The Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Ordinance, 1980

6 7 ~ -.w •• , •• . ,, ,c..,,,,-,4;,-,,_~ "~ ' .,,.,.,.. .• _ ,, . . C.~ --- -, -~ / 1 g-1' J ~- 3 I REGISTERED No. D-(D)-'12 EXTRAORDINARY '111t'Il~l :J :,. PART ll-8ection F , ' · snf~ ~ 'Sl'1'ilfmr' PUBLISHED BY AUTHORITY ,..-;::-::.:, .. :=~==;:=====::-::======--=-:-:-=:=:::=···= === (fo 55] .ff f~), "1'f-tffl, ~~ 25, 1980/~T 3, 190t- .-~o,55{ ' J'. ' '· NEW DELHI, SATUltl>AY, OCTOBER 25, ig8o/KARTIKA 3, 1902 P" ~if 1l{nf ~~.ft ~Jt i' i'.mt~ ~~ ~.t"irn.r~" ~ r- ,r •. ~eparate pa.gin-%. :is given to this Part in. or~er that it 'may be filed ,-,;-t • .. ._. • _ . . . . as a separate comJ)llation • . . . ,i_ .,' - · ; \ , ~ - - · • . I. ) MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS ~;: _ .. • - ·, : (Legislative Department) .. , . ... ,'1J~ ;) ' . . ; ' . • • • . ' --·. . ,, .~ .;;,, N~w Delhi, 'the 25th ()ctober_, 1980/Kartika 3,' 1902 :r(Saka) . . · ~, . ~ . . " - . 'U:JE BIRD AND COMP ANY LIMITED JACJ>RicifTICW AND - . TRANSFER OF UNDERTAKING A -- __ H~_' L,; j; , , . ' P,BOPERTIES) ORDINANCE, 19§<;1 _ .. - ~-~t • ' ·, ,. t,• , No. 18 OF 1980 .t ,- • · .\ Proinulga~eci lby . tpe President in the Thirty-first.year of the j r ;'j . . • . • • Republic of India. • " • • • An Ordinance to· provide for ¢e acquisition ,and t~ansfer of the undertakings of the Bird and Company Limited for the pur­ -"r :r, •pose of ensuring the continuity of production of goods which Gi • are vital to the needs of the country and for the acquisiti,on of shares held by the Bird and Company Limited in the spe­ . cified companies for the purpose of securing to those under­ \ ' i . takings the facilities and advantages derived by reason of 9 :t.c;\,· such shareholding with respect to the operation and function- ing of those undertakings and also to enable the Central Government to exercise such control over the affairs of the specified companies as is necessary to ensure that the affairs of those companies are not mismanaged and for matters con­ nected therewith or incidental . thereto. f· WHEREAS the Bird and Company Limited were engaged in the manu­ f~cture of E.O.T. cranes and other varieties of cranes; polystyren~ based cation exchange r~sin; equipment for fertilizers, oil refineries, st.eel Short title and com­ mence­ ment. •520 !' ·~ ,,.-.,-, •'ffiE 'GAZETTE OF 11\'IJIA EXfRAORDINARY LPAR!'•U ..... ------------ -- - - ---- - ----- --==::::::::: plants petro-chemical and other industries; Tank-s and vessels of Vario.us shape~ and sizes; water treatment equipment and other types_ of equip.. ment for the control of water pollution anci were als.o engaged m various other activities; . _ AND wH~EAs the top management of the Bird and Company Limited had so mismanaged the affiiirs of that Company as to cause heavy losses to the Company and had also managed the affairs of the Company in a manner prejudicial to the interests of the Company and the public interest; ·'{ ~- . AND WHEREAS in view of the mismanagement aforesaid, the Central Government had, in p1'<.1rsuance of the provisions of section 408 of the Companies Act, 1956, appointed six directors on the Board of directors of the Bird and Company Limited; AND WHEREAS in~estment of a large amount is necessary for the main­ tenance and development of the production of the undertakings of the Company; · ·( · •· AND WHEREAS it is necessary. in the public interest to acquire the undertakings of the Bird and Company Limited to enable the Central Gov~rnment to have such investment made _ and to ensure that the interests o( , the gE;neral public are served by the continuance, by the undertakings of the Company, of th_e manufacture, production,> and distribution of goods or articles which are essential to the needs of the ec~momy of the, country; f ·' If',. AND WHEREAS the Bird and Company Limited is holding shares in the specified companies which are either engaged in the production, distri­ bution or marketing of goods which are vital to the needs of the · country or are engaged in providing finance to other compani~ which are so engaged and it is expedient in the public intere5t to acquire th~ said shares to secure . for the undertakings of the Company the facilities and advantages derived by reason of such shareholding with respect to the operation a.nd, func~ioning' -of such undertakings and also to enable the Central Government to exercise, through such sliareholdings, such con­ tr?l on the affairs of those companies as may be necessary to prevent _their. mismanagement; • • • ' . , . ·- \ ' - AND WHEREAS Parliament is not in session and the President i$ . satis­ fied that circumstances exist which render it necessary for him t~ take immediate action; ' : , i . . No~, THEREFORE, in exercise of the powers conferred by clau~ (1) of article ~23 of t~e Constitution, the , President is pleased to pro~ulgate the following Ordmance:...,.. • CHAPTEJ;l I ,:: ' · , .' ;, PRELIMINARY • .:(Af ' ~l~ . This Ordinari~e i:n~y be called the Bird and Company Limited : . cqwsition and Transfer. at Undertakings and Other Prop. erties) Ordi- nance, 1980. • , . - . • <2> It shall come into force at once. I of 1956 I of 1956- 1 of 1956. SEC, 11' THE GAZETTE =========·-=- -:-:. -----=::::::::-~~IA EXTRAORDINARY . - - -- =-==========-= •. »':nzct+ ,,...... .---•--· 521 -2. In this Ordinance, unless the context th . . . . - • o . erw1se reqwres _ Defini- { a)_ "aQpointed day" meaqs the d . . ' . . tions. comes mto force; • • • ate on \\'.Web this Ordinance .. '.; . {b) "Commissioner'' means the pointed under section 13. Commissioner of Payments ap- ' ,. {c) "Company'' ~e~n:·~~e Bird and . . . Company as defined . th C . Company L1m1ted, bemg a · m e omparues Act 1956 d h • · : ' gistere'd office at Ch t . . , , an avmg its re- State of West · Beng:{ ~~~~ B~nk Bmldmgs, Calcutta-700001, in the (d)' "notification'' . I•.\ · , •• "'r : Gazette; ·: ·, ~~-~ns . a noti~cation p·ublished in the Official , ... ! : ! " • {e) "prescribed" means· prescn'bed b • 1 , d Yl: ru es made un er -Ordinance; · , • ,1"J • :··::.-J. this .' ! " ~ t• ~ ' : ) \. • • ·.~ -:_ I' . ,' : ' • ·1 ' : . . . . . . .. . . m "share'' meat1s,. ~ '~har~,-' wheth~r eq~ity .br preferen~e, held by the Company in the capital o{ a_ ,spe~ified company and includes any ~uch share c_:>ledged by the Company with any bank or any other •.:, .creditor; . . _; -. • ~.~rr - i : -~"··· ·J , . :~ ~:_, -, . I [! ;_-. , ; . "c,- ,, :- ' {-g) "specified c~mpanyl~ -xn~;n~ '. a co~;a~y specified in Schedule· n,· tl; ._ • . •" •·-~;:· ._. -~/~ .. ~. - . ·{i :~, .·· .!. . .~~:: : :· . . . , :~ , : :. ; i · : .· . h ( ;:J • ._.. r \. '-'-" <: ,,: (h) "specified date'.' ~ans such date as the Central Government may, for the purposes of. any l.:_)rovision of this Ordinance, by notifi­ ; u; ·cation, specify, and different dates may be specifi!;!~ for different provisions of this Ordinauce; . , •> • -;;~;'\ " .. (i} wo'rds and expressions· used herein and not defined but de­ :i· • fined in the 'Companies Act; 1956, shall have the meanings, re9;;>ec- .:::- -tively, assigned to them in that, Act: r· - l ~ ·.: ;. j • ;.'JJ ' • ; : ' ' ' : : i • 1. !.J •. ACQUISITION AND TRANSFER OF THE UNDERTAKINGS OF TIU:. . O0MI>ANY AND ''! rl ' I l~1SHARES HE1;D B7: ~ -1C~MP~~. IN piE SPECIFIED COMPANIES . ; r~ r. , . : •; J . .. : • i . • -~: ) · , .. . , .. _ : .3 . . On the appointed day;, .the undertakings C>f the,. pompany and the right, title ·and inter~st of the Company in relation to its undert~kings shall, by virtue of this Or,d'ina~~e, ,stan~ trans~erred )o, ~nd v~st m, the Central Government. , . . . . . • . . I j l ; i , , 1,' •rransfer to, and 'Vesting in, Central Govern­ ment of the under­ takings of the Company . Transfer and vesting of shares held by the Company in the specifia:l. compa­ nies. General effect of vesting. • ~ , GAZE'ITE OF INDIA EXTRAdRDINARY' 522 ======::.::=-====:=-·· ·- 4. (1) · On th~ appointed day,' all_ the shat~ held .by the Co~any. in the specified Companies shall, by virtue of t_his Ordmance,_ stand trans- ferred to and vest in the Central Government. . ' • J. I ~ • · t \f , • (2) The Central Government shall be deeme_d, on and from the ap­ pointed day, ' to have been registered in the Register ·of Mem~rs of the . concerned specified com~any as the holder of each sh'.11:e which stanqs • transferred to, · and vested in, it by virtue of the prov15ions of sub-sec- . tion' (J) . : -: . . •. 1 . :. ! . . . • • • . , . . .· • , · ' , , , , . . ... ·.. . .... . ,. . . . ,, •. . . . . , , l - . ; . . , ._ . . . . - . . . : . . > • :'(3; F<>r \he . -;~zno.~al .of doubts, it is her~by • declared that the pro­ visions of sub-sections (1) and (2) shall not be deemed to affect,- . (a) any. right of a 'Specified com:pa!1Y subsisting, immediately · before the appointed day, against the Comr,.:iany to recover from it . any sum of money on the ground that -the Company has · not paid or !··. credited to. the specified company. tI:,.e whole or any part of the value of the shares held by it, or on any other ground whatsoev~f; or (b) any right of a specified company subsisting, _immediately before the appointed day, against the Company to receive any pay- ~·· nients due from the Company. ·'' , • • • • • .- • I ': r:' ·' ,( 1; ',. ,: ··5. · (1) .. The undertakings of the Company shall be deemed to include all assets, rights, leaseholds, powers, authorities and privileges, and all property, movable and .immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, reserve funds, investments, book debts and all other rights and interests in, or arising out of, such property as were ·immediately before the appointed day in the ownership, pos•5ession, power or control of the Company, whether within · or outside India, and· all books of account, registers and other documents of whatever· nature relating thereto. (2) All properties as aforesaid which.have vested in th,e Central Gov­ ern,.ment, whether under section 3 or section 4, shall, by force of such ve,sti,ng, 1 be freed and ~ischarged from ,any trust, obligatfon, mortgage, charge, lien and all other incumbrances affecting them, and any attach­ ment, injunction,· :decree or order of any court or other authority restrfot­ irig the use of suc.h properties in any manner or appointing any receiver in· respect of the whole or any part of such properties shall be deemed to ·have been withdrawn. • · , ,. . (3) ·Every . mortgagee of a~y propert/ which has vest~d under this Qrdinanc~ in the Central G?ve~ment and every person holding any charge, hen or other interest • in, or · in :relation to, any such property, snaI_I ~ive, . within . such time and in such manner as may be prescribed, an mt~mat10.n to tl:\e Commissioner · of such mortgage, charge, -lien· or other interest. • •. _: · . i;:· 'c: ·, .. (4~ . For the removal of doubts, it is hereby declared that the mort­ gage~ of any propert~ referred to in sub-section (3) or any other person holdmg any charge, h~n or other interest in, or i'n relation to, any such ~roperty shall be entitled to claim, in accordance with his rights and·· mterests, .payment.of the mortgage. money or other dues, in whole or in · part, out. of the amount specified fo section 8, but no · such mortgage, cha_rge~. hen or ot~er interest shall be enforceable against any property which hali vested 1n, the Central Government. ' .. • s ,· l ate. il THE G,AZE_. TTt OF INDIA · • · ~-- • ' I . • .•• • • • • 'EXTRAORnINMY --- ,., sG9 . (~) ~ny lice~c_e or o_ther ~nstrument a- ~-----. • • .r tion, : to : im_y undertakin~ Which: • has vestt!:d ~o the ' Com~any, in _rela- . ·unde~ _sect1?n 3, at any time before the a oint the Ce~tr~l Governtnent •. diate~~ befor,e that d,ay, _shaU continue t~pbe ie:- da~ and m force imme- ' day in !~cord~nce ~Ith its tenor in · relation . force on and ~ter such • such unliertakmg and on and from · the d t to, an~ for the purpob'E!s •of, ing under section 7,. in a Government coin a a: of vest1~g Of such undertak­ ·sball be deemed t6 be substituted in sJch ;~c~hat ~ov'ernment company as if such hcb1ce or other I mstniltlent ·had b nee or other mstrument 1- ment company· ai:id· such Government "com :.:n grant~d-to' s~ch Govern­ ,. roairider of tlie period for which that Com .i;, n· Y shaU_hold it ·for the re- the terms thereof. pa Y would have held it under . r;,; • :_ ·_, .i_; : (6) If, on the appointed da · • • • ·· ' • • ! •• ' ·, · • , .. . • . _Y, ~ny Slllt, ,~ppe~ or other proceeding of whatever nature m relation to any property ·w·h· · h h ., ·: . . . • -. · · • G ' · , . . . 1c as vested m the • 1 Cent~~l . ,overnment, whether_ under section 3 • or unaer section 4 insti- •. tuted or preferred by or against the Comp· any· ·· i • d' th ' • • ·• .. t· bt b di · . • · .. . spenmg, esame shall no a a e, e scontinued or be in any wa pr · ·d· · · 11 aft te"d .. " . , , y e3u 1C1a y ec ._ by reason of the transfer of the undertakings of th c · • f ·· '· t · d · . hi. . . e ompany or o . anythin~ con a~e m ~ . S Ordmance, QUt the suit, app~al or other prooeedmg may be contmued, prosecuted or enforced by 0; against • the Central Government? or where the undertakings of the Company are dir~ted under section 7, to vest in a Government company, b or . against such company. 1 Y 6. (1) E~ery liability of the Co:q1.pa~y, in respect of any period prior • ·to the appointed day, shall be the liability of the Company and shall be enforceable again~t ~t a~d,,_~_ot, ,aga~s.t ,the Central Government, or, where ,the ;undertakings of the Company are di:rected, under section 7, ~vest .in a ;_G,overnme11t COJ'.!lpany, ag$1St,s\lch .cqm_p,mx. 1 ; 1 :.! . .. • ; . .. . . . , . -· . . . . . . • .. . · .. • · .. • .. •., , .· •. ·. ·, •' ,r:u '.'.:.r, _(2) For .the removal of do~p.ts, itjs_ h~r~by_ ~~l~ed .t~t, ,,, l;,.u; .-. . . • .. -. , • .-· :~ './, ---. '<a) save a~ other~~se expressly pro~i~ed in thi~ 1 Ordi~a~cie;·'.~o 1iabllity of the· Company in ~elation ~)ts undertakings, o~ iJl ,rela­ tion to any share held by it in a specified Company, in respect of any period prior to the appointed day, shall be enforcea~le against ,~r ... . the Central Government, or, where the undertakings of the _Com­ l :, it •.'.: pany are directed under section 7 to vest iri a Government compi£y, . ,i; ,;'.; against such company;, • ·, • .. · '';, • ' • • • ,:; , - ' I r • · ; ; ' ' • , !_ f; ~ "f !,;) §~• '. i ~f :, ()i ; . •. i ' ' ' ' ; · : : • ; i ·,l . ,I ' '! ·.,. ( b) no award, dL-cree or • 'order of any court. • tribunal' or other authority in relation to the undertakings of the Company or in 11 ,., ;. . relation to any . share. hel~ by the Company in a ~pecified company .. } passed after' 'the appointed day, in respect of any m_atter, cll:lim or ,·:r'.'' ·dispute which arose before that day, shall _be enforceable. against ; the Central Government, or wh_ere, the . undertakings of the Com­ d -• ; pany are directed under section 7. to vest. in a ·, GovefIU!l,nt company, against such company; · U?i, J , ·, : ( c) no liability incurred .by the ~~mpany before the' ~ppoin~d '.: ··· •, ,day, for the contravention of any provision of law for the time being . , , 1 . . ; .in force, shall be enforceable against the Cen~ral Government, or, · fr where the undertakings of the Company are directed under section 7, to vest in a Government company, against such company. • .. •15·, . . ~-1 . .. ~,: ·, '<. 1 Central Govern­ ment or the Govern­ ment ' • .company not to .. ; be liable f<>r prior liabilitiet1. Power of Cen­ tral Govern­ ment to direct vesting of the under­ takings of the Company ,· in a ' Govern­ ment company. '.:; ~~i n ~~) -O'l 'f ,:· 1 1D ' '. ) Payth!!l9 af-amoo11ts to tthe' euinplfJff Tlttd~ i,iltetl: . ,, compa­ nies. s~.t- - · . . . ~ ..:· ·.,, · :\I _• .• i l'. ' 'i: -• ~. . , \.,, , - ·, · " · fNc · •ui't nd~ • anything conta,ined .in·. section 3,. l ,he ,te~~fal c • ''1. 0 ,. otwi _s_fa ·t . ~<>t1·sfi· ed: th. at . a-Government comp~y is w.IUii_ g Gevernment-. may 1 · 1 is ._ • - • • • G • ·· ,. · · ·4~- com,p,ly with ~uch terms_, and - conditions .as . tha,t ' , ov~~t ~~y 1,think-:fit : to impose,_, direct, by notification, that the_ und~ta~s .. of._f~e • d tho, ,,.;,.ht t1'"le and interest of the Cornpar,iy_ ln . rela"tion . company an :,,-- .. -1~ , • • , ,,.. • • •• ~ ._ ·tQ .its. under-takln.gs which hav~ vested)n the. Central-, uov~r:nment u~d~r .section.3.. shall;-instead .. o(continuiJ;ig, t~-v~t)n Ul~ .Cei:itral qoy~rnn_i~t, -V~• .in ,the _ Government company, e1t~er on the . date of the p~_bhc~­ .tloll · ,of the notification or_ ?n such ~arlier or later 4,ate .<~ot b~I~H.h, a .,date eadier than[-. tbe_,,apppiD.~• day) •. ~ •.-.m.ay -~ • -~pecifiecJ , ~n ,:Mte ... ' . . . . . . ' . ' notification. .i, , -_. , , ;., ,;i . h i ,,,LI ~:,~>t!,f\~~~~ • i~i . ri~~ 1 t/'\tt1~_ '~h~ ··1nte~st ?i1!n~~·tom~aiii~ ~~ , ~~a!~n _ 1 t?, ~ts .. ~~e:u.ikin~s,, ve&t _ufl:d~r ;.su?~s~~tlol} , (l) t 11.1; .,a Go,v~r~me~~ ,c?,­ ;..i;>,~ny~ ~~at ~ -~X~~~en~-,c~pip~ny ~ha_Il, on and fto~}~~- ?,ate __ of' ;~~~h 1 ,y~}t~g, ,b1: , d~e.hl,:d)o ha~e ,: ~e~o~~ }l!\.~w~E!r; 111: , r~I,atl~n. }? .,. ,~~h J,}.1nd~rta~in_$~i/ht ,~ll ,thf_r~&~ts }-~~ hab!.~1t1e~ ?{ ,~h~,.~ent~al G~v:._T· rneht ii1t r~ation to sucH undertakmgs shall,. Ol?- anq froi;n the date of :•:,such ._ vesting;' be '.~fm~· tf'~av~· '1>~.c~~·e:JO~ i r~~~ts·. -~:1· Happm:~J. / ~­ : lec¥~e1t.;, ~f W~(96t~rn;n~?~ -~-~~/¥1t-.,;, ;, . d • 'ldtf! l l , ,r. u, ·' ,, . ,,;,,-j ')I_) "?:(i ,,Jt,;:.,(ll 0 :1 '· J; ; ')flU1 '1c) ·, : J i; /Li j,:,':)'/ ,, : ,·i' J,,_1 1.;-,;; ; ,: ' ,L: ,IJ ;u) ) :ii) ; ". •;::q 1HO:> , !:.; J:d .le.n .,;gr, 1rr1~:1 ·v<Y~ '',/; l) ;:· _i-, , i.:.i~. ,- :,, I!; ~ im .J •) yk :;,,,, i , ,'. ';>I~i (l) .ii ;, •. '. { :~·- -b!t·; •~_ n ::\i t1 _' . . J :;J! J ~o . , . :_; ,:: ·1 , .l ' ·: 1-: ,._lcb : P·) 1fd_u ~-{(JJ.J ~HI ; 01, • · 0 · · ::;,1 1 i·· •; ;J 1,;1!J1c:, , ~~ J t;~t'S ;:_.,,, . ·, ·; '_;):_,,._,.., :,;·:n~ :.iJ ::,-,::':'.::, -.. ~'.); ·, :.1J _I ' ji .:,;·, , ; , ·· ·;: '/,-!IJ". ; ··•-~ : . , ; ; ._; .:'/ t,, : . ,: :·: ~:l)fliJ '. ,!ii , . .-; ')1 '. !/ . 8. (1) -~rl¾fHtf t~~·ie6';>Md1 iij~ftiH:r," W;J· t'eh trai 11 dcr~~riifu~ht, under section 3, of the undertakings of the Corp.pany and _ the i;ig};i.t1 title and in te~; of>"ilm ~ ti1rrlphltf 'in• rt!httr~n t6 1ts 'ruictl!tt~lhri~s ntlteh( shall be paid by the Central Governqient to the Company in __ cash, and in the <•l}nft"titt@t''~~iflt!d 'til 1e1t.lt>t~il 'V1i; 'itit agg'fegiif~1 ' 'anltsuIW'of t r!ipee11 two --i,1mnw_.ea1 atMI ... t!tkhtY:!tlfr~-Hrlt]:fg: '· !1; : ' : , ' =: , ;1, : u · ,r ; ,P .,. ; ·: .:•:1 - :1, ~- ~:: ·.:-_'.· ..,·· i. L : ·1 ... . •-< :il i'.) ]: · : i , k .... •.J-· 1; 0 1 .:: ·~:d 1.' .i.:Ju :r F; _. l ;.: ~ i '. , .• ... ,.i Hu;.:r J?. -C ' _, - c._l_: -'. · ,.J' -"1 : · , • ; ·, ,· , l : ; ; ·' '~!fii, •, •' i I • • 1 : . ,. ; "' 1 · ; :><.:t" ,_: \ f I,,. _ ,·:;·_.:J"'~)/j.Fi>r t~~~~ ~it and:r:wstblg'., !1inp:thenGentn1':Gb~ent, , , H;!l~~r. _s!~-~ .-;~-,. (O.!• th~: s}uwesi ~W,,b-y,,-.Jftei·,0orbp~: :in•·-the,- ~cified •• companies, there shall be paid by the Cent~1dJJ~DVeJinmeQt,:to!the Com­ pany in cash and in the manner specified in Chapter VI, an aggregate •;•:,~9l0lp.ltr1~~1.J'l:lpee'!,-,tw~~~:-:sev.e}l,1lP.i\rhs, .. _ .. ·, 1;.J . , • • , .1 , : " t (• 1 1 • I ! I '< ·~~f T&e<-ain'fiurft ipectff~(f lir sttb~-s~~i~if' bl'a1iii \~e amgJU(g ~ ified • • •• ·: ,; ~i 'fflb-~~~- (~i' sh'ali '·f~ry _ -_ • ~itnple ' ifi't'etest1' -of'H" fot#: per: c~r per ' ~~)ibmrt m,· 'tlft!"pefiod J dlJiin'lehcirfg' on. 'tlfe' appoMted' "day a1id "ifricling on • '.'th~ cUite_'dn 'WHich' p'ayitte~tj ofsu.cli' aiifou'1ffi~-,Zn~ae ;'by tne ·c ·entt~l Gov~ Jr,,~'tW--'to ithl:r-Cdtfl':rhisM.tm~t'' ,, . , ,, ,, _ .. 1 .,,, ' ••• ' .. , _,1,, • • • ;_·) 1Gq rr1 ,.Y; 1l·:;.:;,: J~~ i :. d:~;.J . .. ·_,! J:,· ~~ ' t HJ') : , 1· _:,,(~,'. E!Ol' t~·Tetnovabon'dou~ts,•,ill: tw,·herelirdeo!arecbi hll)the liabili­ ; • tJS!k~:frthe: Gomp~~Y; ,-jn-, -relation,. , ,to tits•: tindertmtinge;., :shalll ~ ' met, in , -, -,ac~or,dimce, vnthAhe · rights: and interests:• of -the~·crefli tors of· th~· Cdtnpany, , : , • ·fl'C?~ • U\e- 'am.ou-ts !-,d~, to rfth.ei- ~ompbny,·, under{;su~tinn· (il,-,ri:ffld sub- sect~-,~ ,--. ::·,.·· :-.:,i-, _· .. ;·,;:. ,;. .. t::-.,. , -.. , 1 • J . _·• ·, ... 1 ot 1956, ► and there~pon the Government company so•1~ ror ;the "~ustiodW:·1 o~ ~ G~tqqia,~i; -: ~O. ,.1lijP~ipj;e~, ;is .fu~ .. <;~se rn.~1 .. ~e, shJtl,~ .. l?~. /;!n.titled", to e~e{Gl~e .tq._. Uie ~X'(,,].q~on, ql ;~l _9th..~r pers~r;i.; all.~uch 'powers ®4: ~o, .. al\w,c;h t~m,g~, a.s t})e_ ~9nµ>,,~Ay __ is .. ~Ath(!r~s~dJA e~erci~ and do iri ~ latiQn, t,o ,1t:;1 u1,1Jl,.~pi\cil}gs. 1 r .. , .. , . . . • :r ; ' · ' ,\ • • • • • •• : . ' •' iJ ' ) , ,I ' . i j ' ' i ' / (•": r .. "f'"ff i ) •·1 • ! l ' i r-~ r· . • :,, ,---~ •. I / ,I ~ • ; • • ', ' / '• • I • • ' ' · I ' 1 ( · ' • ' ' • ~ . , ; l ' •, · _! • : • , - - 1 t '. ,; , . • \ . , 1 , . ( . ~). 'l;'b~ i C_eµ.tr.a.L, G_oy~r~r;µ,~rit may a:~p9!nt, ~R in,d,ijid1'Jl or a :Gcivern~ ., ~µJ . c°:i;n~p1 .. a.J, ,t;h~. _C~s~Q~i~P, _of t_ber, ~p.de;{a~n~s. §i -· the Coll!i;>aµy :; m relation to which no direction has been made by it UJ\der .sub-se(#on • (1) of section 7. · • ' • •'"' • • i .'.O) Tk '.t~t.QAi~n,sh.~i1.\J~ei,ve ff~ the 'fuiid~ Qf . t~e ~~:ile~t1khlgs o(Jhe CQIJU)~P:Y.. S'Ucii' rtw1111_1eraQQn._ as . : the .· G~ntral' 'dqvernmenf ma:f fi~_.,ul!i.lihiJJl ~qld ' offi.ce,duri~ the pleasure, of the Central GoverI}IJl~f' • , • • , , ( . • ,; r . r, , , , , , • 1 r- • ;- • • , • - , • ( ~. ,_,- . , • , ' i . ··i; : , , •. . , f .), . 0 1 <"' . , _ _ • . . . __ •. ; • I 110. '(1)' 10n' the 1testing 'df 'the managemenfft,f 1the undertakitt.gs <1fithtf' Ctimpany in a Government ~ompany • or on •the· appointment ·<of a r-~11s-,; todian, all persons •iri charge of th:e -managemenf of the im'tlertakirigs ,df: the Company immediately before su~h·vesting or ;appointment;-'ShftU'The· boun(jiJo deliver to such Go~ernnient c:orppany Qr. Custo~ian, as the .c:~se nia'y 'be, ~11 • ~~sets, book's • of ~ccourit, re.gist~rs or . . other • tlQ¢wnepts. ·• lin. th~i~ ' c~sto4f re~at~g.1t«;>, tpe u~d~.rt~ki~g:, o.f J\t~ Corilp~~f ' .'._ ' ! , ; , ·.;" i ' (2) The Central Government may•JiS'SUe· ·sueh 0dk-ectfons ' -as,1itti·~y ,: deem desirable in the circumstances of the case to the Government com­ p~ny or the Custodian as to tqe,i;:>p~s.rM~ duties of such Government compeny or Custodian and _ su~~ Governmen~ co!Ilpany or 0ustodian may also, if it is considered .. necessary so ·fo''<:16; -apply to the Central Gp;v~mn;i_ent ,.llt Jfny _ tjµie .f Pr Jpst;µctio;qs .. a.~ Jo . t~ p.1anner in.,w:Wc;h ,tbe rriim,ag,~m.Mt of .,the qp'q~i:Ja1Pn~ :of th!=! C_or.rrgrufr $hall be con.ducted_ oi: . in ~elation to any other matter arisin,gin.thE!,{!Oµrse ,Qf.su_c}l ,n~ijagelll,ellf . .- - , . ' , ' ' • , ·. · , . (3) The Custod_ian shall maintain an account of. the und~rtakings of tlie .Ctimpa:11:y :in s:uch form ~mtl mariner and uri~~r such c6ridiUons as may be ~r~scrib¢d arid tp.e , provisicirts of"the eompanies • Act. 1~5~, s_hall' apply to'"the _aii'dtt of the accdjlnt .so Jl)aintained 1s t}J.ey app1y-to ·t1i:e ·aud!t'1 of" ' . tbk ·accounts of 'a :!,b~!)any!i,_./f:f)>:.JL .. !. ·' n•,:; :·.: ·:_11; \ :/. ·,.-i: ·: , ·,::,, Manag~, , ment • • • ., ~ tc of' :,,.r-,,• ., e ., . . • ;. : the ' ,, · . ·, undei- ·· .,::,• 1 takitigs ·/' of the .. Company. Duty 'oi ... . persons.in • charge of manage­ ment of the under­ takings of the Company to deliver all assets, etc. j - Conti-· nuance of em­ ployee,, Provi­ dent fund and other funds. . . . . . . . "• .,rl' ,. r • •::> THE GAZE'ITE OF J~,.;i:\ EXTRAORD!NAR~ [PART tr-'• ·· CHAPTER V ', ·-c:'F110\llk10N RELATING TO EMPIJOYEES OF THE COMPANY .'. :i\. · (i)° Every employee of the Company, employed in conn~ctiori with . any _undertaking owned by it, shall, on and from the ap:;,omted day, ._,, • become an employee ~f the Central Government, and where such under- " taking is vested in a Government company under this Ordinance, become, on and from the date of such vesting in such Government company, an employee thereof and shall bold office · or service under the Central Governm.ent or' tlie Government ·company, as the case may be, with the same rights and privileges as to ;:>ension, gratuity and other matters as would _have been admissible to him if there had been no such .vesting and shall continue to do so unless and until his emplovrnent under the Central Go;ernrn.e-~t 0 ; the Government .company,, as .the pase may be, ls dt~ly terminated ~r. until his remuneration and other conditions of service are duly altered bv the Central Government or the Government , .. , co.tnP{UlY, 'ijS ~~e csise .may, ;be.... r , p • - l•;c2);. Not~ths'ta'ndinGt , ~nvthinG! contained i,n the Industrfal Disputes l,,I . . . • •; : t ·· .,. , , ,_. .··: • •. • Act, 1947, or in any 'other faw· foi:-, the time beinp; in force. the transfer • 't ; .•• • ', • ~1,· · ._, , • :·, ·,· _, , A •rr·-.- •• • • l • of the services of any officer or other oerson emoloved in anv under- taking owned by the Coml')any to thP. Central Government or the Gov­ ei:nme,nt company sh~ll not entitle such officer or other emplovee to .anv corr,p~n$ation .un,der .W,is Ordini:i'nrP, nr ::inv other lavr.r' for the time heinl? i~, :tor.~~·- an{.ri,o :~u~h' ~Ja~m , slta11 .?e ent~rtained by anx_ .~ourt,_ tribunal_ ; . or other authority. ' • •• ' • • • • , • ·i. l : '. • , , ,·\..: ... 12. • (1) ,Where the Comp:mv has established a or~vinent . ~nd, sunerannuation ·fund. welfare· fu~d or other fund fn~ the henP.nt of the pe;,son .. e~lo:ved in anv of the undertakings of the C~moanv. the monies relatable to the emnlovee. whose servi~es ha~~ heco'me tra~d~rrerl bv • or under thi.s Orrlinance, to the Central Government or the Govern­ ment Comnany. _shall, out of-·the monies standing. on the appointed dav. to the credit:of such. nrovident. suoerannuation. welfare .nr other :ftlnd, ; stand transferred to, and vest in, the Central Government or the Gov­ ernment .. comJ,?any, as the . c~se. may be. h .1 /fJ .... ,ni.) t:J ') {!} .:. ·-~ •: :_;'/i '.- :i• (lj . ! ' · Appoint­ ment of Commis­ sioner of Pay­ mf)llts. ,· ' '_\ .'. _, , , ;·; • _ _'. • -- -: ~ '_' , I ,' ' ' ' • ' • : I , • , , , ! • I , • ! ,(2) -The, ri>,~mies -which stand transferred 1:1nder 1 sub-section (1) to ., the Central Go,vernn;ient or th,e Government company, .as th_e case may be, shall be dealt with by that Government or the Government company in such•;manner as--,may be prescribed. ,, ,,: .,. . I • I • !' .. . t ; · ' ·'"' • ·'· • • • :- : ·:· CHAPTER vr ••• ,;-~:if •!, -~,·~.) '\f' ·,- .- ·i,, ,·, , ! ,, • . • _.., .-:•.r· r _:. ~ ~:', • , .COM:MISSIONER OF . . PAYMENTS . .' \ , , .. · ( )i _(1)_ The _C~ntral Government sliall, for the. purpose of disbursing the amounts payable to the Company under section, s; by notification, . appoint a Commissioner of Payments. • • •• ' ·' • • • ·' . (2) :nie Central Government may app-oint such other persons as it may thmk fit to assist the Commissioner and thereupon the Commission- . er may authorise one or more ,o( such persons also to exercise all or al\y o~ the powers exercisable by him under this Orqi:qance. an.d different per90n$ may be authorised to exercise different powers. • • • • • • 14 of 1947. THE ~~ZETTl!! OF tNDTA "'lXTRAORDINARY (3) -Any person authorised by the Com ·. •. • . _ . - . • - . b . . m1ss1oner to exercise any o.f. the powers exerc1sa le by the Commissfone·r ma . · the same manner and with th . Y exercise those powers m . . - e same effect as if they have been confer­ red on that per_son ~rectly by this Ordinance and n t b. • .. sat!on. , · • • • ;, • • , , ._ . . . o y way Of authon ( 4) The salaries and allowance5 f th c • - · • 0 e ommission.er and other per- sons appointed untler this section shall- ·be defrayed out Qr the Consoli- dated Fund ·:of India. - . , ,. . , ·.: . . r ! ~-- . ; '. 1i~. (l) The ' 'cent~al Government ' shall, ;Within. thirty _days . f;rom the sv.e~1fied_. date, pa;1, In cash,. ~o the. Commi~~ioner, for paY,ment to the. Company the amounts specified in section 8. • · • • • • - • • • .. . r' . ~. ,. ~'. (2), A . d~posit ,,a~c?ui:i,t. ~~~l be .o:p_ene.d qy _the. Central Gover~~en~ in favour of ~h,e . • Cornm'is~ione~, tn the, P,ublic Ac~otint of-.indi~, ~nd every amount ?aid 1:1n.q.er thi~ O.rdinance. t.6 .th~ C?.m~fssi~n~r shall he deposit• ed by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner. ·, l' • ' • • - • • • ... : . (3). _ Recor~~- .s~~ll. ~-e :t_naint_ained by ~h~ . Corprris~i~ner in . resp~~. of the tindertakings,(?_f}he .Company ap.d the sha.re'.3 held by it in the speci­ fied Companies, i,n. relation to which payment h~s been rnade . to him tinder this Ordinance. ., : '! : ' : , .: : •• -· • . ( 4) The in~erest accruing on the amount standing to· the credit of the deposit account referred to in· sub-section (Z) • 'shall enure·. to the. benefit of the Company. .. • • • : • - . . : ~ ,· ~ - • 15. (l) The Central Government or the Government company, as the· case may be, shall be entitled to receive, up to the specified date, to the excl,us{on of ,all. other person~) any _money . due to the Company, or the Government company, _and realisea after the appointed • day, • notwith­ s't~nding _t}~at the realisation pertains to· a peritid prior to the appointed ~,a,ny·.·· -:-••r. - , ·• .. - .. •··· , _·',; ' •.: . ',·• · - r . •• ,: . • , .·• .. :··. - , :··'. : . • ·-. ·--: : : : '. , • ~' ! , · . , (2) • The Central Government or the Government comp,any, as _ the case may be, may make a claim to the Commissioner with regard to eyery payment made by i't af~r the appointed day for discharging any liability of the Company in .relation to any period . prior to the appointed, day; and. every such ,claim shall have • priortty in accordance with -the. priorities'. attaching; under this Ordinance, to the matter in relation. to which such liability has been discharged by tp.e Centr~ Government . or the : Go.vernment • coII1pany. , (3) Save as otherwise provided in this Ordinance, the liabilities of the Company i:p. respect of any. transaction , prior to \he appointed day, which have ·not been discharged on or before thespec1fied date, '3hall b~ the liabilities of the Company. ' _ .,, • • ~. 16. Every person having a claim against the Company shall prefer such claim before the Commissioner within thirty days from the speci- fied date! • • •' " f Provided ,that if the .Commissioner is satisfied. that the_ cl~im!).nt was prevented l?y !it.dl\cient ~at1se from preferring the clq.izn witltin. , tJ:ie Pay­ ment by the Central Govern­ ment to the Commis• sioner. • I ,, Certain power~ o( the • Central Gover~-0: ­ menfbr; ·•· Govern­ ment company. Claims· io be made·-- · · tothe · · Commis­ sionE!l'. ,· Priority of claims. Exami­ nation of claims. '.., [PAflr ~ said :peri9d ,of ~Wr.ty, Q-f:IYS., ·}Jj3 -rmtY1~J1t~.,~,.ql4i~.,~n~f~er ~.iQd:·of,cUlirty ,MJJs~il:•not.th~~An,1µ;. r'. '.'.n , • • . ' . ~, ,·: ,di • 1'7.>The- claims arising shall have priorities in namely:- . ,out· df-I the mat~,. i specffied,1in1:Strhedulehll accordance with the following princip}fat, • (a) ,Category :Y shall have preaedenoe ~:ver '.filbotheri 1ea~orie.s-, and Category II shall have precedence over Categocy UI, ,and, so.. on;i . (b) the . claims i,p~cjfie,:l .in eij~P Qf t,he catego,tjes., .,,shaJl r,nk ,egµalcy .and be ,pajd .in wn, .~t. jf, tpe !!ffi.OUllt Js in:3ufficient to meet such claims in full, 1JlJ~y ,.$h,c111 1ab_~te jp ~9~l!pr.o~\"tion,s .ari~ be paid accordingly; (C,) th~ . ftUestiQp Qf \ djsatm;;gipg a~y Ual>ility, ~\,\h r;~~~d' to I\, . , mait~r , sp~cifie~ Jp., a .lower .c.ate,.gpr_v Jihilll . .ari~. mJlv Jf a • surpNs is·. ; . J~ft af,t~r-meeting .aU ,ti1'3 .,ljapiliti~s ;;~c;jp.e9~ jp. _t~ i,n~edia~!~, higher Category, .'I~ .· . . :;; . , ,<t _, : ,.,.,. ,•,, · j j!rs:C, ;;./, •·.:-:• . . I • •. : . ' ; . . • . • . . : • : '' : • . ' :..,; . I • , ' .I : ·,. 11,8 . . (.t..) •. On teceipt ,o:£ tlle~ qfoims ,ma.de_ um:J~r,,sec;tJop lQ, tb~ . Cpmrn,~-1 ~ioner,s™1\l,a~nge .tl}.e ~l~i1P$ .fn ,th,e .or.d.er: Qf ,ptio:ri,tie.s.•:1?R~~ifi~d in, Schedule II and examine the same in acc,ordance ~Uli.:~Y-9~ qf4er .,.~r priorities. ,·. · , , , r(:f) ilf,, .oroi anrtexarriinationi af(>·the: ._;daimsf-~the-,C~$i~ Js, -.of. opinion that the amount paid to him under this Ordinance -i,;.--n()t ·Sl1ffi-. cient to meet tt~ liabilities specified in any lower category, he shall not bet1required rto ,examine·!the, ckiimsdn "•respeeb,crfJ sw:h:•l~ tc~q~. \ , ! ' Admis,. • , :-~-·, ,1) -hfter , eM.amit1in,g tthe .tclaims ::w,:ith ,1;:efer.en.ce -.to~ t}te .~rforttfes sion; ~r. ~h out -in S<!hedule : II, t lie . Gom1lli ssion~ , .i.hijll I fuc • ca.,.~er,tai n~ d~ ~e ~ ~ . o:r:. rej'ec;tiqn hefore which everv claimant shall file the proof of his claim or _ be of claitwJ. ·, ex~luded fu-om • the benefit of the disbursements made by the Comqiissionei;. . _.: • ' • ,.. • • · :· ,., ';· ' • ~ 1 , • . \ :,~) . Not \es::. than ·f.ourte~n . (lays' ·noti<;~ of tne date so i.fi:xea s'hB!l' he . ~iven bv advertisement in one · isi:;uP: of anv tfa.ily newspaper ' in ·the Entzlish language and ip O)'le i~su_e Q:f "'SU$!,h d~ily ne\Yspaper ·'in •the regipnal ·Iangu;uie ~s .. the .Corprpissioner inay ,con~der sufrable. and everv such notice shall call upon ·the claimant ;to- fHP. 'th~{ ~oof of ··his claim. with the Commissioner within the time speciftetl , in ·the advertise- · ~~- • : . (a) rE~ey, claim~11t wb.~ ,fqils . to fil~ :t1i~, Pr®.f qf his _c~im .wtt;hip . t~-~­ hme specified by the Commissioner shall . b¢ , ~~l.lipe$1-1 f1;9m J~---~bJ,tr.~ sements made by the Commissioner. • • •• _0 .• , :''0 ~e 0 0ommjssioner ,i-hall:, ,~f,t~r ,~uoh:ii~~~ti~~~/ ~:.~~.-;;"'.h~~ opmr?n, be nec:ssary and after giving the Company an opport~n1ttiy ,-oi ··) r~~utm~ th~ cla1m .allp ,after gi~ing the .clailll~nt,a .re~sonaple.op~ort­ umbr of .b.emg h~ard, ,bY, or:}t~r.,1.1! w~itin.g, acJmit ,or ,_i:~ect tbe_c\aim in whole or· m pairt. • · · • · • • • • ' • · • ' .f 5 of 1908, 450t 1860. ,'ltg·~OF' ~t)\ 1X1'R~Olm1?♦'fflt'r/ . .GI.ti --::~~~~=---=============~~=-===~:,11'7 • :• 1~\;"l'He :eo'tfftttis~bner sttali· Have·the powet t' regufirte·h~ .. Jc't!dtlr~•in all Iflm\ers·artsittg·cmt;of.1:he•dim!harge•othi" f t· 11--~ dp_r~ , L k'lh •0 . Ht . . f · , •., . "' unc 10 s-, In1,;iU rng 1 -tnE!" 11• tt! r' P t:e-s- a wtttch . :tte tnay' ht>ld' hiir si~tings and sliall fbr · tlte ·purp'ose· tif ffla~t1g· art· iHvarrigatlort tinder this Ordinance have· ;he· smne .··pl5v.~~rs- ~~,; ate -v~·s:'ed in ~. ct\Jff <!otil-t' urtd~r the C!ddk of I e:·ivlf Pr(jtetlu~. • 1~8:• wttmt tfyirtg a sttit; in· n?Spet!t of- the· ft>llowing· matters, namely: - ·, ;;.,:, .. • ,(a) • t~ -.sum~ontng,,and •ienforcing, the , attendance of any -witness and exanimmgt,htm,.,on •oa,h1, . . ,. , . . • . . . • . . .. J : > • • _, • , . ~-:·. ; (~) the_ discovery and production of any document or other material obJect producible' al\ -'~t~~; • (c) the reception oi•~ence-,~n, affidavits; :,;: d .-1• • 1(11)1 the--iSSUil\g.--ot 1&nY-: commlsston•.•for lfue-eltamination· ot ·wit- d :~.' l (6) ~~y· in~estigati~~ b~fore the . Commissioner shall'. be deemed to ·be a judicial proceeding witliin the meaning of sections 193 and, 228 of the Indian Penal Code and the Commissioner shall be deemed to be a civil_:court for the purposes of section 195 and Chapter XXVI of the Code ; ; iof 0rittiU11iJPPr6eelititie1' -1973. - . . · - · "! i ; . '. ' · · • --~i ' , (171)rrA, 'clatmb.n.t, ;who· isi ·dissatisfled with• the••decisi(jn- ,<if the:- Com­ 'i nntissio~er, ,may·.:pref eit: an·. app~al-. agairtst: • the1 ideefmiort, to , :the pllincipal ,,..ciw,l coul't,of- originahjui!iscliction• within the· looal, lirriits: of whose jmis­ .bdlntion .fthe;,l1!gis~ed office".of, ,the·, 6ompany1•is1sittuatE<i-: , , i.•". , ProY'idedClhatl.twhm:ia1;pe1·stm1:wlio"is:' a Judge ·oft,a1High° Court-ris -1,a,ppdinted,to1,be>the e:ommissioner:, ,suoh .appeal-shalHie; to the: ~gh, Court A :at-'. Cah:utta; and1 suoli'; appeal,. shall,: be: lmamthatia disposed:,Gf ~~: n~t• ,less than two Judges of that Hi~h Court. ll_,,r· . 2tf: ·:tite'i ~dmittinf '.i c-l~i~ urider 'this ';()rdfoance; 'tlie afuo~ht' due • 1%· respect"of such c!lairii" slialf lie paia by the Cominissloner fo tlie person or persons to whom such amount is due, and,· o'n sii'cti· pa'yi:rient; 'the , ( •liUblli~iof'!: ffll!: C<Jmpwy, ;iii) i<es~Cltridf such.1 claim S"hall:, standt1discharged. ·- 1\, h .-~ i . ,:; J ') ., . 1 fi()J '.J (l.1 C j ,/.:H J ·.: t>1J ~Jfi l ; _. ;' c,:i i 'ljg 'i•J;i ;~ ~:(j!;' · ~: ·j \ ' ') --in x , 1: .' .. ·r, ·.: ·•UY " ·,• , 1 .. ; .c:.· '(! L. ~':' -'{1) 1f, ofi{,o't'JihV tth-ni~s" paicl' tcf R1Ji1 it1')~al1ori" tcr'tlfl{ under­ takings of the Company, there is a oa1ariceleft' after meelirig't1i"e· liabilities as specified in Schedule ii, the Commissioner sha~l disbur~e such balance to the Company. . . ' · ~)liW½l.!!tei, an~J •rn11~htffY, -equtt,rtienf1dt' ; o'tlier ;,protiert,;, •m.'s':·vested1 • .l\lhde'r- . th'is •• Or.ffii'llitt~~; • in \the: ~ehti'lr1 • Gi::lvetn'.rnehti. 1<ir: the' Gdvetiilment -' -'Ctitttpll.rty,,' as l lfhe· 'Cas'E!'·m~·,be; ,;but>such ·macHin~i<y ;-•equipment,. -oti other property does not belong to the Company, it shall lfe HiW-fUl!• ,fur the , , Central Government. or ,the Government• company,, as the c~se may be, ' : ,to continue-to-possess such .machinery, equipment arid other prop_erty on ; .. the same, tenns and'..condi.tion_s-u~der which , tn~y were; possessed by the Company immediately before the appointed day. _ _ • • . _ _ _ , . . ;··' : · ' .! •' ii • i'! Disburse­ ment of money by the Com­ missioner to clai­ :nants. Disburs(!• ment of amounts to .the comparlY and pos­ session of certain machi­ nery, equip­ ment, etc. Undis­ bursed or un­ claimed amount to be deposited to the general revenue ICCOttnt. Ordi­ nance to have over­ riding effect. Contracts to cease to have effect unlese : ratified by the . Central Govern­ ment or Govern.­ ment company. Penal- . tie,. ' , -THE GAZETTE ~· ,IN]}IA EXTMO~p1NAB~ . ,; . . . . . 22. Any money paid to the Commissioner which remains und.isbursed or unclaimed on the date immediately preceding the date on which the ... offlce of 'the Commissioner is finally wound up, shall be transferred by . the · Commissioner, before his office is finally wound up, to the Central Revenue Account of the Central Government; but a claim to any nfoney so transferred may be ·preferred • to the Centr_al "Go~ernment by ~e person entitled to such payment and shall be dealt with as if such transfer 1 '' 11 ' • le, c had not been made, and the order, if any for payment · of the claim, being treated as an order for the refund of revenue:". · , i •. . l , (. 1• \/_"o) • ,(.i j :CHAPTER V!l .: :; . . ,,~, :,L :, ,~. : n . • -1 '!, 23.· The provisions ·of this -Ordinance shall 'have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, -'. other than this Ordinance; or iri any decree or order' of a_ny cciu~t, tribuniil , or _other auth_oritf .• ' . ;,,. ' . • • • I, :i ,_, · ' , ·. ' :, • , , . . ' ., . ,.· '."' ~ ·p::_·,_, ' ) • . • • • >., J ~•f ·: • . ,.' • ., ,· . '• . , 24. Every contract entered into by the Company in relation to the undertakings owned by it, which has vested in the Central Government under section 3, for any service, sale or supply, and in ·force immediately • before the appointed day, shall, op and from the expiry of a period of one hundred and eighty days · from the · appointed· day, ' cease to have effect unless such contract .is, before-the expiry of -that period, . ratified, in writing, by the Central Government or Government company, in • :which such undertakings have been vested. under ·this Ordinance, and • in ratifying such contract, the Central Government or Government com- • pany may make such alteration or ,modificatio!]. :therein.,as it: ma,y·think fit: -- ) ': ' ' ; ! • ; i ' . ' .' . _ .. Provided that the Central Government or Govern,ment company shall c·• not omit to ratify a. c~ntract and shall not make any alteration or modi- , . . I ' . ' ' I -· ' , ( ' • • . • ncation in a contract,:..:..:. • • • • , •• • • • • ' ' • ' • , • , · ·· : J _., : •c,};-rr;; : .• (a) unless it is satisfied that such cont~act is.·1mduly o~erous :·or has been entered into in bad faith or is detrimental to the interests of the Central Government or such Government company; and (b) except after giving to the patties to the contract a reason­ able opportunity of being heard and except after recording, in writ­ '. ' •:_ .,ing,,its re~sons for refusal to, ratify ~he contract .or, for making any altera~ion or mod;fication therein'. • • • • , _'It . ·_t1 · , ! !1 1. I _., (a) , having in his possession, custody or confr~i ~~~ ~~op~rty 1, • forming part of any undertaking ,Qf _the company, .or any share held by the eympany in_ ~ny specified company, wrongfu_lly:·withholds sµch , property o~ sha_re fron;i , the _ Ce_pt_;a~ ,Gciver:nment. _ 9r_ Goyernment J1 • • )company; or ·>; 1 , , , : , ' " ·· I . • (b) wrongfully' obtains · possession 'of, 'or retains . a'ny · property ·forming part of any . undertaking of the Company • or wilfully with­ :· holds or fails to furnish to the Central Government or Government : ' .! .... ~~- ,-. . '._', , , _ · . ;- ··.- . : _ _;·~., ~; •• • ' .. -. :.~-- . •· . " ."! .~1'·-~· SEC, 1l THE GAZETTE_ OF INDIA EXTRAORDINARY 53 1 company or any person specified by th t G Company, any document ·relatin t a overnment or Government which may be in his possession :u ~ d such undertaking or _share to the Central Government 'G s O Y or control or fails to deliver • or overnment c specified by that Government or Gov . ompany or any person ernment comp t books of acc:mnt, registers or other do . an!, any ass_e s, d 1 . cuments m · his possession custo y or contro , relating to the unde t k. ' h h l • r a mgs of the Company 01 • any s are . e d by the Company in any speci·fi d . . • . . . e company or; . , ." • ' , ! • . (c) wrongfu?y r~covers .or . destroys an~ .pr~pe,rty f~rming . p~t of any undertakmg of the C . . ompany or prefers any claim under this Ordinance which_ he knows or has reasonable caU'Se to believe to be false or grossly inaccurate •.i , • ' shall be pun~sh~ble with imprisotiinent for a term which may extend to two years or with fine which may extend to ten thousand with both . • , ' ; . ._ . rUQees,_ or 26. (1) Where an offence punishable under this Ordinance has been committed .by a company, every person who at the time the offence was committed was in charge of, and was responsible to the company for the conduct of the business of the company, as well ~s the company, shall be deemed to be guilty of the offence and shall be liable to be i?roceeded against anq punished accordingly: :, . . . . ,, • . ,. ,, Provided that nothing contained· in this sub-section shall render any such person liable to any punishment, if he prov-es that the offence was commi½ted without his knowledge or that .he had exercised all due dili.gerice to· prevent the commissfon,: of s{ich off~nce.. • • • • (2) Notwithstanding anything contp.ined in sub-secti_on (1) where any offence under this Ordinance has been committed by a . company and it is proved that the offence has been committed with .the consent or connivance of or is attributable to any neglect on the part of, any direc­ tor, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accord­ :ingly. ~ f -~'\. ~ 1 .. . ,ExpLanation.-For the puri:,:>oses of this s~ctio:q,..:_ ta) "Company" means any body yor::_:>orate and includes a firm or other association of individuals; (b) "Direcfor", iri rel~tion to a firm, means a par~~er in the fi.rrri . • • :211. No suit, pr05ecution or other legal proceeding shali lie against the 'Central Government or the Custodian of the undertakings • of the coms pany, or the Government Company or any officer or other person autho­ rised by that Government or Government com:_:>any for anything which is in good faith done or inte'\lded to be done under this Ordinance. . Offences by com­ panies. Protec­ tion of action taken in good faith. Delega­ tion of powers. Power to make rules. Power to remove difficul­ ties. 1'HE GA~ETTE or TN.;!A EXTRAORDINARY 28. (1) The Central Govetnment may, by notification, direct that all or any of the powers exercisable by it under this Ordinance,_ other than the powers conferred by this section and section 29 and sect!on 30, may also be exercised by such person or persons as may be specified in the notification. (2) Whenever any delegation of power is made under sub-6ection (1), the person to whom such power has been delegated shall act under the direction, control and supervision • of the Central Government. 29. (1) The Central Government may, by notification, make rules for carrying .out the provisions of this Ordinance . . (2) In particular, and without prejudice to the generality of t~ foregoing power, such ruleS' may provide for all or any of the following matters, namely:- (a) the time within which, and the manner in which, an inti~ mation shall be given to the Commissioner under sub-section (3) of section 5; (b) the form and the manner in which, and the conditions under which, accounts shall be maintained by the Custodian as required by sub-section (3) of section 10; (c) the manner in which the moni'es in any provident fund or other fund referred to in section 12 shall be dealt with; ! d) any other matter which is required to be, or may be, pres­ . cribed. (3) Every rule made by the Central Government under this Ordin­ ance shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised 'in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment s.liall be without prejudice to the valldity of anything previously done under that rule. 30. If any difficulty arises :in giving effect to the. provisions of this ~rdinance, the Central Government may, by order, not inconsistent with the provfsio~s of this Ordinance, remove the difficulty: • • Provided that no such order shall be. made after the expiry of a period of two years from the appointed day. · / . 'hlE GAZETTE or INDIA EXTRAORDINARY -- - 533 SCHEDULE I ' [See secUon 2(g)] 1. Bisra Stone Lime Company Limited . 2. Burrakur Coal . Company Limited 3. Birds Trading and Investments Company Limited • • 4. Eastern Investments Limited • •. 5. Garuda Investments Limited 6. Karanpura Develot>ment Company Limited (including Funders' Shares) ' I . I . . , Having Regi~tered Office at I Chartered 8. Kumardhubi Fireclay and Silica Works Limited ~ Bank • · I BUildings, 9. Lawrence Investments; and Property Comparty · I Calcutta- 7. Kinnison Jute Mills Company Limited Limited I 700001. ,10. Ondal Investments Company Limited · I p. Orissa Minerals Development Company! Limited 12. Sendra Investments Company Limited 13. Birds Employees' Cooperative Society Lifnited 14. Becker Gray and Company (1930)· Limited 15. Karanpura Collieries Limited-Preference Shares, -,( having registered office at 11, British Indian Street, 8 Calcutta-700069. 3:,16. Calcium Carbide arid Chemicals Lt'd., having re­ gistered office at 161/1, Mahatma Gandhi Road, Calcutta-700007 (Partly p_aid) .. 17. Holman-Climax (Rock Drills) Limited 18. Holman .. Climax Manufacturing Limited 19. Patya -Tea Company Limited, having registered office at 12, Dilk~a Street, CalC'Utta-700017. 20. The Titaghur Paper Mills Company Limited, having registered office at 95, Park Street, Calcutta-700016, 21. Sonakunda Baling Company Limited, having re-, gistered office in Bangla Desh. . I Having I Registered I Office at . }:- Dolphin I ' Court, 7-~ Middleton I Street, I Calcutta­ J 700016. I I I i : I l l : I .f l ! I I I \ [PART II-SEC. I] THE GAZETTE OF INDIA EXTRAORDINARY 534 -~==:-::-:=:=== ============ SCHEDULE ll (See sections 17, 18, 19 and 21) Order of priorities for the discharge of liabilities of the Company Categotry I- · : . . ' ' ' . , '. . ' ) . . . (a) Wages, salaries and other dues payable to tne employees -of the Company. • • , (b) Arrears in relation to contributions to be .made by the Company to the Provident Fund, Employees State Insurance Fund, Life Insur~nce Corporation premium and any other arrrear under any law for' the time being in force .(excluding gratuity) • . Category II-,- • 'I Pirincipal amount of ~ecutea' loan~' adva~~ed by~ {1/) i.in. ;-I • (i) Central Government; (ii) State Government; (iii) Banks; (iv) public financial institutions: ,,, ,. ,.·· • 1 ~- ' , : • · ·- 1 Category PII....., , . . ,. : . ,. , .·.·,v · ,. '. ; ::1: ;._· ,:; .' Principal amount of unsecured• loans advanc!eff''by- • ,, • -~ ., (i) Central Government-;.:_ ·., ·: : 1]\ ,'_l.•,c; r-- - )' >•: •.; .... o ~'-.tl '-1 '1 i.i_b·l ~--r ~~ ·~ (ii) State Government· . ' ... ,~ }! l } · .. ;c.qi :. ~ -_-•. :·:~ ·(. r;~1-::) ~1~'>i:_ .. _.;.i .'- (iii) Banks; (iv) public fuiancia] ' i:frstitutiotrs'.;,' •· .. '· ,:-.-:, .,([,/ _', '.}'.[ii ( [ " • G .. i ·'" • Category IV- I . • j. . • • , ; __ , • • •• , ' •• , •ir), .D:::1t:U1 1r -r. : :- t~ n (_a) Any c~edit a_vailed, ?f by the -Company for the PUltPoseiof carrymg on any tradmg or manufacturing operations . .. . (b) Any dues payable to the State Electricity ~c>,i;~· . : th Government or semi-Government institutions f 1 s or o er or services. or supp Y of goods · · (c) · Arrears of interest on loans and advances. Category V- . · · (a) Revenue, taxes, c G_overn,ment, State G esses, rates or other dUesr,to, .,:Ceniral overnment and local autho"it· ,. 1es. (b) Any other loans or dues. . N. ~~JIYA REDDY, r .. t . \ ' · i ·• President. ---- • ' ,.. R V. S. PERI SASTRI ' Secy. to the Govt. of India. PRINTED BY THE G NEW D f.."N.P.RAL MANAGER ELm AND PUBLISHED BY THE• GOVERNMENT OF INDIA CONTROLLER OF PUBL PRESS, MINTO .ROAD !CATIONS, DELHI, 1980 ....