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PUBLIC SECTOR IRON AND STEEL COMPANIES (RESTRUCTURING)

Ministry of Law and Justice

Act nº 16 of 1978


  • Chapter I
  • Chapter II
  • Chapter III
  • Chapter IV
  • Chapter V
  • Chapter VI
  • Schedules
  • Act nº 16 of 1978

Preamble

THE PUBLIC SECTOR IRON AND STEEL COMPANIES (RESTRUCTURING) AND MISCELLANEOUS PROVISIONS ACT, 1978

[Act, No.16 of 1978]

[30th April, 1978]

PREAMBLE

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

BE it enacted by Parliament in the Twenty-ninth Year of the Republic of India as follows:

Chapter I

Section 1. Short title and commencement

( 1) This Act may be called the Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978.

(2) It shall come into force on such date1as the Central Government may, by notification in the Official Gazette, appoint.

1. 1-5-1978


Section 2. Definitions

(1) In this Act, unless the context otherwise requires,

(a) "appointed day" means the date on which this Act comes into force;

(b) "Companies Act" means the Companies Act, 1956;

(c) "corresponding unit", in relation to

(i) the Integral Company, means that unit of the Integral Company which corresponds to the unit of the dissolved company or the transferred company in which the concerned officer or other employee was holding office before the transfer of the said unit;

(ii) a transferee company, means that unit of a transferee company Which corresponds to the unit of the dissolved company in which the concerned officer or other employee was holding office before the transfer of the said unit;

(d) "dissolved company" means a company specified in the First Schedule;

(e) "Integral Company" means the Steel Authority of India Limited, a company formed and registered under the Companies Act having its registered office at New Delhi;

(f) "transferee company" means the company to which the undertakings of a dissolved company or of a transferred unit, as the case may be, stand transferred by virtue of the provisions of this Act;

(g) "transferred company" means,

(i) Metallurgical and Engineering Consultants (India) Limited, a company formed and registered under the Companies Act having its registered office at Ranchi in the State of Bihar;

(ii) National Mineral Development Corporation Limited, a company formed and registered under the Companies Act having its registered office at Hyderabad in the State of Andhra Pradesh;

(iii) Hindustan Steel Works Construction Limited, a company formed and registered under the Companies Act having its registered office at Calcutta in the State of West Bengal;

(iv) Bharat Refractories Limited, a company formed and registered under the Companies Act having its registered office at Bokaro Steel City in the State of Bihar; or

(v) Indian Firebricks and Insulation Company Limited, a company formed and registered under the Companies Act having its registered office at Bombay in the State of Maharashtra;

(h) "transferred unit" means

(i) Kiriburu Iron Ore Mines, a unit of the National Mineral Development Corporation Limited; or

(ii) Meghahatuburu Iron Ore Project, a unit of the National Mineral Development Corporation Limited;

(iii) Ramgarh Refractory Plant, a unit of the Hindustan Steel Limited (situated near Ramgarh in the State of Bihar);

(iv) Refractory Project, a unit of the Hindustan Steel Limited (situated at Bhilai in the State of Madhya Pradesh); or

(v) Sillimanite Mines, a unit of the Hindustan Steel Limited (situated in the State of Meghalaya).

(2) Words and expressions used herein and not defined but defined in the Companies Act have the meaning respectively assigned to them in that Act.

Section 3. Undertaking meaning of

For the purposes of this Act, the undertaking of a dissolved company or of a transferred unit shall be deemed to include all assets, rights, leaseholds (including mining leases, if any), industrial or other licences, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, works, mines, workshops, projects, smelters, stores, instruments machinery, automobiles and other vehicles, cash or bank balances, cash in hand, investments, and 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 possession, power or control of the dissolved company or the transferred unit, as the case may be (whether within or without India), and all books of account, registers, maps, drawings, records of survey and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind of the dissolved company or the transferred unit.

Explanation. Reference in this section to an undertaking of a transferred under unit shall be deemed to be a reference to so much of the undertaking of the company of which that forms a unit as, is relatable to it as if it were a separate company.

Chapter II

Section 4. Dissolution, transfer and vesting of undertakings of certain companies in Integral Company

On the appointed day, the companies specified in the First Schedule shall stand dissolved and, subject to the provisions of Sections 6 and 7, all the undertakings of such companies shall stand transferred to, and vest in the Integral Company.

Section 5. Transfer and vesting of Kiriburu Iron Ore Mines etc., Integral Company

On the appointed day, the undertakings of the following transferred units shall stand transferred to, and vest in, the Integral Company, namely :

(a) Kiriburu Iron Ore Mines, a unit of the National Mineral Development Corporation Limited, and

(b) Meghahatuburu Iron Ore Project, a unit of the National Mineral Development Corporation Limited.

Section 6. Transfer and vesting of Refractory Plant etc. in the Bharat Refractories Limited

(1) On the appointed day, the undertakings of the following transferred units shall stand transferred to, and vest in, the Bharat Refractories Limited, namely :

(a) Ramgarh Refractory Plant of the Hindustan Steel Limited (situated near Ramgarh in the State of Bihar),

(b) Sillimanite Mines of the Hindustan Steel Limited (situated in the State of Meghalaya), and

(c) Refractory Project of the Hindustan Steel Limited (situated at Bhilai in the State of Madhya Pradesh).

(2) Notwithstanding anything contained in the Companies Act, as from the appointed day, the registered office of the Bharat Refractories Limited may remain at Bokaro Steel City or be transferred to Ranchi.

Section 7. Transfer of immovable properties of Hindustan Steel Limited to Metallurgical and Engineering Consultants (India) Limited

On the appointed day, the right, title and interest of the Hindustan Steel Limited in the immovable properties owned by it in Ranchi District of the State of Bihar, together with labilities and obligations in relation thereto, shall stand transferred to, and vest in, the Metallurgical and Engineering Consultants (India) Limited.

Chapter III

Section 8. Transfer of shares held by Bokaro Steel Limited to Central Government

On the appointed day, all the shares held by the Bokaro Steel Limited in the share capital of the Bharat Refractories Limited shall stand transferred to, and vest in, the Central Government.

Section 9. Transfer of shares held by Integral Company to Central Government

On the appointed day, all the shares held by the Integral Company in the share capital of each of the companies specified in the Second Schedule shall stand transferred to, and vest in, the Central Government.

Section 10. Transfer of shares held by Integral Company to Bharat Refractories Limited

On the appointed day, all the shares held by the Integral Company in the share capital of the India Firebricks and Insulation Company Limited (a company formed and registered under the Companies Act having its registered office at Bombay in the State of Maharashtra) shall stand transferred to and vest in, the Bharat Refractories Limited.

Section 11. Transfer of shares held by Central Government to Integral Company

On the appointed day, all the shares held by the Central Government in the share capital of the Indian Iron and Steel Company Limited (a company under the Companies Act having its registered office at Calcutta in the State of West Bengal) shall stand transferred to, and vest in, the Integral Company.