Title : Management, Etc., of the Undertakings of the Two Companies
State : Central
Year : 1984
The general superintendence, direction, control and management of the affairs and business of the undertakings of each of the two companies, the right, title and interest in relation to which have vested in the Central Government under section 3, shall,- (a) Where a direction has been given by the Central Government under sub-section (1) of section 6, vest on and from the date specified in such direction, in the existing Government company specified therein; or (b) where a declaration has been made under sub-section (1) of section 7, vest, on and from the date of such declaration, in the new Government company specified therein, and thereupon the existing, or new, Government company so specified, shall be entitled to exercise, to the exclusion of all other persons, all such powers..... View Complete Act List Judgments citing this sectionTitle : Duty of Persons in Charge of Management of Undertakings of the Two Companies to Deliver All Assets, Etc
State : Central
Year : 1984
(1) On the vesting of the management of the undertakings of the two companies in an existing, or a new, Government company, all person in charge of the management of the undertakings of either of the two companies immediately before such vesting shall be bound to deliver to such Government company, all assets, books of account, registers and other documents in their custody relating to the undertakings. (2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the existing, or new, Government company and such Government company may also, if it is considered necessary so to do, apply to the Central Government at any time for instructions as to the manner in which the management of the undertakings of the two companies shall be..... View Complete Act List Judgments citing this sectionTitle : Claims to Be Made to the Commissioner
State : Central
Year : 1984
Every person having a claim against either of the two companies with regard to any of the matters specified in the Second Schedule pertaining to any undertakings owned by it, shall prefer such claim before the Commissioner within thirty days from the specified date: Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of thirty days, be may entertain the claim within a further period of thirty days but not thereafter. View Complete Act List Judgments citing this sectionTitle : Priority of Claims
State : Central
Year : 1984
The claims arising out of the matters specified in the Second Schedule shall have priorities in accordance with the following principles, namely :- (a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on; (b) the claims specified in each of the categories shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; and (c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category. View Complete Act List Judgments citing this sectionTitle : Undisbursed or Unclaimed Amount to Be Deposited with the General Revenue Account
State : Central
Year : 1984
Any money paid to the Commissioner which remains undisbursed or unclaimed on the date immediately preceding the date on which the office of the Commissioner is finally wound up, shall be transferred by the Commissioner, before his office is finally would up, to the general revenue account of the Central Government; but a claim to any money so transferred may be preferred to the Central Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, and the order, if any, for the payment of the claim being treated as an order for the refund of revenue. View Complete Act List Judgments citing this sectionTitle : Contracts to Cease to Have Effect Unless Ratified by the Central Government or Existing, or New, Government Company
State : Central
Year : 1984
Every contract entered into by either of the two companies in relation to any of its undertaking which has vested in the Central Government under section 3 for any service, sale or supply, and in force immediately before the appointed day, shall, on and from the expiry of a period of one hundred and eighty days from such days, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government or the existing, or new, Government company and in ratifying such contract, the Central Government or the existing, or new, Government company may make such alteration or modification therein as it may think fit: Provided that the Central Government or the existing or new, Government company shall not omit to ratify a contract and shall..... View Complete Act List Judgments citing this sectionTitle : Penalties
State : Central
Year : 1984
Any person who- (a) having in his possession, custody or control any property forming part of any undertaking of either of the two companies, wrongfully withholds such property from the Central government or the existing, (b) wrongfully obtains possession of or retains, any property forming part of any undertaking of either of the two companies: or (c) wilfully withholds or fails to furnish to the Central Government or the existing or new, Government company or any person or body of persons specified by that Government or Government company, any document relating to such undertaking, which may be in his possession, custody or control; or (d) fails to deliver to the Central Government or the existing, or new, Government company, as the case may be, or any person or body of..... View Complete Act List Judgments citing this sectionTitle : Second Schedule
State : Central
Year : 1984
THE SECOND SCHEDULE [See sections 18, 19, 20(1), 21(1) and 23(1)] Order of Priorities for the discharge of liabilities of the two companies Category I -- (a) Wages, salaries and other dues payable to the employees of the Companies. (b) Arrears in relation to contributions to be made by the companies to the provident fund, Employees' State Insurance Fund, Life Insurance Corporation premium and any other arrear under any law for the time being in force. Post-take over management period. Category II-- Principal amount of loans advanced by - (a) the Central Government; (b) a State Government; (c) banks and public financial institutions: (d) any other sources. Category III-- (a) Any credits availed of by the companies for the purpose of carrying on any trading or..... View Complete Act List Judgments citing this sectionTitle : Management, Etc., of the Undertakings of the Company
State : Central
Year : 1980
The general superintendence, direction, control and management of the affairs and business of the undertakings of the Company, the right, title and interest in relation to which have vested in the Central Government under section 3, shall,- (a) Where a direction has been given by the Central Government under sub-section (1) of section 7, vest on and from the date specified in such direction, in the Government company specified therein; or (b) Where no such direction has been made by the Central Government, vest, on and from the appointed day, in one or more Custodians appointed by the Central Government under sub-section (2), and thereupon the Government company so specified or the Custodian or Custodians so appointed, as the case may be, shall be entitled to exercise, to the..... View Complete Act List Judgments citing this sectionTitle : General Power of Vesting
State : Central
Year : 1980
(1) The undertakings of each of the jute companies shall be deemed to include all assets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, reserve funds, investments, book debts, and all other rights and interests in, or arising out of such, property as were immediately before the appointed day in the ownership, possession power or control of jute company, whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto and shall also be deemed to include the liabilities specified in sub-section (2) of section 5. (2) All properties as aforesaid which have vested..... View Complete Act List Judgments citing this section