Bare Act Search Results

Transformer and Switchgear Limited Acquisition and Transfer of Undertakings Act, 1983 Section 5

Title: Central Government or Andrew Yule Not to Be Liable for Prior Liabilities

State: Central

Year: 1983

.....6 to vest in Andrew Yule, against Andrew Yule. (2) For the removal of doubts, it is hereby declared that,- (a) save as otherwise expressly provided in this section or in any other provision of this Act, no liability of the Company in respect of any period prior to the appointed day, shall be enforceable against the Central Government, or where the undertakings of the Company are directed under section 6 to vest in Andrew Yule, against Andrew Yule; (b) no award, decree or order of any court, tribunal or other authority in relation to the undertakings of the Company, passed after the appointed day, in respect of any matter, claim or dispute which arose before that day, shall be enforceable against the Central Government, or, where the undertakings of the Company are directed under section 6 to vest in Andrew Yule, against Andrew Yule; (c) no liability incurred by the Company before the appointed day, for the contravention of a provision of any law for the time being in force, shall be enforceable against the Central Government, or, where the undertakings of the Company are directed under section 6 to vest in Andrew Yule, against Andrew Yule.

Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Section 16

Title: Certain Powers of the Central Government or Andrew Yule

State: Central

Year: 1987

.....the case may be, may make a claim to the Commissioner with regard to every payment made 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.

Transformer and Switchgear Limited Acquisition and Transfer of Undertakings Act, 1983 Section 6

Title: Power of the Central Government to Direct Vesting of the Undertakings of the Company in Andrew Yule

State: Central

Year: 1983

(1) Notwithstanding anything contained in sections 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 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 of Andrew Yule.

Transformer and Switchgear Limited Acquisition and Transfer of Undertakings Act, 1983 Section 16

Title: Certain Powers of the Central Government or Andrew Yule

State: Central

Year: 1983

(1) The Central Government or Andrew Yule, as the case may be, shall be entitled to receive up to the specified date, to the exclusion of all other persons, any money due to the Company, in relation to its undertakings which have vested in the Central Government or Andrew Yule, and realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day. (2) The Central Government or Andrew Yule, as the case may be, may make a claim to the Commissioner with regard to every payment made by it after the appointed day for discharging any liability of the Company 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.

Transformer and Switchgear Limited Acquisition and Transfer of Undertakings Act, 1983 Section 25

Title: Contracts to Cease to Have Effect Unless Ratified by the Central Government or Andrew Yule

State: Central

Year: 1983

.....before the appointed day, shall, on and from the expiry of one hundred and eighty days from the appointed day, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government or Andrew Yule, in which such undertakings have been vested under this Act, and in ratifying such contract, the Central Government or Andrew Yule may make such alteration or notification therein as it may think fit; Provided that the Central Government or Andrew Yule shall not omit to ratify a contract and shall not make any alteration or modification in a contract- (a) 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 Andrew Yule; and (b) 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.

Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Section 25

Title: Contracts to Cease to Have Effect Unless Ratified by the Central Government or Andrew Yule

State: Central

Year: 1987

.....period of one hundred and eighty days from the date on which this Act receives the assent of the President, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government or Andrew Yule in which such undertakings have been vested under this Act, and in ratifying such contract, the Central Government or Andrew Yule may make such alternation or modification therein as it may think fit: Provided that the Central Government or Andrew Yule shall not permit to ratify a contract and shall not make any alternation or modification in a contract- (a) 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 Andrew Yule, and (b) 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 alternation or modification therein.

Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act, 1983 Complete Act

State: Central

Year: 1983

.....1983 41 of 1983 25th December, 1983 STATEMENT OF OBJECTS AND REASONS The Transformer and Switch-gear Limited was established in 1956 for the manufacture of transformers, switch-gears and other allied electrical equipments. The Company commenced production in 1957 in technical collaboration with Dominic works GMbh, West Germany, It has been incurring losses for a number of years and the accumulated losses at the end of October. 1982 were of the order of Rs. 306 lakhs as against the paid-up capital of Rs. 12.5 lakhs. 2. Efforts for the revival of the Company in the past had failed. Many schemes pre- pared for the revival of the Company could not be implemented for want of necessary finance. Further, such schemes cannot meet all the past liabilities of the company. Production in the Company had come to a standstill and wages to the workers were not being paid. Restructuring the Company in order to bring about a balance between as- sets and liabilities was therefore considered to be an immediate necessity. This process could be achieved quickly only through nationalisation of the undertakings of the Company which would also result in the revival of the undertakings. The.....

Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act 1987 Complete Act

State: Central

Year: 1987

.....Brentford Electric (India) Limited, Calcutta, (BEIL), established in 1964, has been in existence for about 23 years and has been engaged in the manufacture of regulators of up to 5000 KVA, rectifiers, special transformers, distribution transformers, etc. The products of the company are of high quality and are required for defence establishments, State Electricity Boards and atomic energy establishments. The company is at present employing about 200 persons. 2. BEIL started incurring losses from 1975 and ran into serious Financial difficulties in 1976. The management of the company was taken over by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1961and Andrew Yule and Company Limited, a Government company, was appointed as the 'authorised person'for managing its affairs. The period of take over of the management of BEIL was extended from time to time and is presently stands extended up to the 25th November, 1987. At the time of take over, the accumulated losses of BEIL were Rs, 90.37 lacs and its liabilities to third parties aggregated to Rs. 87.33 lacs. However, the sales turnover of the company has improved considerably in the.....

Transformer and Switchgear Limited Acquisition and Transfer of Undertakings Act, 1983 Chapter II

Title: Acquisition and Transfer of the Undertakings of the Company

State: Central

Year: 1983

.....Andrew Yule, against Andrew Yule. (2) For the removal of doubts, it is hereby declared that,- (a) save as otherwise expressly provided in this section or in any other provision of this Act, no liability of the Company in respect of any period prior to the appointed day, shall be enforceable against the Central Government, or where the undertakings of the Company are directed under section 6 to vest in Andrew Yule, against Andrew Yule; (b) no award, decree or order of any court, tribunal or other authority in relation to the undertakings of the Company, passed after the appointed day, in respect of any matter, claim or dispute which arose before that day, shall be enforceable against the Central Government, or, where the undertakings of the Company are directed under section 6 to vest in Andrew Yule, against Andrew Yule; (c) no liability incurred by the Company before the appointed day, for the contravention of a provision of any law for the time being in force, shall be enforceable against the Central Government, or, where the undertakings of the Company are directed under section 6 to vest in Andrew Yule, against Andrew Yule. Section 6 - Power of the Central.....

Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Chapter II

Title: Acquisition and Transfer of the Undertakings of the Company

State: Central

Year: 1987

.....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.