Title : Acquisition of the Undertakings of the Two Companies
State : Central
Year : 1980
On the appointed day, the undertakings of each of the two companies, and the right, title and interest of each of the two companies in relation to its undertakings, shall, by virtue of the Act,. stand transferred to, and shall vest in, the Central Government. Section 4 - General effect of vesting (1) The undertakings of each of the two companies referred to in section 3 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, cheques, demand drafts, reserve funs, investments, book debts, and all other rights and interest in, or arising out of such, property as were immediately before the..... View Complete Act List Judgments citing this sectionTitle : Second Schedule
State : Central
Year : 1980
THE SECOND SCHEDULE [See sections 8(1) ] Sl. No Name of the Company Amount (Rupees in lakhs ) 1. Hind Cycles Limited 8,000 2. Sen-Raleigh Limited 8,000 3. Sen and Pandit Industries Limited 500 4. Ancillary Industries (Lugs) Private Limited 500 5. Ancillary Industries (Forgings) Private Limited 500 6. Ancillary Industries (Cranks) Private Limited 500 View Complete Act List Judgments citing this sectionTitle : Definitions
State : Central
Year : 1980
In this, Act, unless the context otherwise requires,- (a) "appointed day" means the 15th day of October, 1980; (b) "Commissioner" means the Commissioner of Payments appointed under section 15; (c) "Custodian" means the Custodian appointed under sub-section (2) of section 9 to take over; or carry on, the management of the undertakings of either; or both, of the two companies; (d) "notification" means a notification published in the Official Gazette; (e) "prescribed" means prescribed by rules made under this Act; (f) "Sen-Raleigh Limited" includes Sen and Pandit Industries Limited, Ancillary Industries (Lugs) Private Limited, Ancillary Industries (Forgings) Private Limited, Ancillary Industries (Cranks) Private Limited and Naokhali Machine Tools Limited, all having their..... View Complete Act List Judgments citing this sectionTitle : Repeal and Saving
State : Central
Year : 1980
(1) The Hind Cycles and Sen-Raleigh Limited (Nationalisation) Ordinance, 1980(16 of 1980), is hereby repealed. (2) Notwithstanding such repeal anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act. View Complete Act List Judgments citing this sectionTitle : Power of Central Government to Direct Vesting of the Undertakings of the Two Companies in Two Government Company
State : Central
Year : 1980
(1) Notwithstanding anything contained in section 3 and 4, the Central Government may, subject to such terms and conditions as it may think fit to impose, direct, by notification, that each of the undertakings of the two companies and the right, title and interest of each of the two companies in relation to their respective undertakings which have vested in the Central Government under section 3, and such of the liabilities of each of the two companies as are specified in sub-section (2) of section 5, shall, instead of continuing to vest in the Central Government, vest in two Government companies either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification. (2) Where the right, title..... View Complete Act List Judgments citing this sectionTitle : Payment of Amount
State : Central
Year : 1980
For the transfer to, and vesting, in, the Central Government, under section 3, of the undertakings of each of the two companies, and the right, title and interest of each of the two companies in relation to its undertakings, there shall be paid by the Central Government to each of the two companies, in cash and in the manner specified in Chapter VI, amount equal to the amount specified against the name of such company in the First Schedule. View Complete Act List Judgments citing this sectionTitle : Management, Etc., of the Undertakings of the Two Companies
State : Central
Year : 1980
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 in the Government company specified in such direction; or (b) where no such direction has been made by the Central Government, vest 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 exclusion of all other persons, all such powers and do all..... 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 : 1980
(1) On the vesting of the management of the undertakings of the two companies in Government companies, or on the appointment of a Custodian or Custodians, all persons in charge of the management of the undertakings of either of the two companies immediately before such vesting or appointment, shall be bound to deliver to the concerned Government company, or the Custodian or Custodians, as the case may be, all assets, books of account, registers or 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 Government company or Custodian or Custodians, and such Government company or the Custodian or Custodians may also, if it is considered necessary so to do, apply..... View Complete Act List Judgments citing this sectionTitle : Claims to Be Made to the Commissioner
State : Central
Year : 1980
Every person having a claim against either of the two companies with regard to any of the matters specified in the Third 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 : 1980
The claims made under section 18 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 section