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Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Complete Act

Title: Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977

State: Central

Year: 1977

.....of claims Section21 - Disbursement of money by Commissioner to claimants Section22 - Disbursement of amounts to the Company Section23 - Undisbursed or unclaimed amount to be deposited with the general revenue account Section24 - Assumption of liability Chapter VII Section25 - Act to have overriding effect Section26 - Contracts to cease to have effect unless ratified by the Central Government or Government company Section27 - Penalties Section28 - Offences by companies Section29 - Protection of action taken in good faith Section30 - Delegation of powers Section31 - Power to make rules Section32 - Power to remove difficulties Section33 - Declaration as to policy of the State Section34 - Repeal and saving Schedule1 - SCHEDULE I

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Preamble 1

Title: The Smith, Stanistreet and Company Limited(Acquisition and Transfer of Undertakings) Act, 1977

State: Central

Year: 1977

.....Limited, Calcutta and for matters connected therewith or incidental thereto. WHEREAS MESSRS. Smith, stanistreet and Company Limited, Calcutta were engaged in the manufacture and distribution of pharmaceuticals and chemicals which are essential to meet the needs of the public;AND WHEREAS the management of the undertakings of the Company was in a manner highly detrimental to the public interest and had suffered heavy losses; AND WHEREAS the management of the Company was taken over by the Central Government under section 18A of the Industries (Development and Regulation) Act, 1951 (65 of 1951.); AND WHEREAS for the purpose of reconstructing and rehabilitating the undertakings of the Company so as to subserve the interest of the general public by the augmentation and distribution of the defence varieties of essential pharmaceuticals and chemicals produced by the said Company, and to ensure the continued supply thereof, it is necessary to acquire the right, title and interest of the undertakings of Messrs.Smith, Stanistreet and Company Limited, Calcutta; BE it enacted by Parliament in the Twenty-eighth Year of the Republic of India as follows :--

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act Complete Act

State: Central

Year: 1977

.....the Central Government or the Government company shall not omit. to ratify a contract, and shall not make any alteration or modification in a contract, unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests of the Central Government or Government Company. (2) The Central Government or Government company shall not omit to ratify a contract, and shall not make any alteration or modification therein, except after giving to the parties to the contract a reasonable opportunity of being heard and, except after recording in writing its reasons for refusal to ratify the contract or for making any alteration or modification therein. SECTION 27: PENALTIES Any person who,- (a) having in his possession, custody or control any property forming part of the undertakings of the Company wrongfully withholds such property from the Central Government or the Government company or any person or body of persons authorised by that Government or Government company; or (b) wrongfully obtains possession, of or retains, any property forming part of the undertakings of the Company or wilfully withholds or fails to furnish to.....

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Chapter I

Title: Preliminary

State: Central

Year: 1977

.....means the 1st day of October, 1977; (b) "Company" means the Smith, Stanistreet and Any law corresponding Limited, being a company as defined in the Companies Act, 1956 (1 of 1956.) and having its registered office at 18, Convent Road, Calcutta-700014; (c) "Commissioner" means the Commissioner of Payments appointment under section 14; (d) "notification" means a notification published in the Official Gazette; (e) "prescribed" means prescribed by the rules made under this Act; (f) "specified date" means such date as the Central Government may, for the purposes of any of the provisions of this Act, by notification, specify and different dates may be specified for different provisions of this Act; (g) words and expressions used herein and not defined but defined in the Companies Act, 1956 (1 of 1956.) have the meanings respectively assigned to them in that Act.

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 1

Title: Short Title and Commencement

State: Central

Year: 1977

(1) This Act may be called the Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977. (2) It shall be deemed to have come into force on the 1st day of October, 1977.

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 2

Title: Definitions

State: Central

Year: 1977

In this Act, unless the context otherwise requires, -- (a) "appointed day" means the 1st day of October, 1977; (b) "Company" means the Smith, Stanistreet and Any law corresponding Limited, being a company as defined in the Companies Act, 1956 (1 of 1956.) and having its registered office at 18, Convent Road, Calcutta-700014; (c) "Commissioner" means the Commissioner of Payments appointment under section 14; (d) "notification" means a notification published in the Official Gazette; (e) "prescribed" means prescribed by the rules made under this Act; (f) "specified date" means such date as the Central Government may, for the purposes of any of the provisions of this Act, by notification, specify and different dates may be specified for different provisions of this Act; (g) words and expressions used herein and not defined but defined in the Companies Act, 1956 (1 of 1956.) have the meanings respectively assigned to them in that Act.

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Chapter VII

Title: Miscellaneous

State: Central

Year: 1977

.....or other person authorised by that Government or the Government company for anything which is in good faith done or intended to be done under this Act. Section 30 - Delegation of powers (1) The Central Government may, by notification, direct that all or any of the powers exercisable by it under this Act, other than the power conferred by section 31, may also be exercised by any person or persons as may be specified in the notification. (2) Whenever any delegation of power is made under sub-section (1), the person to whom such power has been delegated shall act under the direction, control and supervision of the Central Government. Section 31 - 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 time within which and the manner in which an intimation referred to in sub-section (3) of section 4 shall be given; (b) the form and the manner in which, and the conditions under which, the Custodian shall maintain accounts as required.....

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 34

Title: Repeal and Saving

State: Central

Year: 1977

(1) The Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Ordinance, 1977 (13 of 1977.), is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 25

Title: Act to Have Overriding Effect

State: Central

Year: 1977

The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act, or in any decree or order of any court, tribunal or other authority.

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 19

Title: Examination of Claims

State: Central

Year: 1977

(1) On receipt of the claims made under section 17, the Commissioner shall arrange the claims in the order of priorities specified in the Schedule and examine the same in accordance with such order of priorities. (2) If, on examination of the claims, the Commissioner is of the opinion that the amount paid to him under this Act is not sufficient to meet the liabilities specified in any lower category, he shall not be required to examine the liabilities in respect of such lower category.