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

Central

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.

Act number
78 of 1972
Ministry
Ministry of Heavy Industries and Public Enterprises
Department
Department of Heavy Industry
Enacted
30 Dec 1972

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

31 sections

  1. Section 1Short title.
  2. Section 2Definitions.
  3. Section 3Undertaking of the old company to vest in the Central Government.
  4. Section 4General effect of meeting.
  5. Section 5Duty to deliver possession of property acquired and documents relating thereto.
  6. Section 6Duty to furnish particulars.
  7. Section 7Transfer of employees of the old company.
  8. Section 8Payment of amount.
  9. Section 9Formation and registration of a new company.
  10. Section 10Management of the old company.
  11. Section 11Custodian to be public servant.
  12. Section 12Vacation of office by directors, etc., of the old company.
  13. Section 13Constitution of a Tribunal.
  14. Section 14Tribunal to call upon persons to make claims.
  15. Section 15Determination of genuine shares.
  16. Section 16No compensation for cancellation of spurious shares.
  17. Section 17Power of Tribunal to entertain and dispose of claims for reimbursement.
  18. Section 18Suits and legal proceedings, not to be commenced or proceeded with.
  19. Section 19Decision of the Tribunal to be final.
  20. Section 20Custodian to reconstruct register of members of the old company.
  21. Section 21Custodian to issue fresh share certificates.
  22. Section 22No annual general meeting of the old company to be held before the reconstruction of the register of members.
  23. Section 23Custodian to file accounts until reconstruction of the register of members of the old company.
  24. Section 24Penalties.
  25. Section 25Offences by companies.
  26. Section 26Offences to be triable by a Magistrate of the first class and not to be compoundable.
  27. Section 27Protection of action taken in good faith.
  28. Section 28Contracts, etc., in bad faith may be cancelled or varied.
  29. Section 29Power to terminate contract of employment.
  30. Section 30Power to remove difficulty.
  31. Section 31Power to make rules.