The Hind Cycles Ltd. and Sen-Raleigh Ltd. (Nationalisation) Act, 1980
[Act No. 70 of 1980]
[27th December, 1980.]
| Contents |
|
| Sections |
Chaptericulars |
| Title |
The Hind Cycles Ltd. and Sen-Raleigh Ltd. (Nationalisation) Act, 1980 |
| Chapter I |
Preliminary |
| 1. |
Short title and commencement |
| 2. |
Definitions |
| Chapter II |
Acquisition of The Undertakings of The two Companies |
| 3. |
Transfer to, and vesting in, the Central Government of the undertakings of the two companies |
| 4. |
General effect of vesting |
| 5. |
Owners of the two Companies to be liable for certain prior liabilities |
| 6. |
Power of Central Government to direct vesting of the undertakings of the two companies in two Government Companies |
| Chapter III |
Payment of Amounts |
| 7. |
Payment of amount |
| 8. |
Payment of further amounts |
| Chapter IV |
Management, Etc., of The Undertakings of The two Companies |
| 9. |
Management, etc., of the undertakings of the two companies |
| 10. |
Duty of persons in charge of management of the undertakings of the two companies to deliver all assets, etc |
| 11. |
Duty of persons to account for assets, etc., in their possession |
| 12. |
Accounts and audit |
| Chapter V |
Provisions Relating to Employees of The two Companies |
| 13. |
Continuance of employees |
| 14. |
Provident fund and other funds |
| Chapter VI |
Commissioner of Payments |
| 15. |
Appointment of Commissioner of Payments |
| 16. |
Payment by Central Government to the Commissioner |
| 17. |
Certain powers of Central Government or Government companies |
| 18. |
Claims to be made to the Commissioner |
| 19. |
Priority of claims |
| 20. |
Examination of claims |
| 21. |
Admission or rejection of the claims |
| 22. |
Disbursement of money by the Commissioner |
| 23. |
Disbursement of amounts to the two companies |
| 24. |
Undisbursed or unclaimed amount to be deposited with the general revenue account |
| Chapter VII |
Miscellaneous |
| 25. |
Act to have overriding effect |
| 26. |
Contracts to cease to have effect unless ratified by the Central Government or Government companies |
| 27. |
Penalties |
| 28. |
Offences by companies |
| 29. |
Protection of action taken in good faith |
| 30. |
Delegation of powers |
| 31. |
Power to make rules |
| 32. |
Power to remove difficulties |
| 33. |
Repeal and saving |
| The Schedules |
|
| Schedule I |
Table 1 |
| Schedule II |
Table 2 |
| Schedule III |
Order of Priorities for The Discharge of Liabilities of The two Companies |
|
Post-Take-Over Management Period |
|
Pre-take-over management period |
