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The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978

Central

An Act to provide for restructuring of the iron and steel companies in the public sector so as to secure better management and greater efficiency in their working and for matters connected therewith or incidental thereto.

Act number
16 of 1978
Ministry
Ministry of Steel
Enacted
30 Apr 1978

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.

27 sections

  1. Section 1Short title and commencement.
  2. Section 2Definitions.
  3. Section 3“Undertaking”— meaning of.
  4. Section 4Dissolution, transfer and vesting of undertakings of certain companies in Integral Company.
  5. Section 5Transfer and vesting of Kiriburu Iron Ore Mines, etc., in Integral Company.
  6. Section 6Transfer and vesting of Refractory Plant, etc., in the Bharat Refractories Limited.
  7. Section 7Transfer of immovable properties of Hindustan Steel Limited to Metallurgical and Engineering Consultants (India) Limited.
  8. Section 8Transfer of shares held by Bokaro Steel Limited to Central Government.
  9. Section 9Transfer of shares held by Integral Company to Central Government.
  10. Section 10Transfer of shares held by Integral Company to Bharat Refractories Limited.
  11. Section 11Transfer of shares held by Central Government to Integral Company.
  12. Section 12Central Government, etc., deemed to be registered in the register of members of companies.
  13. Section 13Power of Central Government to modify amount of paid-up share capital of Integral Company, etc., and issue of shares.
  14. Section 14Provisions relating to officers and other employees of dissolved companies.
  15. Section 15Provisions relating to officers and employees of transferred units.
  16. Section 16Provisions relating to directors.
  17. Section 17Provision relating to auditors.
  18. Section 18Compensation for transfer not payable.
  19. Section 19Provident Fund.
  20. Section 20Gratuity, welfare and other funds.
  21. Section 21Provisions with respect to income-tax and surtax.
  22. Section 22Taxes, fees and other charges not payable.
  23. Section 23Saving of contracts, etc.
  24. Section 24Saving of legal proceedings.
  25. Section 25Power to remove difficulties.
  26. Section 26Act to override the provisions of other laws.
  27. Section 27Power to amend memorandum and articles of association.