Title : First Schedule
State : Central
Year : 1980
THE FIRST SCHEDULE [ See sections 2(c), 7, 8 and 15(1)(a) ] Sl. No Name of the Company Amount (Rupees in lakhs) 1. Alexandra Jute Mills Limited, Chartered Bank Buildings. 4, Netaji Subhas Road, Calcutta-700001 353.60 2. Union Jute Company Limited Chartered Bank Buildings, 4, Netaji Subhas Road, Calcutta- 700001 461.32 3. Khardah Company Limited, 7, Red Cross Place, Calcutta-700001 486.68 4. The Kinnison Jute Mills Company Limited, Chartered Bank Buildings, 4, Netaji Subhas Road, Calcutta-700001 644.70 5. R.B.H.M.Jute Mills Private Limited, P.O.Katihar Mills, ..... View Complete Act List Judgments citing this sectionTitle : Short Title
State : Central
Year : 1980
This Act may be called the Jute Companies (Nationalisation) Act, 1980. View Complete Act List Judgments citing this sectionTitle : Power of Central Government to Direct Vesting of the Undertakings of the Jute Companies in Jute Manufactures Corporation
State : Central
Year : 1980
(1) Notwithstanding anything contained in section 3 and 4, the Central Government shall, as soon as may be, after the appointed day, direct, by notification, that the undertakings of every jute company and the right, title and interest of every jute company in relation to its undertakings, which have vested in the Government under section 3, and such of the liabilities of every jute company as or specified in sub-section (2) of section 5, shall, instead of continuing to vest in the Central Government, vest in the Jute Manufactures Corporation 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 and interest of the liabilities referred to in..... 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 the undertaking owned by any jute company, wrongfully withholds such property from the Central Government or the Jute Manufactures Corporation; or (b) wrongfully obtains possession of or retains, any property forming part of any undertaking owned by any jute company; or (c) wilfully withholds or fails to furnish to the Central Government or the Jute Manufactures Corporation or any person or body of persons specified by that Government or Corporation, as the case may be, any document or inventory relating to such undertaking, owned by any jute company, which may be in his possession, custody or control; or (d) fails to deliver to the Central Government or the Jute Manufactures..... View Complete Act List Judgments citing this sectionTitle : Second Schedule
State : Central
Year : 1980
THE SECOND SCHEDULE [ See sections 17, 19(1), 20(1), 22(1) and 25(1) ] ORDER OF PRIORITIES Part I Category I -- Employees' dues on account of unpaid salaries, wages, provident fund, Employees' State Insurance Contribution or premium relating to the Life Insurance Corporation of India and any other amounts due to employees in respect of any period whether before or after the management of the undertakings of any jute company had been taken over by the Central Government. Category II-- Secured loans obtained by any jute company from nationalised banks and public financial institutions during any period whether before or after the management of the undertakings of that company had been taken over by the Central Government. Category III-- (a) Any credits availed for trade..... View Complete Act List Judgments citing this sectionTitle : Jute 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 a jute company in respect of any period prior to the appointed day, shall be the liability of that company and shall be enforceable against it and not against the Central Government, or, where the undertakings of the jute company vest in the Jute Manufactures Corporation, by or against that Corporation. (2) Any liability arising in respect of loans advanced by the Central Government or any State Government, or both, to a jute company (together with interest due thereon) after the management of its undertakings of the said jute company had been taken over by the Central Government, shall, on and from the appointed day, be the liability of the Central Government and shall be discharged by that Government or,..... View Complete Act List Judgments citing this sectionTitle : Management, Etc., of the Under Takings of the Jute Companies
State : Central
Year : 1980
The general superintendence, direction, control and management of the affairs and business of the undertakings owned by each of the jute companies, the right, title and interest in relation to which have vested in the Central Government under section 3 shall, where a direction has been made by the Central Government under sub-section (1) of section 6 vest in the Jute Manufactures Corporation and thereupon the Jute Manufactures Corporation shall be entitled to exercise, to the exclusion of all other persons, all such powers and do all such things in relation to each such undertaking as the jute company which owned it was authorised to exercise and do immediately before the appointed day. View Complete Act List Judgments citing this sectionTitle : Duty of Persons in Charge of Management of the Undertakings to Deliver All Assets Etc
State : Central
Year : 1980
(1) On the vesting of the management of the undertakings of the jute companies in the Central Government or the Jute Manufactures Corporation, as the case may be, the persons in charge of the management of such undertakings immediately before such vesting shall be bound to deliver to the Central Government or the Jute Manufactures Corporation, as the case may be all assets books of account registers and all other documents in their custody relating to such undertakings (2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Jute Manufactures Corporation and the said Corporation may also if it is considered necessary so to do apply to the Central Government at any time for instructions as the manner in which the management..... View Complete Act List Judgments citing this sectionTitle : Contracts to Cease to Have Effect Unless Ratified by the Central Government or Jute Manufactures Corporation
State : Central
Year : 1980
Every contract entered into by any jute company in relation to any of the undertaking owned by it, 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 the appointed days, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government or the Jute Manufactures Corporation and in ratifying such contract, the Central Government or the Jute Manufactures Corporation may make such alteration or modification therein as it may think fit: Provided that the Central Government or the Jute Manufactures Corporation shall not omit to ratify a contract and shall not make..... View Complete Act List Judgments citing this sectionTitle : Disbursement of Amounts to the Companies
State : Central
Year : 1980
(1) If, out of the monies paid to him in relation to a jute company, there is a balance left after meeting the liabilities as specified in the Second Schedule, the Commissioner shall disburse such balance to such jute company. (2) Where the possession of any machinery, equipment or other property possessed by a jute company has vested in the Central Government or the Jute Manufactures Corporation under this Act, but such machinery, equipment or other property does not belong to such jute company, it shall be lawful for the Central Government or as the case may be, the Jute Manufactures Corporation, to continue to possess such machinery or equipment or other property on the same terms and conditions under which they were possessed by such jute company immediately before the appointed..... View Complete Act List Judgments citing this section