Title : Undisbursed or Unclaimed Amount to Be Deposited with the General Revenue Account
State : Central
Year : 1980
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 : Penalties
State : Central
Year : 1980
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 Government company concerned; or (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 Government company concerned or any person or body of persons specified by that Government or such 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 Government company concerned or any person or body of persons..... View Complete Act List Judgments citing this sectionTitle : Third Schedule
State : Central
Year : 1980
THE THIRD SCHEDULE Order of Priorities for the discharge of liabilities of the two companies Post-take-over management period Category I-(a) Wages, salaries and other dues payable to the employees of the Companies. (b) Deduction made from the salaries and wages of the employee for provident fund, the Employees' State Insurance Fund, premium and relating to the Life Insurance Corporation of India or for any other purpose. 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 II - (a) Arrears in relation to contributions to be made by the companies to provident fund, the Employees' State Insurance Fund or under any other law for the time being..... View Complete Act List Judgments citing this sectionTitle : Admission or Rejection of Claims
State : Central
Year : 1980
(1) After examining the claims with reference to the priorities specified in the Third Schedule, the Commissioner shall fix a date on or before which every claimant shall file the proof of his claim. (2) Not less than fourteen days' notice of the date so fixed shall be given by advertisement in one issue of any daily newspaper in the English language having circulation in the major part of the country and in one issue of any daily newspaper in such regional language as the Commissioner may consider suitable, and every such notice shall call upon the claimant to file the proof of his claim with the Commissioner within the period specified in the advertisement. (3) Every claimant who fails to file the proof of his claim within the period specified by the Commissioner shall be excluded..... View Complete Act List Judgments citing this sectionTitle : Transfer To, and Vesting In, the Central Government 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. View Complete Act List Judgments citing this sectionTitle : Owners of the Two Companies to Be Liable for Certain Prior Liabilities
State : Central
Year : 1980
(1) Every liability, other than the liability specified in sub-section (2), of each of the two companies in respect of any period prior to the appointed day, shall be the liability of the concerned company and shall be enforceable against it and not against the Central Government, or where the undertakings of the two companies are directed under section 6, to vest in Government company, against the concerned Government company. (2) Any liability arising in respect of materials supplied to either of the two companies after the management of its undertakings had been taken over by the Central Government, shall, on and from the appointed day, be the liability of the Central Government or of the concerned Government company aforesaid, and shall be discharged by that Government or..... View Complete Act List Judgments citing this sectionTitle : Payment of Further Amounts
State : Central
Year : 1980
(1) For the deprivation of the two companies of the management of their undertakings, there shall be given by the Central Government to each of the companies in cash, an amount calculated at the rate specified against the name of such company in the Second Schedule for the period commencing on the date on which the management of the undertakings of such company was taken over in pursuance of the orders made by the Central Government under the provisions of the Industries (Development and Regulation) Act, 1951(65 of 1951) and ending on the appointed day. (2) The amount specified to in section 7 and the amount calculated in accordance with the provisions of sub-section (1) shall carry simple interest at the rate of four per cent per annum for the period commencing on the appointed day..... View Complete Act List Judgments citing this sectionTitle : Accounts and Audit
State : Central
Year : 1980
The Custodian or Custodians of the undertakings of either, or both, of the two companies shall maintain an account of the undertakings of the concerned company or companies in such form and manner and under such conditions as may be prescribed and the provisions of the Companies Act, 1956(1 of 1956), shall apply to the audit of the accounts so maintained as they apply to the audit of the accounts of a company. View Complete Act List Judgments citing this sectionTitle : Provident Fund and Other Funds
State : Central
Year : 1980
(1) Where either of the two companies has established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in any of its undertakings, the moneys relatable to the officers or other employees whose services have become transferred by or under this Act to the Central Government or an existing, or a new, Government company shall, out of the moneys standing, on the appointed day, to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to , and shall vest in, the Central Government or the concerned Government company, as the case may be. (2) The moneys which stand transferred under sub-section (1) to the Central Government or the Government company, as the case may be, shall be dealt with by that Government..... View Complete Act List Judgments citing this sectionTitle : Examination of Claims
State : Central
Year : 1980
(1) On receipt of the claims made under section 18, the Commissioner shall arrange the claims in the order of priorities specified in the Second Schedule and examine the same in accordance with such order. (2) If, on examination of the claims, the Commissioner is of opinion that the amount paid to him under this Act is not sufficient to meet the liabilities specified in any lower category, he shall not be required to examine the claims in respect of such lower category. View Complete Act List Judgments citing this section