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Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Complete Act

Title: Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994

State: Central

Year: 1994

Preamble1 - NEYVELI LIGNITE CORPORATION LIMITED (ACQUISITION AND TRANSFER OF POWER TRANSMISSION SYSTEM) ACT, 1994 Chapter I Section1 - Short title, extent and commencement Section2 - Definitions Chapter II Section3 - Acquisition of rights of company in relation to the power transmission system Section4 - General effect of vesting Section5 - Corporation to be liable for certain prior liabilities Section6 - Corporation to be lessee or tenant Section7 - Removal of doubts Section8 - Payment of amount Chapter III Section9 - Duty of persons to account for assets, etc., in their possession Chapter IV Section10 - Continuance of associated personnel Section11 - Provident fund and other funds Chapter V Section12 - Act to have overriding effect Section13 - Penalties Section14 - Offences by companies Section15 - Protection of action taken in good faith Section16 - Power to make rules

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Chapter II

Title: Acquisition and Transfer of Power Transmission System

State: Central

Year: 1994

.....that rights in relation to the power transmission system of the company which have been transferred to, and vested in, the Corporation under sub-section (2) of section 3 and this sub-section shall include the right to collect transmission charges for transmission of power and any monies collected on or after the appointed "day by the company as transmission charges (whether shown separately or not) shall be payable by the company to the Corporation. (2) Unless otherwise expressly provided by this Act, all deeds, bonds, guarantees (other than gurantees given by the Government of India), agreements, powers of attorney, grants of legal representation and other instruments of whatever nature in relation to the power transmission system of the company, subsisting or having effect immediately before the appointed day, and to which the company is a party or which are in favour of the said company shall be of as full force and effect against or in favour of the Corporation and may be enforced or acted upon as fully and effectually as if in the place of the company, the Corporation had been a party thereto or as if they had been issued in favour of the Corporation. (3) If, on the.....

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Preamble 1

Title: Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994

State: Central

Year: 1994

THE NEYVELI LIGNITE CORPORATION LIMITED (ACQUISITION AND TRANSFER OF POWER TRANSMISSION SYSTEM) ACT, 1994 [Act, No. 56 of 1994] [14th September, 1994] PREAMBLE An Act to provide in the public interest for the acquisition and transfer of the power transmission system of the Neyveli Lignite Corporation Limited and the right, title and interest of the company in the power transmission system to the Power Grid Corporation of India Limited, with a view to developing the National Power Grid to ensure transmission of power, within and across the different regions of India, on a more scientific, efficient and economic basis and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Forty-fifth Year of the Republic of India as follows :--

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Section 3

Title: Acquisition of Rights of Company in Relation to the Power Transmission System

State: Central

Year: 1994

(1) On the appointed day, the power transmission system and the right, title and interest of the company in relation to its power transmission system shall, by virtue of this Act, be deemed to have been transferred to, and vested in, the Central Government. (2) The power transmission system vested in the Central Government by virtue of sub-section (1) shall, immediately after it had so vested, be deemed to have been transferred to, and vested in the Corporation.

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Complete Act

State: Central

Year: 1994

.....the Electricity (Supply) Act, 1948-or, as the case may be, the Companies Act, 1956-shall have the meanings, respectively, assigned to them in those Acts. SECTION 03: ACQUISITION OF RIGHTS OF COMPANY IN RELATION TO THE POWER TRANSMISSION SYSTEM (1) On the appointed day, the power transmission system and the right, title and interest of the company in relation to its power transmission system shall, by virtue of this Act, be deemed to have been transferred to, and vested in, the Central Government. (2) The power transmission system vested in the Central Government by virtue of sub-section (1) shall, immediately after it had so vested, be deemed to have been transferred to, and vested in the Corporation. SECTION 04: GENERAL EFFECT OF VESTING (1) The power transmission system shall be deemed to include all assets, rights, leaseholds, powers, authorities and privileges and all property, movable and immovable, relating to such system including lands buildings, workshops, projects (whether complete or at any stage of completion or planning), stores, spares, instruments, machinery and equipment, construction equipment, unutilised long-term and short-term loans and all other rights and.....

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Section 4

Title: General Effect of Vesting

State: Central

Year: 1994

.....favour of the Corporation and may be enforced or acted upon as fully and effectually as if in the place of the company, the Corporation had been a party thereto or as if they had been issued in favour of the Corporation. (3) If, on the date of commencement of this Act, any suit, appeal or other proceeding of whatever nature, in relation to any property or assets which have been transferred to, and vested in, the Corporation under sub-section (2) of section 3, instituted or preferred by or against the company was pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the power transmission system of the company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced, subject to the provisions of sub-section (1) of section 5, by or against the Corporation.

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Section 8

Title: Payment of Amount

State: Central

Year: 1994

.....manner, by the Central Government to the company such amount as is equal to the book value of all the assets and properties after deduction of liabilities (other than contingent liabilities) given in the audited statement of accounts of the company as on the 31st day of March, 1992. (2) For the transfer to, and vesting in, the Corporation under sub-section (2) of section 3 of the power transmission system and the right, title and interest of the company in relation to its power transmission system, there shall be paid, in the prescribed manner, by the Corporation to the Central Government, the amount which is paid by that Government to the company under sub section (1). (3) In case of any dispute relating to the nature of any asset, property or liability or the amount payable under sub-section (1), the dispute shall be referred by the Central Government to such authority as it may appoint and the decision of that authority in the matter shall be final.

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Chapter V

Title: Miscellaneous

State: Central

Year: 1994

.....or any other person authorised by that Government, Corporation or company for anything which is in good faith done or intended to be done under this Act. Section 16 - Power to make rules (1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (a) the manner in which the amount is to be paid under sub-section (1) or sub-section (2) of section 8; (b) the manner in which the monies in any provident fund or other fund, referred to in subsection (2) of section 11, shall be dealt with; (c) any other matter which is required to be, or may be, prescribed. (3) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any.....

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Section 13

Title: Penalties

State: Central

Year: 1994

Any person who,-- (a) having in his possession, custody or control any property forming part of the power transmission system of the company wrongfully withholds such property from the Corporation; or (b) wrongfully obtains possession of, or retains, any property forming part of the power transmission system of the company; or (c) wilfully withholds or fails to furnish to the Corporation or any person or body of persons specified by the Corporation, any document or inventory relating to the power transmission system of the company, which may be in his possession, custody or control; or (d) fails to deliver to the Corporation or any person or body of persons specified by that Corporation, any assets, books of account, registers or other documents in his possession, custody or control relating to the power transmission system of the company, shall be punishable with imprisonment for a term which may extend to two years and also with fine which may extend to ten thousand rupees.

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act, 1994 Chapter I

Title: Preliminary

State: Central

Year: 1994

.....of Power Transmission System) Act, 1994. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) The provisions of sections 8 to 11 and sections 13 to 16 shall come into force at once and the remaining provisions of this Act shall be deemed to have come into force on the 1st day of April, 1992 and any reference to the commencement of this Act in any provision of this Act shall be construed as a reference to the commencement of that provision. Section 2 - Definitions In this Act, unless the context otherwise requires,-- (a) "appointed day" means the 1st day of April, 1992; (b) "associated personnel" means the employees of the company associated with its power transmission system; (c) "company" means the Neyveli Lignite Corporation Limited, a company incorporated and registered under the Companies Act, 1956 having its registered office at Neyveli-607801, South Arcot District, Tamil Nadu; (d) "Corporation" means the Power Grid Corporation of India Limited, being a company within the meaning of the Companies Act, 1956 and having its registered office at Hemkunt Chambers, 89, Nehru Place, New Delhi-110019; (e) "notification" means a.....