Title : 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 : Preliminary
State : Central
Year : 1980
(1) This Act may be called the Hind Cycles and Sen-Raleigh Limited (Nationalisation) Act, 1980. (2) It shall be deemed to have come into force on the 15th day of October, 1980. Section 2 - Definitions 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..... View Complete Act List Judgments citing this sectionTitle : Hind Cycles and Sen-raleigh Limited (Nationalisation) Act, 1980
State : Central
Year : 1980
Preamble1 - HIND CYCLES AND SEN-RALEIGH LIMITED (NATIONALISATION) ACT, 1980 Chapter I Section1 - Short title and commencement Section2 - Definitions Chapter II Section3 - Transfer to, and vesting in, the Central Government of the undertakings of the two companies Section4 - General effect of vesting Section5 - Owners of the two Companies to be liable for certain prior liabilities Section6 - Power of Central Government to direct vesting of the undertakings of the two companies in two Government Company Chapter III Section7 - Payment of amount Section8 - Payment of further amounts Chapter IV Section9 - Management, etc., of the undertakings of the two companies Section10 - Duty of persons in charge of management of undertakings of the two companies to deliver all assets, etc. ..... List Judgments citing this sectionTitle : Miscellaneous
State : Central
Year : 1980
The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Act, or in any decree or order of any court, tribunal or other authority. Section 26 - Contracts to cease to have effect unless ratified by the Central Government or Government companies 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 thirty day from the appointed day, cease to have effect unless such contract is, before the expiry..... View Complete Act List Judgments citing this sectionTitle : Payment of Amounts
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. Section 8 - Payment of further amounts (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..... View Complete Act List Judgments citing this sectionTitle : Commissioner of Payments
State : Central
Year : 1980
(1) The Central Government shall, for the purpose of disbursing the amounts payable under sections 8 and 9 to each of the two companies, 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 also to exercise all or any of the powers exercisable by him under this Act and different persons may be authorised to exercise different powers. (3) Any person authorised by the Commissioner to exercise any of the powers exercisable by the Commissioner may exercise those powers in the same manner and with the same effect as if they have been conferred on that person directly by this Act and not by way of authorisation. ..... View Complete Act List Judgments citing this sectionTitle : 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 : General Effect of Vesting
State : Central
Year : 1980
(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 appointed day in the ownership, possession power or control of such 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)..... View Complete Act List Judgments citing this sectionTitle : Provisions Relating to Employees of the Two Companies
State : Central
Year : 1980
(1) Every person who has been, immediately before the appointed day, employed in any undertaking of either of the two companies shall become,- (a) on and from the appointed day, an employee of the Central Government,.and (b) Where the undertakings of the two companies are directed, under section 6, to vest, in Government Companies, an employee of the concerned Government company on and from the date of such vesting or transfer; and shall hold office or service under the Central Government or the concerned Government company, as the case may be, with the same rights and privileges as to pension, gratuity and other matters, as would have been admissible to him if there had been no such vesting and shall continue to do so unless and until his employment under the Central Government..... View Complete Act List Judgments citing this sectionTitle : Hind Cycles and Sen-raleigh Limited (Nationalisation) Act, 1980
State : Central
Year : 1980
THE HIND CYCLES AND SEN-RALEIGH LIMITED (NATIONALISATION) ACT, 1980 [Act, No. 70 of 1980] [27th December, 1980] PREAMBLE An Act to provide for the acquisition of the undertakings of the Hind Cycles and Sen-Raleigh Limited, with a view to securing the proper management of such undertakings so as to subserve the interest of the general public by ensuring the continued manufacture, production and distribution of bicycles, and their component parts and accessories which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto. Whereas Hind Cycles Limited and Sen-Raleigh Limited has been engaged in the manufacture, production and distribution of articles mentioned in the First Schedule to the Industries (Development and..... View Complete Act List Judgments citing this section