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Start Free TrialPublic Sector Iron and Steel Companies (Restructuring) Preamble 1
Title: Public Sector Iron and Steel Companies (Restructuring)and Miscellaneous Provisions Act, 1978
State: Central
Year: 1978
THE PUBLIC SECTOR IRON AND STEEL COMPANIES (RESTRUCTURING) AND MISCELLANEOUS PROVISIONS ACT, 1978 [Act, No.16 of 1978] [30th April, 1978] PREAMBLE An Act to provide for restructuring of the iron and steel companies in the public Sector so as to secure better management and grater efficiency in their working and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Twenty-ninth Year of the Republic of India as follows:
View Complete Act List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Complete Act
Title: Public Sector Iron and Steel Companies (Restructuring)
State: Central
Year: 1978
.....- Provisions relating to officers and other employees of dissolved companies Section15 - Provisions relating to officers and employees of transferred units Section16 - Provisions relating to directors Section17 - Provision relating to auditors Section18 - Compensation for transfer not payable Section19 - Provident Fund Section20 - Gratuity, welfare and other funds Chapter V Section21 - Provisions with respect to income-tax and sur-tax Section22 - Taxes, fees and other charges not payable Chapter VI Section23 - Savings of contracts etc Section24 - Saving of legal proceedings Section25 - Power to remove difficulties Section26 - Act to override the provisions of other laws Section27 - Power to amend memorandum and articles of association ScheduleI - SCHEDULE ScheduleII - SCHEDULE
List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Section 22
Title: Taxes, Fees and Other Charges Not Payable
State: Central
Year: 1978
For the removal of doubts, it is hereby declared that no exists, duties, fees or other charges of whatever nature (including registration charges) shall be payable in respect of any transfer of shares or transfer of any undertakings or transfer of any immovable property under the provisions of this Act.
View Complete Act List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Chapter VI
Title: Miscellaneous
State: Central
Year: 1978
.....the appointed day. Section 26 - Act to override the provisions of other laws The provisions of this Act or of any order made thereunder shall have effect notwithstanding anything contained in the Companies Act or in any other law for the time being in force or in any contract, express or implied, or in any rules or regulations having effect by virtue of any law other than this Act. Section 27 - Power to amend memorandum and articles of association (1) For the purpose of giving effect to the provisions, of this Act the Central Government may, by notification in the Official Gazette, make amendments in the memorandum or articles of association, or both, of the Integral Company or other transferee company. (2) Any amendments in the memorandum or articles of association of the Integral Company or other transferee company made in pursuance of sub-section (1) shall have effect notwithstanding anything contained in the Companies Act.
View Complete Act List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Section 23
Title: Savings of Contracts Etc
State: Central
Year: 1978
(1) All contracts, deeds, bonds, agreements and other instruments of whatever nature to which the dissolved company is a party subsisting or having effect immediately before the appointed day, shall, as from that day be of full force and effect against, or in favour of the Integral Company or other transferee company, as the case may be, and may be enforced as fully and effectually as if, instead of the dissolved company, the Integral Company or other transferee company had been a party thereto. (2) All contracts, deeds, bonds, agreements and others instruments of whatever nature to which the company in respect of a transferred unit is a party if and in so far as it relates to matters pertaining to the undertakings of the transferred unit subsisting or having effect immediately before the appointed day, shall as from that day, be of full force and effect against, or in favour of the Integral company or other transferee company, as the case may be, and may be enforced as fully and effectually as if, instead of such company, the Integral Company or other transferee company had been a party thereto.
View Complete Act List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Section 24
Title: Saving of Legal Proceedings
State: Central
Year: 1978
If, on the appointed day, there is pending any suit, arbitration, appeal or other legal proceedings of whatever nature by or against a dissolved company, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer under the provisions of this Act to the Integral Company or any other transferee company, as the case may be of the undertakings of the dissolved company or of anything contained in this Act, but the suit, arbitration, appeal or other proceeding may be continued, prosecuted and enforced by or against the Integral Company or other transferee company, as the case may be, in the same manner and to the same extent as it would or might have been continued prosecuted and enforced by or against the dissolved company if this Act had not been passed.
View Complete Act List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Section 25
Title: Power to Remove Difficulties
State: Central
Year: 1978
If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, publish in the Official Gazette, make such provisions not inconsistent with the provisions of this Act, as appears to it to be necessary, for the removal of the difficulty : Provided that no such order shall be made after the expiry of a period of three years from the appointed day.
View Complete Act List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Section 26
Title: Act to Override the Provisions of Other Laws
State: Central
Year: 1978
The provisions of this Act or of any order made thereunder shall have effect notwithstanding anything contained in the Companies Act or in any other law for the time being in force or in any contract, express or implied, or in any rules or regulations having effect by virtue of any law other than this Act.
View Complete Act List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Section 27
Title: Power to Amend Memorandum and Articles of Association
State: Central
Year: 1978
(1) For the purpose of giving effect to the provisions, of this Act the Central Government may, by notification in the Official Gazette, make amendments in the memorandum or articles of association, or both, of the Integral Company or other transferee company. (2) Any amendments in the memorandum or articles of association of the Integral Company or other transferee company made in pursuance of sub-section (1) shall have effect notwithstanding anything contained in the Companies Act.
View Complete Act List Judgments citing this sectionPublic Sector Iron and Steel Companies (Restructuring) Schedule I
Title: Schedule
State: Central
Year: 1978
THE FIRST SCHEDULE [SEE SECTIONS 2(1)(D) AND 4] 1. Bhilai Ispat Limited, a company formed and registered under the Companies Act having its registered office at Bhilai in the State of Madhya Pradesh, 2. Bokaro Steel Limited, a company formed and registered under the Companies Act having its registered office al Bokaro Steel City in the State of Bihar. 3. Durgapur Mishra Ispat Limited, a company formed and registered under the Companies Act having its registered office at Durgapur in the State of West Bengal. 4. Hindustan Steel Limited, a company formed and registered under the Companies Act having its registered office at Ranchi in the State of Bihar. 5. Rourkela Ispat Limited, a company formed and registered under the Companies Act having its registered office at Rourkela in the State of Orissa. 6. SAIL International Limited, a company formed and registered under the Companies Act having its registered office at Calcutta in the State of West Bengal. 7. Salem Steel Limited a company formed and registered under the Companies Act having its registered office at Salem in the State of Tamil Nadu.
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