: Central
Year: 1982
.....shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government. (2) All the shares which have vested in the Central Government under sub-section (1) shall, by force of such vesting, be freed and discharged of all trusts, liabilities, obligations, mortgages, charges, liens and other encumbrances affecting them, and any attachment or injunction or any decree or order of any court, tribunal or other authority restricting the use of such shares in any manner shall be deemed to have been withdrawn. (3) Notwithstanding the transfer of the shares of the Sikkim Bank to the Central Government under sub-section (1), any person holding such shares, who immediately before the appointed day is entitled to payment of dividend on such shares, shall be entitled to receive from the co-operative bank- (a) all dividends accruing due on his shares in respect of the half-year which ended before the appointed day and remaining unpaid; (b) dividends calculated at a rate to be specified by the Central Government in respect of any period immediately preceding the appointed day for which the Sikkim Bank had not declared any dividend.
View Complete Act List Judgments citing this sectionPreference Shares (Regulation of Dividends) Act, 1960 Section 3
Title: Regulation of Dividends on Preference Shares in Certain Cases
State: Central
Year: 1960
.....the stipulated dividend in the cases refereed to in sub-section (1), or (ii) by eleven per cent of the stipulated dividend in the cases referred to in sub-section (3). (5) For the purposes of sub-section (1), sub-section (3) and sub-section (4), any reference therein to the stipulated dividend shall, in respect of a preference share issued and subscribed for on or before the 31st March, 1959, be construed as a reference to the stipulated dividend as on that day. (6) For the removal of doubts, it is hereby declared that nay reference in this section and section 4A to deduction made form a dividend on account of income-tax payable by the company does not include nay amount deducted by the company from the dividend under Section 194 of the Income-tax Act, 1961 (43 of 1961).
View Complete Act List Judgments citing this sectionBolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Preamble 1
Title: The Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978
State: Central
Year: 1978
THE BOLANI ORES LIMITED (ACQUISITION OF SHARES) AND MISCELLANEOUS PROVISIONS ACT, 1978 [Act, No.42 of 1978] [8th December, 1978] PREAMBLE An Act to provide for the acquisition of shares of the Bolani Ores Limited in public interest in order to serve better the needs of the nation and to facilitate the promotion and development in the interests of the general public, of national steel industry and for matters connected therewith or incidental thereto. WHEREAS Bolani Ores Limited was incorporated as a private limited company in June, 1957.For supplying ores mainly to the Durgapur Steel Plant; WHEREAS 50.5 per cent, shares in the share capital of the said Bolani Ores Limited are held by the Steel Authority of India Limited, a wholly owned Government company and the remaining 49.5 per cent.shares are held by the Orissa Minerals Developments Company Limited; WHEREAS cumulative losses suffered by the Bolani Ores Limited at the end of 1977-78 were to the extent of over Rs.270 lakhs and the said Bolani Ores Limited is in need of urgent funds to carry on the operations of its undertakings; AND WHEREAS the Orissa Minerals Development Company is not willing to contribute.....
View Complete Act List Judgments citing this sectionJayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Section 3
Title: Vesting of Shares of Company in Central Government and Compensation Therefor
State: Central
Year: 1971
(1) On the appointed day,-- (a) All shares in the Capital of the company shall by virtue of this Act be deemed to be transferred to and vested in the Central government free from all trust, Liabilities and encumbrances; and (vesting of shares of the company in the Central Government and the compensation therefore) (b) As compensation therefore the central Government shall, in accordance to the provision of the section 4 paid to the share holders in the sum of Rs.4 crores and 50 lakhs in the aggregate. (2) For the removal of doubts it is hereby declare that transferred and vesting of shares effected under clause A of sub-section 1 shall not be deemed to affect any right of the company substituting immediately before the appointed day against any shareholder to recover from him any sum of money on the ground that the shareholder has not paid or credited to the company the whole or any part of the value of the shares help by him or on any other ground whatsoever.
View Complete Act List Judgments citing this sectionJayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Section 5
Title: Allocation of Shares to Shipping Corporation of India and Certain Other Persons
State: Central
Year: 1971
(1) All the shares of the company vested in the Central Government by virtue of this Act, except one hundred thereof, shall immediately after they have so vested, stand transferred to and vested in the Shipping Corporation of India. (2) The Central Government may by order transfer the remaining shares to such persons as may be specified in the order to enable the company to function as a Government company. (3) On the transfer of shares to the Shipping Corporation of India under sub-section (1) or to any person under sub-section (2), the company shall forthwith register each transferee as a member of the company. (4) The amount paid by the Central Government for the acquisition of the shares which stand transferred to and vested in the Shipping Corporation of India under sub-section (1) shall be deemed to be the contribution by the Central Government to the equity capital of that Corporation and that Corporation shall issue (if necessary, after amending its memorandum and articles of association) to the Central Government paid-up shares in its capital for a corresponding amount.
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