Bare Act Search Results

Jayanti Shipping Company (Acquisition of Shares) Act, 1971 Complete Act

State: Central

Year: 1971

.....into by him with the Company whether such loss or termination was due to the provisions of the Jayanti Shipping Company (Taking Over of Management) Act, 1966or this Act. SECTION 09: CONTRACTS IN BAD FAITH, ETC., MAY BE CANCELIED OR VARIED The Company may, within three years from the appointed day, make an application to any court having jurisdiction in this behalf for the purpose of canceling or varying any contract or agreement entered into, at any time before the issue of the notified order under sub-section (1) of section 3 of the Jayanti Shipping Company (Taking Over of Management) Act, 1966, between the Company and any other person and the court may, if satisfied after due inquiry that such contract or agreement had been entered into in bad faith and is detrimental to the interests of the Company, make an order canceling or carrying (either unconditionally or subject to such conditions as it may think fit to impose) that contract or agreement, and the contract or agreement shall have effect accordingly. SECTION 10 Duty to deliver possession of property of Company and documents relating to Company Any person who has in his possession, custody or under his control any.....

Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Chapter IV

Title: Miscellaneous

State: Central

Year: 1971

.....such loss or termination was due to the provisions of the Jayanti Shipping Company (Taking Over of Management) Act, 1966 (24 of 1966) or this Act. Section 9 - Contracts in bad faith, etc, may be cancelled or varied The company may, within three years from the appointed day, make an application to any court having jurisdiction in this behalf for the purpose of cancelling or varying any contract or agreement entered into, at any time before the issue of the notified order under sub-section (1) of section 3 of the Jayanti Shipping company (Taking Over of Management) Act, 1966 (24 of 1966), between the company and any other person and the court may, if satisfied after due inquiry that such contract or agreement had been entered into in bad faith and is detrimental to the interests of the company, make an order cancelling or varying (either unconditionally or subject to such conditions as it may think fit to impose) that contract or agreement, and the contract or agreement shall have effect accordingly. Section 10 - Duty to deliver possession of property of company and documents relating to company Any person who has in his possession, custody or under his control any.....

Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Preamble 1

Title: Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971

State: Central

Year: 1971

THE JAYANTI SHIPPING COMPANY ( ACQUISITION OF SHARES ) Act , 1971 [Act, No. 63 of 1971] [23rd December, 1971] PREAMBLE An Act to provide for the acquisition of the shares of the Jayanti Shipping Company Ltd in order to serve better the shipping needs of the nation and to facilitate the promotion and development in the interest or the general public of National Shipping and For matters connected therewith or incidental thereto. BE it enacted by the parliament in the Twenty-second year of the Republic of India as follows:--

Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Chapter I

Title: Preliminary

State: Central

Year: 1971

(1) This Act may be called the Jayanti Shipping Company ( Acquisition of shares at 1971). (ii) It shall be deemed to have come into force on the 17th day of October 1971. Section 2 - Definitions In this Act unless the context otherwise requires -- (a) "appointed day " means the date of commencement of this Act ; (b) "Company" means the Jayanti Shipping Company Ltd being a company as defined in the companies Act 1956 (1 of 1956) having its registered office at Bombay. (c) "Shareholder" means a person who immediately before the appointed day was registered as a shareholder in the capital of the company (d) "Shipping Corporation of India" means the shipping corporation of India Ltd being a Government company as defined in a companies Act 1956 (1 of 1956) having its registered office at Bombay. (e) Words and Expressions used bur not defined in this Act and defined in the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in the Act

Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Complete Act

Title: Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971

State: Central

Year: 1971

Preamble1 - JAYANTI SHIPPING COMPANY ( ACQUISITION OF SHARES ) Act , 1971 Chapter I Section1 - Short title and commencement Section2 - Definitions Chapter II Section3 - Vesting of shares of company in Central Government and compensation therefor Section4 - Apportionment and manner of payment of compensation Chapter III Section5 - Allocation of shares to Shipping Corporation of India and certain other persons Section6 - Amendment of memorandum and articles of association of company Section7 - Interim management of company Chapter IV Section8 - Directors, etc, not entitled to compensation Section9 - Contracts in bad faith, etc, may be cancelled or varied Section10 - Duty to deliver possession of property of company and documents relating to company Section11 - Powers of inspection Section12 - Penalty for false statements Section13 - Limitation on prosecution Section14 - Act to have overriding effect Section15 - Protection of action taken under this Act Section16 - Power to make rules Section17 - Power to remove difficulties Section18 - Repeals and saving ScheduleI - THE SCHEDULE

Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Section 18

Title: Repeals and Saving

State: Central

Year: 1971

(1) The Jayanti Shipping Company (Taking Over of Management) Act, 1966 (24 of 1966), is hereby repealed: (2) The Jayanti Shipping Company (Acquisition of Shares) Ordinance, 1971 (14 of 1971), is hereby repealed: Provided that 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 provision of this Act.

Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Section 2

Title: Definitions

State: Central

Year: 1971

In this Act unless the context otherwise requires -- (a) "appointed day " means the date of commencement of this Act ; (b) "Company" means the Jayanti Shipping Company Ltd being a company as defined in the companies Act 1956 (1 of 1956) having its registered office at Bombay. (c) "Shareholder" means a person who immediately before the appointed day was registered as a shareholder in the capital of the company (d) "Shipping Corporation of India" means the shipping corporation of India Ltd being a Government company as defined in a companies Act 1956 (1 of 1956) having its registered office at Bombay. (e) Words and Expressions used bur not defined in this Act and defined in the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in the Act

Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Section 8

Title: Directors, Etc, Not Entitled to Compensation

State: Central

Year: 1971

Notwithstanding anything contained in any law for the time being in force, no director or managerial personnel specified in section 197A of the Companies Act, 1956 (1 of 1956), or other person entitled to manage the whole or a substantial part of the business and affairs of the company under a special agreement or otherwise shall be entitled to any compensation against the company or the Central Government for the loss of office or for the premature termination of any contract of management entered into by him with the company whether such loss or termination was due to the provisions of the Jayanti Shipping Company (Taking Over of Management) Act, 1966 (24 of 1966) or this Act.

Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Section 9

Title: Contracts in Bad Faith, Etc, May Be Cancelled or Varied

State: Central

Year: 1971

The company may, within three years from the appointed day, make an application to any court having jurisdiction in this behalf for the purpose of cancelling or varying any contract or agreement entered into, at any time before the issue of the notified order under sub-section (1) of section 3 of the Jayanti Shipping company (Taking Over of Management) Act, 1966 (24 of 1966), between the company and any other person and the court may, if satisfied after due inquiry that such contract or agreement had been entered into in bad faith and is detrimental to the interests of the company, make an order cancelling or varying (either unconditionally or subject to such conditions as it may think fit to impose) that contract or agreement, and the contract or agreement shall have effect accordingly.

Jayanti Shipping Company ( Acquisition of Shares ) Act , 1971 Section 1

Title: Short Title and Commencement

State: Central

Year: 1971

(1) This Act may be called the Jayanti Shipping Company ( Acquisition of shares at 1971). (ii) It shall be deemed to have come into force on the 17th day of October 1971.