Skip to main content

The British India Corporation Limited (Acquisition of Shares) Act, 1981

Central

An Act to provide for the acquisition of certain shares of the British India Corporation Limited with a view to securing the proper management of the affairs of the Company and the continuity and development of the production of goods which are vital to the needs of the country and for matters connected therewith or incidental thereto.

Act number
29 of 1981
Ministry
Ministry of Textiles
Enacted
11 Sep 1981

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.

21 sections

  1. Section 1Short title and commencement.
  2. Section 2Definitions.
  3. Section 3Transfer and vesting of shares of the Company in the Central Government.
  4. Section 4Management of the Company.
  5. Section 5Payment of amounts.
  6. Section 6Appointment of Commissioner of Payments.
  7. Section 7Payment by the Central Government to the Commissioner.
  8. Section 8Claims to be made to the Commissioner.
  9. Section 9Examination of claims.
  10. Section 10Admission or rejection of claims.
  11. Section 11Disbursement of money by the Commissioner to claimants.
  12. Section 12Undisbursed or unclaimed amount to be deposited to the general revenue account.
  13. Section 13Power of inspection.
  14. Section 14Power of Commissioner to inquire into disputes as to amount.
  15. Section 15Deposit of amount in court.
  16. Section 16Act to have overriding effect.
  17. Section 17Penalties.
  18. Section 18Offences by companies.
  19. Section 19Limitation of cognizance of offences.
  20. Section 20Power to make rules.
  21. Section 21Repeal and saving.