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The National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980

Central

An Act to provide for the acquisition and transfer of the undertakings of Messrs. National Company Limited with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

Act number
42 of 1980
Ministry
Ministry of Textiles
Enacted
19 Jul 1980

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.

35 sections

  1. Section 1Short title and commencement.
  2. Section 2Definitions.
  3. Section 3Transfer to, and vesting in, the Central Government of the undertakings of the Company.
  4. Section 4General effect of vesting.
  5. Section 5Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company.
  6. Section 6Transfer of undertakings of the Company from an existing Government company to a new Government company.
  7. Section 7Company to be liable for certain prior liabilities.
  8. Section 8Payment of amount.
  9. Section 9Payment of further amount.
  10. Section 10Management, etc., of the undertakings of the Company.
  11. Section 11Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc.
  12. Section 12Duty of persons to account for assets, etc., in their possession.
  13. Section 13Continuance of employees.
  14. Section 14Provident fund and other funds.
  15. Section 15Appointment of Commissioner of Payments.
  16. Section 16Payment by the Central Government to the Commissioner.
  17. Section 17Certain powers of the Central Government or Government company.
  18. Section 18Claims to be made to the Commissioner.
  19. Section 19Priority of claims.
  20. Section 20Examination of claims.
  21. Section 21Admission or rejection of claims.
  22. Section 22Disbursement of money by the Commissioner.
  23. Section 23Disbursement of amounts to the Company.
  24. Section 24Undisbursed or unclaimed amount to be deposited with the general revenue account.
  25. Section 25Act to have overriding effect.
  26. Section 26Assumption of liability.
  27. Section 27Management to continue to vest in the Custodian until alternative arrangements have been made.
  28. Section 28Contracts to cease to have effect unless ratified by the Central Government or the Government company.
  29. Section 29Penalties.
  30. Section 30Offences by companies.
  31. Section 31Protection of action taken in good faith.
  32. Section 32Delegation of powers.
  33. Section 33Power to make rules.
  34. Section 34Power to remove difficulties.
  35. Section 35Repeal and saving.