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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 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 sectionBritish India Corporation Limited (Acquisition of Shares ) Act , 1981 Section 3
Title: Transfer and Vesting of Shares of the Company in the Central Government
State: Central
Year: 1981
.....register of members of the company as the holder of each share which stands transferred to, and vested in , it by virtue of the provisions of sub-section(1). (3) 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 trusted ,liabilities, obligations , mortgages,charges, liens and other encumbrances affecting them , and any attachments , injunction or any decree or order of the court , tribunal or other authority restricting the use of such shares in any manner , shall be deemed to have been withdrawn. (4) For the removal of doubts , it is hereby declared that the provisions of sub-sections (1) and (2) shall not be deemed to affect - (a) any right of the company subsisting, immediately before the appointed day , against any shareholder to recover from such shareholder 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 held by him , or on any other ground whatsoever; or (b) any right of the shareholder subsisting , immediately before the appointed day against the company to receive any.....
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 3
Title: Transfer and Vesting of Shares of the Company in the Central Government
State: Central
Year: 1976
.....the Register of members of the Company as the holder of each share which stands transferred to, and vested in, it by virtue of the provisions of sub-section (1). (3) 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, lines and other incumbrances affecting them, and any attachment, injunction or any decree or order of the Court, tribunal or other authority restricting the use of such shares in any manner, shall be deemed to have been withdrawn. (4) For the removal of doubts, it is hereby declared that the provisions of sub-sections (1) and (2) shall not be deemed to affect-- (a) any right of the Company subsisting, immediately before the appointed day, against any shareholder to recover from such shareholder 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 held by him, or an any other ground whatsoever; or (b) any right of the shareholder subsisting, immediately before the appointed day, against the Company to receive any dividend or.....
View Complete Act List Judgments citing this sectionMogul Line Limited ( Acquisition of Shares ) Act, 1984 Section 3
Title: Transfer and Vesting of Certain Shares of the Company in the Central Government
State: Central
Year: 1984
.....the Register of members of the Company as the holder of each share which stands transferred to, and vested in, it by virtue of the provisions of sub-section (1). (3) 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, injunction or any decree or order of the court, tribunal or other authority restricting the use of such shares in any manner, shall be deemed to have been withdrawn. (4) For the removal of doubts, it is hereby declared that the provisions of sub-section 91) and (2) shall not be deemed to affect-- (a) any right of the Company subsisting, immediately before the appointed day, against any shareholder to recover from such shareholder 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 held by him, or on any other ground whatsoever; or (b) any right of the shareholder subsisting, immediately before the appointed day, against the Company to receive any dividend or.....
View Complete Act List Judgments citing this sectionBolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act, 1978 Section 3
Title: Vesting in the Central Government of the Shares Held by the Company
State: Central
Year: 1978
(1) On the appointed day, all the shares held by the Company in the share capital of the Bolani Ores Limited 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.
View Complete Act List Judgments citing this sectionBurmah 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 II
Title: Acquisition of the Shares of Oil India Hels by Burmah Oil Company
State: Central
Year: 1981
.....Any dividend payable by Oil India to the shares which have vested in the central government under sub-section (1) in respect of any period beginning from the I st day of January , 1977 , shall be payable to the central government . Section 4 - Management of Oil India For the purpose of enabling Oil India to function as a government company , the central government may, by notification , make such amendments in the memorandum and articles of association of that company and such other provisions as it may consider necessary. (2) Any amendments in the memorandum and articles of association of Oil India and any other provisions made under sub-section (1) shall have effect notwithstanding anything contained in the companies Act, 1956 (1 of 1956).
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