Bare Act Search Results

Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978 Complete Act

State: Central

Year: 1978

.....(1) In this Act, unless the context otherwise requires,- (a) "appointed day" means the date on which this Act comes into force: (b) "Companies Act" means the Companies Act, 1956-; (c) "corresponding unit", in relation to- (i) the Integral Company, means that unit of the Integral Company which corresponds to the unit of the dissolved company or the transferred company in which the concerned officer or other employee was holding office before the transfer of the said unit; (ii) a transferee company, means that unit of a transferee company which corresponds to the unit of the dissolved company in which the concerned officer or other employee was holding office before the transfer of the said unit; (d) "dissolved company" means a company specified in the First Schedule; (e) "Integral Company" means the Steel Authority of India Limited, a company formed and registered under the Companies Act having its registered office at New Delhi; (f) "transferee company" means the company to which the undertakings of a dissolved company or of a transferred unit, as the case may be, stand transferred by virtue of the provisions of this Act; (g) "transferred company" means,- (i) Metallurgical.....

Public 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:

Public 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

Public Sector Iron and Steel Companies (Restructuring) Chapter I

Title: Preliminary

State: Central

Year: 1978

..... (2) Words and expressions used herein and not defined but defined in the Companies Act have the meaning respectively assigned to them in that Act. Section 3 - Undertaking meaning of For the purposes of this Act, the undertaking of a dissolved company or of a transferred unit shall be deemed to include all assets, rights, leaseholds (including mining leases, if any), industrial or other licences, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, works, mines, workshops, projects, smelters, stores, instruments machinery, automobiles and other vehicles, cash or bank balances, cash in hand, investments, and book debts and all other rights and interests in or arising out of, such property as were immediately before the appointed day in the ownership possession, power or control of the dissolved company or the transferred unit, as the case may be (whether within or without India), and all books of account, registers, maps, drawings, records of survey and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind of the dissolved.....

Public Sector Iron and Steel Companies (Restructuring) Section 1

Title: Short Title and Commencement

State: Central

Year: 1978

( 1) This Act may be called the Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978. (2) It shall come into force on such date1as the Central Government may, by notification in the Official Gazette, appoint. ________________________ 1. 1-5-1978

Public 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.

Public Sector Iron and Steel Companies (Restructuring) Section 19

Title: Provident Fund

State: Central

Year: 1978

Where a provident fund has been established by a dissolved company or any other company in respect of a transferred unit for the benefit of the employees and the same stands vested in a trust, the moneys and other assets standing to the credit of each provident fund shall continue to be held in trust with the same objects as were applicable before the appointed day and the trustees of such trusts immediately before the appointed day shall, subject to the provisions of the trust deeds and the rules relating to such trusts, continue to function as trustees in respect of such provident fund of the corresponding unit of the Integral Company or of other transferee company, as the case may be, as if this Act had not been passed: Provided that the right to nominate trustees and other rights relating to the trusts vested in the dissolved company or other company in respect of the transferrred unit, as the case may be, shall vest in the Integral Company or other transferee company, as the case may be.

Public Sector Iron and Steel Companies (Restructuring) Section 20

Title: Gratuity, Welfare and Other Funds

State: Central

Year: 1978

Where any gratuity, welfare or other fund has been established by a dissolved company or any other company in respect of a transferred unit for the benefit of its employees and is in existence immediately before the appointed day, all moneys and other assets standing to the credit of or relatable to such gratuity, welfare or other fund shall vest in the corresponding unit of the Integral Company or other transferee company, as the case may be.

Public Sector Iron and Steel Companies (Restructuring) Chapter V

Title: Financial Provisions

State: Central

Year: 1978

.....contained in the Income-tax Act or the Companies (Profits) Surtax Act. Explanation. For the purposes of this section, (a) "Income-tax Act" means the Income-tax Act, 1.961; (b) "Companies (Profits) Surtax Act" means the Companies (Profits) Surtax Act, 1964; (c) words and expressions used in this section and not defined in this Act but defined in the income-tax Act or the Companies (Profits) Surtax Act shall have the meanings respectively assigned to them in the said Acts. Section 22 - Taxes, fees and other charges not payable 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.

Public Sector Iron and Steel Companies (Restructuring) Section 21

Title: Provisions with Respect to Income-tax and Sur-tax

State: Central

Year: 1978

.....asset forming part of any undertaking belonging to the transferred unit or, as the case may be, the Hindustan Steel Limited is, in pursuance of section 5 or section 6 or section 7, transferred to, and vests in, the Integral Company or the Bharat Refractories Limited or, as the case may be, the Metallurgical and Engineering Consultants (India) Limited such capital asset shall be deemed to have been transferred in a scheme of amalgamation and the provisions of the Income-tax Act shall, so far as may be, apply accordingly as if references in the said Act to the amalagamating company were references to the transferred unit or, as the case may be, the Hindustan Steel Limited and the references to the amalgamated company, being an Indian company, were references to the Integral Company or the Bharat Refractories Limited or, as the case may be, the Metallurigical and Engineering Consultants (India) Limited. (6) The accumulated loss and the unabsorbed depreciation, if any, of any dissolved company shall be deemed to be the loss or, as the case may be, allowance for depreciation of the Integral Company for the previous year in which the undertaking of the dissolved company vested.....