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Start Free TrialKarnataka Municipal Corporations Act, 1976 Section 141
Title: Provisions Applicable on the Introduction of Transfer Duty
State: Karnataka
Year: 1976
On the introduction of duty on transfer,- (a) section 28 of the Karnataka Stamp Act, 1957 shall be read as if it specifically required the particulars to be set forth separately in respect of property situated within and out side the city, (b) section 64 of the same Act shall be read as if it referred to the corporation as well as the Government.
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 8
Title: Examination of Claims
State: Central
Year: 1976
On receipt of the claims made under section 7, the Commissioner shall separately arrange the claims in relation to preference shares and in relation to the equity shares and examine the claims in relation to each such share.
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 15
Title: Offences by Companies
State: Central
Year: 1976
.....shall be liable to be proceeded against be punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been committed with the consent or connivance of, or is attributable to any neglect on the, part of any director, manager, secretary or other officer, such director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.: Explanation.-- For the purposes of this section,-- (a) "company" means any body corporate and includes a firm or other association of individuals; and (b) "director", in relation to a firm, means a partner in the firm.
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 14
Title: Penalties
State: Central
Year: 1976
If any person,-- (a) makes any claim for any payment under this Act, knowing or having reason to believe that such claim is false or without any basis; or (b) when required under this Act so to do:-- (i) omits or fails to produce any register or record of the Company; or (ii) makes any statement or furnishes any information which is false in any material particular and which he knows or believes to be false or does not believe to be true; or (c) makes any such statement as aforesaid in any book of account, record, register, return or other document, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to two thousand rupees, or with both.
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 13
Title: Act to Have Overriding Effect
State: Central
Year: 1976
The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any law, other than this Act or in any instrument having effect by virtue of any law other than this Act.
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 12
Title: Power of Inspection
State: Central
Year: 1976
For the purposes of ascertaining whether any person claiming payment under this Act is a shareholder, the Commissioner shall have the right to-- (a) require any person, having the possession, custody or control, of any register or record of the Company, to produce such register on record before the Commissioner. (b) require any person to make any statement or furnish any information which may be req by the Commissioner.
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 11
Title: Undisbursed or Unclaimed Amount to Be Deposited to the General Revenue Accounts
State: Central
Year: 1976
Any money paid to the Commissioner which remains undisbursed or unclaimed for a period of1[six months] from the last day on which the disbursement was made, shall be transferred by the Commissioner 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, the order, if any for payment of the claim be treated as an order for the refund of revenue. ________________________ 1. Substituted for the words "three years" by Act 1981 (59 of 1981), Section 4 (not yet enforced.)
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 10
Title: Disbursement of Money by the Commissioner to Claimants
State: Central
Year: 1976
(1) After admitting a claim under this Act, the amount due in respect of each share acquired by virtue of this Act shall be paid by the Commissioner at the rate of rupees thirty-two and paise seventy-five per preference share, and at the rate of rupees four and paise seventy per equity share to the person or persons to whom such sums are due, and on such payment, the liability of the Central Government in respect of the share so acquired shall stand discharged. (2) The Commissioner shall also apportion amongst the shareholders, the amount paid to him by way of interest under sub-section (3) of section 6, and such apportionment shall be made on the basis of the amount due to each shareholder.
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 9
Title: Admission or Rejection of Claims
State: Central
Year: 1976
.....of any witness and examining him on oath; (b) the discovery and production of any document or other material object producible as evidence; (c) the reception of evidence on affidavits; (d) the issuing of any commission for the examination of witnesses. (6) Any investigation before the Commissioner shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of the Indian Penal Code and the Commissioner shall be deemed to be a civil court for the purposes of section 345 and Chapter XXVI of the Code of Criminal Procedure, 1973. (7) A claimant, who is dissatisfied with the decision of the Commissioner may prefer an appeal against the decision to the principal civil court of original jurisdiction within the local limits of whose jurisdiction the registered office of the Company is situated.
View Complete Act List Judgments citing this sectionIndian Iron and Steel Company Acquisition of Shares Act 1976 Section 7B
Title: Deposit of Amount of Court
State: Central
Year: 1976
1[7B. Deposit of amount of Court Where any dispute has been referred under section 7A by the Commissioner to the civil court referred to therein, he shall deposit the amount in that court.] ________________________ 1. Inserted by Act 1977 (39 of 1977), Section 4 (13-10-77).
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