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Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Preamble 1

Title: Richardson and Cruddas Limited (Acquisitionand Transfer of Undertaking) Act, 1972

State: Central

Year: 1972

THE RICHARDSON AND CRUDDAS LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT, 1972 [Act, No. 78 of 1972] [30th December, 1972 PREAMBLE An Act to provide for the acquisition and transfer of the undertaking of the Richardson and Cruddas Limited for the reconstruction of the register of its members and for matters connected therewith or incidental thereto. WHEREAS the Richardson and Cruddas Limited, a company formed and registered under the Indian Companies Act, 1913, is engaged in the production of goods needed by the defence establishments, railways, steel, plants and power projects; AND WHEREAS the mismanagement of the said company by its erstwhile managing agents and Board of Directors had seriously affected the production and supply of goods by the said company; AND WHEREAS it is not possible for the said company to provide for its proper management by a duly constituted Board of Directors in view of the existence of a large number of duplicate shares in the capital of the said company; AND WHEREAS for ensuring, in the interests of the community, the continuity of production and supply of goods by the said company, it is expedient in the public interest to.....

Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Complete Act

Title: Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972

State: Central

Year: 1972

.....to reconstruct register of members of the old company Section21 - Custodian to issue fresh share certificate Section22 - No annual general meeting of the old company to be held before the reconstruction of the register of members Section23 - Custodian to file accounts until reconstruction of the register of members of the old company Part III Section24 - Penalties Section25 - Offences by companies Section26 - Offences to be triable by a Magistrate of the first class and not to be compoundable Part IV Section27 - Protection of action taken in good faith Section28 - Contracts etc. in bad faith may be cancelled or varied Section29 - Power to terminate contract of employment Section30 - Power to remove difficulty Section31 - Power to make rules

Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Part I

Title: Acquisition and Transfer of the Undertaking of Richardson and Cruddas Limitred

State: Central

Year: 1972

.....I - PRELIMINARY Section 1 - Short title This Act may be called The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972. Section 2 - Definitions (1) In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date as the Central Government may, by notification, appoint; (b) "Custodian" means the person who is appointed, under section 10, as the Custodian of the old company; (c) "Nationalised Bank" means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; (d) "new company" means the Government company, formed and registered under the Companies Act, 1956, in pursuance of the provisions of section 9; (e) "notification" means a notification published in the Official Gazette; (f) "old company" means the Richardson and Cruddas Limited, a company formed and registered under the Indian Companies Act, 1913 and having its registered office in the State of West Bengal; (g) "prescribed" means prescribed by rules made under this Act; (h) "scheduled bank" has the meaning assigned to it in the Reserve Bank of India Act, 1934, and includes a National.....

Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Section 7

Title: Transfer of Employees of the Old Company

State: Central

Year: 1972

.....not becoming an officer or other employee of the Central Government or the new company, as the case may be. (2) For the persons, who, immediately before the appointed day, were the trustees for any pension, provident fund, gratuity or other like fund constituted for the officers or other employees of the old company, there shall be substituted as trustees such persons as the Central Government or the new company may, by general Or special order, specify. (3) Notwithstanding anything contained in the Industrial Disputes Act, 1947, or in any other law for the time being in force, the transfer of the services of any officer or other employee from the old company to the Central Government or the new company shall nut entitle such officer or other employee to any compensation under that Act or other law and no such claim shall be entertained by any Court. Tribunal or other authority.

Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Section 1

Title: Short Title

State: Central

Year: 1972

This Act may be called The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972.

Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Section 18

Title: Suits and Legal Proceedings, Not to Be Commenced or Proceeded with

State: Central

Year: 1972

.....made by, or on behalf of, or against, the old company; (c) any question of priorities and any other question whatsoever, whether of law or of fact, which may relate to, or arise in relation to, the genuineness or otherwise of, any share or in relation to any rights or obligations under such share, whether such suit or proceeding has been instituted, or is instituted, or such claim or question has arisen or arises before or after the constitution of the Tribunal. (3) If, on the appointed day, any suit, appeal or other proceeding of whatever nature by or against the old company in relation to any business of that company is pending in any Court, such suit, appeal or other proceeding shall, notwithstanding anything contained in any other law for the time being in force or in any contract, stand transferred to, and shall be disposed of by, the Tribunal and thereupon no other Court or Tribunal shall have jurisdiction to try such suit, appeal or proceeding. Explanation.-- A suit or other proceeding relating to the title to, or claim in or in relation to, any share or any document purporting to be a share shall be deemed to be a suit or other proceeding relating to the.....

Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Chapter I

Title: Preliminary

State: Central

Year: 1972

This Act may be called The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972. Section 2 - Definitions (1) In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date as the Central Government may, by notification, appoint; (b) "Custodian" means the person who is appointed, under section 10, as the Custodian of the old company; (c) "Nationalised Bank" means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; (d) "new company" means the Government company, formed and registered under the Companies Act, 1956, in pursuance of the provisions of section 9; (e) "notification" means a notification published in the Official Gazette; (f) "old company" means the Richardson and Cruddas Limited, a company formed and registered under the Indian Companies Act, 1913 and having its registered office in the State of West Bengal; (g) "prescribed" means prescribed by rules made under this Act; (h) "scheduled bank" has the meaning assigned to it in the Reserve Bank of India Act, 1934, and includes a National Bank: (i) "share" means a share in the capital.....

Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Complete Act

State: Central

Year: 1972

.....abilities and obligations of whatever kind then subsisting of the old company in relation to the (2) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, powers of attorney, grants of legal representation and other instruments of whatever nature having effect immediately before the appointed day which relate to the undertaking of the old shall be of as full force and effect in favour of the Central Government, and on the transfer of undertaking to the new company, of such new company and may be enforced or acted upon as fully effectively as if they had related to the Central Government or the new company, as the case may (3)(a) If, on the appointed day, a proceeding instituted by the old company in relation to undertaking referred to in section 3-is pending, such proceeding may, as from that day be continue the Central Government or, on the transfer of the undertaking to the new company, by the new comp (b) If, on the appointed day, any cause of action is existing against the old company in the undertaking referred to in section 3-, such cause of action may, as from that day, be enforced the Central Government or, on the transfer of the undertaking to.....

Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Chapter II

Title: Acquisition of the Undertaking of the Richardson and Cruddas Limited

State: Central

Year: 1972

.....Government may take or cause to be taken, all necessary steps for securing possession of all properties which have vested in that Government under section 3. Section 6 - Duty to furnish particulars (1) The old company shall, within such period as the Central Government may allow in this behalf, furnish to that Government, and the new company, a complete inventory of all the properties and assets (including particulars of investments) of the old company on the appointed day, all liabilities and obligations of the old company subsisting on that day and also all agreements entered into by the old company and in force on that day including agreements whether express or implied, relating to leave, pension, gratuity and other terms of service of any officer or other employee of the old company under which, by virtue of this Act, the Central Government has or will have, or may have, the liabilities and, for this purpose, the Central Government and the new company shall afford the old company all reasonable facilities. (2) The old company shall, if required by the Central Government or new company so to do, furnish such returns or information relating to the undertaking referred.....

Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Section 3

Title: Undertaking of the Old Company to Vest in the Central Government

State: Central

Year: 1972

On the appointed day, the undertaking of the old company shall stand transferred to, and vest in, the Central Goverment and that Government shall, immediately thereafter, provide, by notification, for the transfer to, and vesting in, of such undertaking in the new company.