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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

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Complete Act

Title: Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977

State: Central

Year: 1977

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

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, 1977 Chapter II

Title: Acquisition and Transfer of the Undertakings of the Company

State: Central

Year: 1977

.....claim, in accordance with his rights and interests, payment of the mortgage money or other dues, in whole or in part, out of the amount specified in section 7, and also out of the monies determined under section 8, but, no such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the Central Government. (5) If on the appointed day, any suit, appeal or other proceeding by or against the Company, of whatever nature in relation to any property which has vested in the Central Government, under section 3, is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertakings of the Company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Company. Section 5 - Central Government or Government company not to be liable for prior liabilities (1) Every liability of the Company in respect of any period prior to the appointed day, shall be the liability of the Company and shall be enforceable against it and not against the Central Government, or, where the undertakings of the.....

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Preamble 1

Title: Gresham and Craven of Indian (Private) Limited(Acquisition and Transfer of Undertakings) Act, 1977

State: Central

Year: 1977

.....Limited for the purpose of ensuring the continuity of production of goods which are vital to the needs of the Railways and of the industries manufacturing engineering products and for matters connected therewith or incidental thereto. WHEREAS MESSRS.Gresham and Craven of India (Private) Limited were engaged in the manufacture and production of components of rolling stock like vacuum brake equipment, ejectors, steam brake valves and vacuum exhausters and the like needed by the Railways and the industries manufacturing engineering products; AND WHEREAS as a result of the losses suffered by the Company, there had been a closure of the works owned by the Company; AND WHEREAS for the purposes of speedily bringing the closed works of the Company into operation, the management of the undertakings of the Company was taken over by the Central Government for a limited period under section 18A of the Industries (Development and Regulation) Act, 1951 (65 of 1951.); AND WHEREAS it is necessary to acquire the undertakings of the Company to ensure the continuance of the production of goods which are vital to the needs of the Railways and of the industries manufacturing engineering.....

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Chapter II

Title: Acquisition and Transfer of the Undertakings of the Company

State: Central

Year: 1977

.....claim, in accordance with his rights and interests, payment of the mortgage money or other dues, in whole or in part, out of the amount specified in section 8, and also out of the monies determined under section 9, but, no such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the Central Government. (5) If on the appointed day, any suit, appeal or other proceeding by or against the Company, of whatever nature in relation to any property which has vested in the Central Government, under section 3, is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertakings of the Company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Central Government, or the Braithwaite and Company Limited, or, where the undertakings of the Company are directed, under section 7, to vest in a Government company, against that Government company. Section 5 - Central Government or the Braithwaite and Company Limited or the Government company not to be liable for prior liabilities (1).....

Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 3

Title: Transfer to and Vesting in Central Government of the Undertakings of the Company

State: Central

Year: 1977

On the appointed day, the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings, shall, by virtue of this Act, be transferred to, and shall vest in, the Central Government.

Gresham and Craven of Indian (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Section 3

Title: Transfer of and Vesting in the Central Government of the Undertakings of the Company

State: Central

Year: 1977

On the appointed day, the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings, shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government.

Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Complete Act

State: Central

Year: 1977

.....took over the management of the company on the 31st March, 1971, under the provisions of Section 18A of the Industries (Development and Regulation) Act, 1951. The factory was reopened on the 12th April, 1971. The company is mainly engaged in the manufacture of rolling stock components of the Indian Railways, such as vacuum brake equipment, ejectors, steam valves, vacuum exhausters etc. After takeover of the management by the Central Government, there had been considerable progress in the production performance of the company. The actual production for the year 1976-77 had been of the order of Rs. 177 lakhs. After careful consideration of the whole matter, the Government decided to acquire the undertakings of this company. At the time of takeover of the management of the company, it was clear that it was not possible for the company to meet all its past dues. Accordingly, moratorium was imposed on the 14th August, 1972 in accordance with the provisions ofSec. 18FB of the Industries (Development and Regulation) Act, 1951, on realisation of the dues from the company. The period of this moratorium which cannot exceed five years in aggregate, expired on the 13th August. 1977, since.....

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.....