Acquisition - Definition - Law Dictionary Home Dictionary Definition acquisition

Definition :

Acquisition, 'acquisition' means, directly or indirectly, acquiring or agreeing to acquire-(i) shares, voting rights or assets of any enterprise; or (ii) control over management or control over assets of any enterprise. [Competition Act, 2002 (12 of 2003), s. 2(a)]

'Acquisition', with its grammatical variations and cognate expressions, includes hiring, borrowing, or accepting as a gift. [Arms Act, 1959 (54 of 1959), s. 2(a)]

The office of one functionary is brought to an end another functionary has come into existence in its place. Such a process cannot be said to constitute the acquisition of the extinguished office or the vesting of the rights in the person holding that office, Bira Kishore Deb v. State of Orissa, AIR 1964 SC 1501 (1508): (1964) 7 SCR 32. [Constitution of India, Art. 31(2), 19(1) (f)]

Means taking not by voluntary agreement but by authority of an Act of Parliament and by virtue of the compulsory powers thereby conferred. In case of acquisition the property is taken by the State permanently and the title to the property vests in the State. The Land Acquisition Act makes complete provision for acquiring title over the land, taking possession thereof and for payment of compensation to the landowner, R.L. Jain v. D.D.A., (2004) 4 SCC 79 (89): AIR 2004 SC 1904. (Land Acquisition Act, 1894)

The word 'acquisition' has quite a wide concept, meaning the procuring of property or the taking of it permanently or temporarily. It does not necessarily imply the acquisition of legal title by the State in the property taken possession of, Dwarkadas Shrinivas of Bombay v. Sholapur Spinning and Weaving Co., AIR 1954 SC 119 (129): 1954 SCR 674. (Constitution of India, Art. 31)

The right of the landholder to possession was itself a right of property and as this had been taken over it constituted an acquisition within the constitutional provision, Guru Datta Sharma v. State of Bihar, AIR 1961 SC 1684 (1695): 1962 (2) SCR 292.

The expression 'acquisition' in the definition means only transfer and the expression 'valuable consideration' takes colour from the preceding expression 'cash or deferred payment' and can only mean some other monetary payment in the nature of cash or deferred payment, Devi Das Gopal Krishnan v. State of Punjab AIR 1967 SC 1895 (1904): (1967) 3 SCR 557.

Means the gaining of possession or control over something, Black Law Dictionary, 7th Edn., p. 24.