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INCHEKTYRES LIMITED AND NATIONAL RUBBER MANUFACTURERS LIMITED (NATIONALISATION) ACT

Ministry of Law and Justice

Act nº 17 of 1984


  • Chapter I
  • Chapter II
  • Chapter 3
  • Chapter IV
  • Chapter V
  • Chapter VI
  • Chapter VII
  • Schedules
  • Act nº 17 of 1984

Preamble

THE INCHEK TYRES LIMITED AND NATIONAL RUBBER MANUFACTURERS LIMITED (NATIONALISATION) ACT, 1984

[Act, No. 17 of 1984]

[31st March, 1984]

PREAMBLE

An Act to provide for the acquisition and transfer of the undertakings of the Inchek Tyres Limited and the National Rubber Manufacturers Limited, with a view to securing the proper management of such undertakings so as to subserve the interest of the general public by ensuring the continued manufacture, production and distribution of tyres, tubes and other rubber goods which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

WHEREAS the Inchek Tyre Limited and the National Rubber Manufacturers Limited has been engaged in the manufacture, production and distribution of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951, namely, tyres, tubes and other rubber goods;

And WHEREAS the management of the undertakings of the Inchek Tyres Limited and the management of the undertakings of the National Rubber Manufacturers Limited were taken over by the Central Government under the provisions of the Industries (Development and Regulation) Act, 1951;

And WHEREAS it is necessary to acquire the undertakings of the Inchek tyres Limited and the National Rubber Manufacturers Limited to enable the Central Government to have such investments made and to ensure that the interests of the general public are served by the continuance, by the undertakings of the companies, of the manufacture, production and distribution of the aforesaid articles which are essential to the needs of the economy of the country;

BE it enacted by Parliament in the Thirty-fifth Year of the Republic of India as follows :-

Chapter I

Section 1. Short title and commencement

(1) This Act may be called the Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984.

(2) It shall be deemed to have come into force on the 14th day of February, 1984.

Section 2. Definitions

In this, Act, unless the context otherwise requires,-

(a) "appointed day" means the 14th day of February, 1984;

(b) "Commissioner" means the Commissioner of Payments appointed under section 15;

(c) "existing Government company" means a Government company which is carrying on business on the appointed day;

(d) "new Government company" means a Government company formed and registered on or after the appointed day;

(e) "notification" means a notification published in the Official Gazette;

(f) "prescribed" means prescribed by rules made under this Act;

(g) "specified date", in relation to any provision of this Act, means such date as the Central Government may, by notification, specify for the purposes of that provision, different dates may be specified for different provisions of this Act;

(h) "two companies" means the Inchek Tyres Limited and the National Rubber Manufacturers Limited, being companies as defined in the Companies Act, 1956, and having their registered offices at "Leslie House", 19- Jawaharlal Nehru Road, Calcutta-700013;

(i) words and expressions used herein and not defined but defined in the Companies Act, 1956, shall have the meanings respectively assigned to them in that Act.

Chapter II

Section 3. Transfer to, and vesting in, the Central Government of the undertakings of the two companies

On the appointed day, the undertakings of each of the two companies, and the right, title and interest of each of the two companies in relation to its undertakings, shall, by virtue of the Act,.stand transferred to, and shall vest in, the Central Government.

Section 4. General effect of vesting

(1) The undertakings of each of the two companies referred to in section 3 shall be deemed to include all assets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, cheques, demand drafts, reserve funs, investments, book debts, and all other rights and interest in, or arising out of such, property as were immediately before the appointed day in the ownership, possession power or control of such company whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto.

(2) All properties as aforesaid which have vested in the Central Government under section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other incumbrances affecting them, and any attachment, injunction, decree or order of any court, tribunal or other authority restricting the use of such 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 any property which has vested under this Act in the Central Government and every person holding any charge, lien or other interest in, or in relation, to, nay such property shall give, within such time and in such manner as may be prescribed, an intimation to the Commissioner of such mortgage, charge, lien or other interest.

(4) For the removal of doubts, it is hereby declared that the mortgagee of any property referred to in sub-section (3) or any other person holding any charge, lien or other interest in, or in relation to, any such property shall be entitled to claim, in accordance with his rights and interest, payment of the mortgage money or other dues, in whole or in part, out of the amount specified, in relation to the company owning such property, in the First Schedule, and also out of the amounts referred to in section 9, but, no such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the Central Government.

(5) Any licence or other instrument granted to either of the two companies in relation to any undertaking which has vested in the Central Government under section 3 at any time before the appointed day and in force immediately before that day shall continue to be in force on and after such day in accordance with its tenor in relation to an for the purposes of such undertaking, and, on and from the date of vesting of such undertaking under section 6 in an existing Government company, or under section 7 in a new Government company, the existing, or new, Government company, as the case may be, shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to such existing, or new, Government company and such existing, or new, Government company, shall hold it for the remainder of the period for which the company t which it was granted would have held it under the terms thereof.

(6) If, on the appointed day, any, suit, appeal or other proceeding of whatever nature, in relation to any property which has vested in the Central Government under section 3, instituted or preferred by or against either of the two companies is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertakings of such company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Central Government, or where the undertakings of the two companies vest under section 6 or section 7 in an existing, or a new, Government company, by or against such Government company.

Section 5. Companies to be liable for certain prior liabilities

(1) Every liability, other than the liability specified in sub-section (2), of each of the two companies in respect of any period prior to the appointed day, shall be the liability of the concerned company and shall be enforceable against it and not against the Central Government, or where the undertakings of the two companies vest in an existing, or a new, Government company, against such Government company.

(2) Any liability arising in respect of materials supplied to either of the two companies after the management of its undertakings had been taken over by the Central Government, shall, on and from the appointed day, be the liability of the Central Government or of the existing, or new, Government company aforesaid, and shall be discharged by that Government or, as the case may be, the existing, or new, Government company, as and when repayment for such supplies becomes due and payable.

(3) for the removal of doubts, it is hereby declared that -

(a) save as otherwise expressly provided in this section or in any other provision of this Act, no liability, other than the liability specified in sub-section (2), of either of the two companies in relation to its undertakings in respect of any period prior to the appointed day shall l be enforceable against the Central Government, or, where the undertakings of the two companies vest in an existing, or a new, Government company, against such Government company;

(b) no award, decree or order of any court, tribunal or other authority in relation to the undertakings of either of the two companies, passed on or after the appointed day, in respect of any matter, claim or dispute, not being a matter, claim or dispute in relation to any matter referred to in sub-section (2), which arose before that day, shall be enforceable against the Central Government, or where the undertakings of the two companies vest in an existing, or a new, Government company, against such Government company;

(c) no liability incurred by either of the two companies before the appointed day, for the contravention of any provision of law for the time being in force, shall be enforceable against the Central Government, or, where the undertakings of the two companies vest in an existing, or a new, Government company, against such Government company.

Section 6. Power of Central Government to direct vesting of the undertakings of the two companies in an existing Government Company

(1) Notwithstanding anything contained in section 3 and 4, and subject to the provisions of section 7, the Central Government may, if it is satisfied that an existing Government company is willing to comply, or has complied with such terms and conditions as that Government may think fit to impose, direct, by notification, that the undertakings of each of the two companies and the right, title and interest of each of the two companies in relation to its undertakings which have vested in the Central Government under section 3, shall, instead of continuing to vest in the Central Government, vest in that existing Government company either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.

(2) Where the right, title and interest of the two companies, in relation to their undertakings vest, under sub-section (1), in an existing Government company, that Government company shall, on and from the date of such vesting, be deemed to have become, and, until the transfer of the undertakings, by virtue of the provisions of section 7, to a new Government company, be deemed to be, the owner in relation to such undertakings, and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, and, until the date of such transfer, be deemed to be, the rights and liabilities, respectively, of that existing Government company.

Section 7. Transfer of the undertakings of the two companies from an existing Government company to a new Government company

(1) Notwithstanding anything contained in sections 3 and 4, where the undertakings of each of the two companies have been directed, under sub-section (1) of section 6, to vest in an existing Government company, the Central Government may, if it is satisfied that a new Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, declare, by notification, that the undertakings of each of the two companies and the right, title and interest of each of the two companies in relation to its undertakings be transferred to that new Government company, and on the issue of such declaration, the right, title and interest of each of the two companies in relation to its undertakings which had been directed under sub-section (1) of section 6 vest in an existing Government company, shall, instead of continuing to vest in that existing Government Company, vest in that new Government company with effect from the date on which such declaration is made.

(2) Where the right, title and interest of the existing Government company in relation to the undertakings of the two companies vest, under sub-section (1), in a new Government company, that Government of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the existing Government company in relation to such undertakings, shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of that new Government company.

Chapter 3

Section 8. Payment of amount

For the transfer to, and vesting, in, the Central Government, under section 3, of the undertakings of each of the two companies, and the right, title and interest of each of the two companies in relation to its undertakings, there shall be paid by the Central Government to each of the two companies, in cash and in the manner specified in Chapter VI, amount equal to the amount specified against the name of such company in the First Schedule.

Section 9. Payment of further amounts

(1) For the deprivation of the two companies of the management of their undertakings during the period commencing on the date on which the undertakings of each such company was taken over in pursuance of the orders made by the Central Government under the provisions of the Industries (Development and Regulation) Act, 1951(65 of 1951) and ending on the appointed day, there shall be paid by the Central Government to each of the Companies in cash, an amount of rupees fifty thousand.

(2) The amount referred to in section 8 and the amount specified in sub-section (1) shall carry simple interest at the rate of four per cent per annum for the period commencing on the appointed day and ending on the date on which payment of such amounts is made by the Central Government to the Commissioner.

(3) The amount referred to in sub-section (1) and the amount determined in accordance with the provisions of sub-section (2) shall be given by the Central Government to the two companies in addition to the amount specified in section 8.

(4) For the removal of doubts, it is hereby declared that the liabilities of either of the two companies in relation to its undertakings which have vested in the Central Government under section 3, shall be discharged from the amount referred to in section 8, and also from the amount specified in sub-section (1) and the amount determined under sub-section (2), in accordance with the rights and interests of the creditors of the two companies.

Chapter IV

Section 10. Management, etc., of the undertakings of the two companies

The general superintendence, direction, control and management of the affairs and business of the undertakings of each of the two companies, the right, title and interest in relation to which have vested in the Central Government under section 3, shall,-

(a) Where a direction has been given by the Central Government under sub-section (1) of section 6, vest on and from the date specified in such direction, in the existing Government company specified therein; or

(b) where a declaration has been made under sub-section (1) of section 7, vest, on and from the date of such declaration, in the new Government company specified therein,

and thereupon the existing, or new, Government company so specified, shall be entitled to exercise, to the exclusion of all other persons, all such powers and do all such things as either, or both, of the two companies, is or are, authorised to exercise and do in relation to its or their undertakings.