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Start Free TrialTea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Complete Act
Title: Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985
State: Central
Year: 1985
.....the general revenue account Chapter VII Section23 - Act to have overriding effect Section24 - Assumption of liability Section25 - Management to continue to vest in certain persons until alternative arrangements have been made Section26 - Contracts to cease to have effect unless ratified by the Tea Trading Corporation Section27 - Penalties Section28 - Offences by companies Section29 - Protection of action taken in good faith Section30 - Tea companies not to be wound up by the court Section31 - Delegation of powers Section32 - Power to make rules Section33 - Power to remove difficulties Section34 - Repeal and saving ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE Amending ActI - THE TEA COMPANIES (ACQUISITION AND TRANSFER OF SICK TEA UNITS) AMENDMENT ACT, 1991
List Judgments citing this sectionSick Industrial Companies (Special Provisions) Act, 1985 Complete Act
Title: Sick Industrial Companies (Special Provisions) Act, 1985
State: Central
Year: 1985
.....for continuing operations, etc., during inquiry Section20 - Winding up of sick industrial company Section21 - Operating agency to prepare complete inventory, etc. Section22 - Suspension of legal proceedings, contracts, etc. Section22A - Direction not to dispose of assets Chapter IV Section23 - Loss of fifty per cent, net worth by industrial companies Section23A - Proceedings on report, etc., of loss of fifty per cent, net worth Section23B - Power of Board to call for periodic information Section24 - Misfeasance proceedings Section25 - Appeal Section26 - Bar of jurisdiction Section27 - Delegation of powers Section28 - Returns and information Section29 - Power to seek the assistance of Chief Metropolitan Magistrate and District Magistrate Section30 - Protection of action taken in good faith Section31 - Saving of pending proceedings Section32 - Effect of the Act on other laws Section33 - Penalty for certain offences Section34 - Offences by companies Section35 - Power to remove difficulties Section36 - Power to make rules Schedule1 - THE SCHEDULE Amending Act1 - AMENDMENT ACT
List Judgments citing this sectionSick Industrial Companies (Special Provisions) Act, 1985 Chapter IV
Title: Proceedings in Case of Potentially Sick Industrial Companies, Misfeasance Proceedings, Appeals and Miscellaneous
State: Central
Year: 1985
.....firm, means a partner in the firm. Section 35 - Power to remove difficulties If any difficulty arises in giving effect to the provisions of this Act or the rules, schemes or orders made thereunder, the Central Government may, by notification, remove the difficulty: Provided that no such notification shall be made by the Central Government after the expiry of a period of three years from the date on which this Act receives the assent of the President. Section 36 - 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 salaries and allowances payable to and other terms and conditions of service of the Chairman and other Members under sub-section (7) of section 6; (b) the powers which may be exercised and the duties which may be performed by the Secretary to the Board or the Appellate Authority under sub-section (1) of section 8; (c) the restrictions and conditions subject to which officers and employees may be appointed to the Board.....
View Complete Act List Judgments citing this sectionTea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Chapter IV
Title: Management Etc.of the Sick Tea Units of the Tea Companies
State: Central
Year: 1985
.....and business of a sick tea unit, the right, title and interest of the tea company in relation to which have vested in the Corporation under sub-section (2) of section 3 and do all such things as the tea company of the sick tea unit is authorised to exercise and do. Section 9 - Duty of persons in charge of management of the sick tea units to delivery all assets, etc (1) On the vesting of the management of the sick tea units of the tea companies in the Tea Trading Corporation, the persons in charge of the management of such sick tea units immediately before such vesting shall be bound to deliver to the Tea Trading Corporation all assets, books of account, registers and all other documents in their custody relating to such sick tea units. (2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Tea Trading 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 to the manner in which the management of the sick tea units of the tea companies shall be conducted or in relation to any other matter arising in the course of.....
View Complete Act List Judgments citing this sectionTea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Chapter II
Title: Acquisition and Transfer of the Sick Tea Units of the Tea Companies
State: Central
Year: 1985
.....account, registers and all other documents of whatever nature relating thereto and shall also be deemed to include the liabilities specified in sub-section (1) section 24. (2) All properties as aforesaid which have vested in the Tea Trading Corporation under sub-section (2) of section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other encumbrances affecting them and any attachment, injunction, decree or order of any court, tribunal or other authority restricting the use of such properties in any manner or appointing any receiver in respect of the whole or any part of such properties shall be deemed to have been withdrawn. (3) Every mortgage of any property which has vested under this Act in the Tea Trading Corporation and every person holding any charge, lien or other interest in, or relation to, any such property shall give, within such time and in such manner as may be prescribed, an intimation to the Commissioner of such mortgage, charge, lien or other interest. (4) For the removal of doubts, it is hereby declared that the mortgagee of any property referred to in sub-section (3) or any other person.....
View Complete Act List Judgments citing this sectionSick Industrial Companies (Special Provisions) Act, 1985 Section 20
Title: Winding Up of Sick Industrial Company
State: Central
Year: 1985
1[(1) Where the Board, after making inquiry under section 16 and after consideration of all the relevant facts and circumstances and after giving an opportunity of being heard to all concerned parties, is of opinion that the sick industrial company is not likely to make its net worth exceed the accumulated losses within a reasonable time while meeting all its financial obligations and that the company as a result thereof is not likely to become viable in future and that it is just and equitable that the company should be wound up, it may record and forward its opinion to the concerned High Court.] (2) The High Court shall, on the basis of the opinion of the Board, order winding up of the sick industrial company and may proceed and cause to proceed with the winding up of the sick industrial company in accordance with the provisions of the Companies Act, 1956 (1 of 1956). (3) For the purpose of winding up of the sick industrial company, the High Court may appoint any officer of the operating agency, if the operating agency gives its consent, as the liquidator of the sick industrial company and the officer so appointed shall for the purposes of the winding up of the sick.....
View Complete Act List Judgments citing this sectionTea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Section 3
Title: Acquisition of Rights of Tea Companies in Respect of Sick Tea Units
State: Central
Year: 1985
(1) On the appointed day, every sick tea unit and the right, title and interest of every tea company in relation to its sick tea units or, as the case may be, sick tea unit shall, by virtue of this Act, stand transferred to, and vest in, the Central Government. (2) Every sick tea unit which stands vested in the Central Government by virtue of sub-section (1) shall, immediately after it has so vested, stand transferred to, and vested in, the Tea Trading Corporation.
View Complete Act List Judgments citing this sectionTea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Section 9
Title: Duty of Persons in Charge of Management of the Sick Tea Units to Delivery All Assets, Etc
State: Central
Year: 1985
(1) On the vesting of the management of the sick tea units of the tea companies in the Tea Trading Corporation, the persons in charge of the management of such sick tea units immediately before such vesting shall be bound to deliver to the Tea Trading Corporation all assets, books of account, registers and all other documents in their custody relating to such sick tea units. (2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Tea Trading 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 to the manner in which the management of the sick tea units of the tea companies shall be conducted or in relation to any other matter arising in the course of such management.
View Complete Act List Judgments citing this sectionTea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Amending Act I
Title: The Tea Companies (Acquisition and Transfer of Sick Tea Units) Amendment Act, 1991
State: Central
Year: 1985
THE TEA COMPANIES (ACQUISITION AND TRANSFER OF SICK TEA UNITS) AMENDMENT ACT, 1991 [Act, No. 56 of 1991] [21st December, 1991] An Act to amend the Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985. BE it enacted boy Parliament in the Forty-second Year of the Republic of India as follows:- 1. Short title This Act may be called the Tea Companies (Acquisition and Transfer of Sick Tea Units) Amendment Act, 1991. 2. Amendment of section 16 of Act 37 of 1985 Section 16 of the Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:- "(2) Notwithstanding anything contained in sub-section (1), all the claims preferred before the Commissioner after the period or the further period specified in that sub-section but on or before the 27th day of July, 1989, shall be deemed to have been validly preferred.".
View Complete Act List Judgments citing this sectionSick Industrial Companies (Special Provisions) Act, 1985 Preamble 1
Title: Sick Industrial Companies (Special Provisions) Act, 1985
State: Central
Year: 1985
THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 [Act, No. 1 of 1986] [8th January, 1986] PREAMBLE An Act to make., in the public interest, special provisions with a view to securing the timely detection of sick and potentially sick companies owning industrial undertakings, the speedy determination by a Board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companies and the expeditious enforcement of the. measures so determined and for matters connected therewith or incidental thereto. be it enacted by Parliament in the Thirty-sixth Year of the Republic of India as follows:--
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