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Start Free TrialFinance Act, 1987 Chapter II
Title: Rates of Income-tax
State: Central
Year: 1987
.....be the income-tax in respect of the total income. (3) In cases to which the provisions of Chapter XII or Chapter XII-A or sub-section (1A) of section 161 or section 164 or section 164A or section 167A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be. (4) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D, and 195 of the Income-tax Act at the rates in force, the deduction shall be made at the rates specified in of the First Schedule. (5) Subject to the provisions of sub-section (6), in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or deducted under.....
View Complete Act List Judgments citing this sectionBrentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Schedule 1
Title: Schedule
State: Central
Year: 1987
.....institutions; (iv) any other sources Category III- (a) Any credits availed of by the Company for the purpose of carrying on any trading or manufacturing operations, other than those specified in sub-section (2) of section 5. (b) Any dues of State Electricity Boards or other Government or semi-Government institutions against supply of goods or services, other than those specified in sub-section (2) of section 5. (c) Arrears of interest on loans and advances. Category IV- (a) Revenue, taxes, cesses, rates or other dues to the Central Government, a State Government or any local authority. (b) Any other dues. Category V- Principal amount of secured loans advanced by- (i) the Central Government; (ii) a State Government; (iii) banks and financial institutions. Category VI- Principal amount of unsecured loans advanced by- (i) the Central Government; (ii) a State Government; (iii) banks and financial institutions. Category VII- (a) Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations. (b) Any dues of State Electricity Boards or other Government or semi-Government institutions against supply.....
View Complete Act List Judgments citing this sectionBrentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Section 6
Title: Power of Central Government to Direct Vesting of the Undertakings of the Company in Andrew Ule
State: Central
Year: 1987
(1) Notwithstanding anything contained in section 3 and 4.the Central Government may, subject to such terms and conditions as it may think fit to impose, direct, by notification, that the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings, which have vested in the Central Government under section 3, shall, instead of continuing to vest in the Central Government vest in Andrew Yule, either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification. (2) Where the right, title and interest, and the liabilities referred to in sub-section (2) of section 5, of the Company in relation to its undertakings vest in Andrew Yule under sub-section (1), Andrew Yule shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and all the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting be deemed to have become the rights and liabilities, respectively, of Andrew Yule.
View Complete Act List Judgments citing this sectionBrentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Chapter III
Title: Payment of Amounts
State: Central
Year: 1987
.....rupees per annum for the period commencing on the date on which the management of the undertakings of the Company was taken over in pursuance of the order made by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951, and ending on the appointed day. (2) In consideration of the retrospective operation of the provisions of sections 3, 4 and 5, there shall also be paid by the Central Government to the Company in cash, an amount calculated at the rate of five thousand rupees per annum for the period commencing on the appointed day and ending on the date on which this Act receives the assent of the President. (3) The amounts specified in section 7, and the amounts determined in accordance with the provisions of sub-sections (1)and (2), shall carry simple interest at the rate of four per cent, per annum for the period commencing on the appointed day and ending on the date on which payment of such amounts is made by the Central Government to the Commissioner. (4) The amounts determined in accordance with the provisions of sub-sections (1), (2) and (3) shall be paid by the Central Government to the Company in addition to the amount.....
View Complete Act List Judgments citing this sectionBrentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Section 7
Title: Payment of Amount
State: Central
Year: 1987
For the transfer to, and vesting, in the Central Government, under section 3, of the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings, there shall be paid by the Central Government to the Company in cash, and in the manner specified in Chapter VI, an amount of rupees thirty-seven lakhs and fifty thousand.
View Complete Act List Judgments citing this sectionBrentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Chapter IV
Title: Management, Etc., of the Undertakings of the Company
State: Central
Year: 1987
.....relation to which have vested in the Central Government under section 3, shall, where a direction has been made buy the Central Government under sub-section (1) of section 6, vest in Andrew Yule, and thereupon Andrew Yule shall be entitled of exercise, to the exclusion of all other persons, all such powers and do all such things as the Company was authorised to exercise and do in relation to its undertakings. Section 10 - Duty of persons incharge of management of the undertakings of the Company to deliver all assets, etc. (1) On the vesting of the management of the undertaking of the Company in Andrew Yule, all persons in charge of the management of the undertakings of the Company immediately before such vesting shall be bound to deliver to Andrew Yule all assets, books of account, registers or other documents in their custody relating to the undertakings of the company. (2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to Andrew Yule as to its powers and duties and Andrew Yule may also, if it so desires, apply to the Central Government at any time for instructions as to the manner in which the management of the.....
View Complete Act List Judgments citing this sectionBrentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Section 9
Title: Management, Etc., of the Undertakings of the Company
State: Central
Year: 1987
The general superintendence, direction, control and management of the affairs and business of the undertakings of the Company, the right, title and interest in relation to which have vested in the Central Government under section 3, shall, where a direction has been made buy the Central Government under sub-section (1) of section 6, vest in Andrew Yule, and thereupon Andrew Yule shall be entitled of exercise, to the exclusion of all other persons, all such powers and do all such things as the Company was authorised to exercise and do in relation to its undertakings.
View Complete Act List Judgments citing this sectionBrentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Chapter V
Title: Provisions Relating to the Employees of the Company
State: Central
Year: 1987
.....person employed in any undertaking of the Company, to the Central Government or Andrew Yule shall not entitle such officer or other employee to claim any compensation under this Act or under any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority. Section 13 - Provident fund and other funds (1) Where the Company has established a provident fund, superannuation fund, welfare fund or any other fund for the benefit of the persons employed in any of its undertakings, the moneys relatable to the officers or other employees, whose services have become transferred by or under this Act to the Central Government or Andrew Yule shall, out of the moneys standing, on the appointed day, to the credit of such provident fund, superannuation fund, welfare fund or other fund, stand transferred to, and vest in, the Central Government or Andrew Yule, as the case may be. (2) The moneys which stand transferred under sub-section (1) to the Central Government or Andrew Yule, as the case may be, shall be dealt with by that Government or Andrew Yule in such manner, as may be prescribed.
View Complete Act List Judgments citing this sectionBrentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Section 12
Title: Continuance of Employees
State: Central
Year: 1987
.....and the employees of the Company on the 28th day of January, 1986 and the 30th day of January, 1986, and shall continue to do so unless and until his employment under the Central Government or Andrew Yule, as the case may be, is duly terminated or until his remuneration and other conditions of service are duly altered by the Central Government or Andrew Yule, as the case may be. (2) Notwithstanding anything contained in the Industrial Disputes Act, 1947, (14 of 1947) or in any other law for the time being in force, the transfer of the services of any officer or other person employed in any undertaking of the Company, to the Central Government or Andrew Yule shall not entitle such officer or other employee to claim any compensation under this Act or under any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority.
View Complete Act List Judgments citing this sectionBrentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Chapter VI
Title: Commissioner of Payments
State: Central
Year: 1987
.....by that Government or Andrew Yule, after the appointed day, for discharging any liability of the Company, not being any liability specified in sub-section (2) of section 5, in relation to any period prior to the appointed day; and every such claim shall have priority in accordance with the priorities attaching, under this Act, to the matter in relation to which such liability has been discharged by the Central Government or Andrew Yule. (3) Save as otherwise provided in this Act, the liabilities of the Company, in respect of any transaction prior to the appointed day, which have not been discharged on or before the specified date, shall be the liabilities of the Company. Section 17 - Claims to be made to the Commissioner Every person having a claim against the Company with regard to any of the matters specified in the Schedule, pertaining to any of its undertakings, shall prefer such claim before the Commissioner within thirty days from the specified date: Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of thirty days, he may entertain the claim within a further period of.....
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