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JUTE COMPANIES (NATIONALISATION) ACT

Ministry of Law and Justice

Act nº 62 of 1980


  • Chapter I
  • Chapter II
  • Chapter III
  • Chapter IV
  • Chapter V
  • Chapter VI
  • Chapter VII
  • Schedules
  • Act nº 62 of 1980

Preamble

THE JUTE COMPANIES (NATIONALISATION) ACT, 1980

[Act, No. 62 of 1980]

[21st December, 1980]

PREAMBLE

An Act to provide for the acquisition and transfer of the undertakings of the Jute Companies, specified in the First Schedule 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 articles, made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

WHEREAS the said Jute Companies has been engaged in the manufacture and production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951(65 of 1951), namely, textiles made wholly or in part of jute;

And WHEREAS the management of the undertakings of each of the said jute companies was taken over by the Central Government under the Industries (Development and Regulation) Act, 1951(65 of 1951);

And WHEREAS it is necessary to acquire the undertakings of the said jute Companies to ensure that the interests of the general public are served by the continuance, by the undertakings of the said jute 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

This Act may be called the Jute Companies (Nationalisation) Act, 1980.

Section 2. Definitions

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

(a) "appointed day" means the date of commencement of this Act;

(b) "Commissioner" means the Commissioner of Payments appointed under section 14;

(c) "jute companies" means the companies (being companies as defined in the Companies Act, 1956(1 of 1956)) specified in the First Schedule;

(d) "Jute Manufactures Corporation" means the National Jute Manufactures Corporation Limited, a company incorporated and registered under the Companies Act, 1956(1 of 1956);

(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) words and expressions used herein and not defined but defined in the Companies Act, 1956(1 of 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 jute companies

On the appointed day, the undertakings of each of the jute companies, and the right, title and interest of each of the jute 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 Power of vesting

(1) The undertakings of each of the jute companies 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, 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, possession power or control of jute company, whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto and shall also be deemed to include the liabilities specified in sub-section (2) of section 5.

(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, any 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 amounts directed to be given under sections 7 and 8 to the jute company concerned 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 jute company in relation to its undertakings 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 undertakings, and, on and from the date of vesting of such undertaking under section 6 in the Jute Manufactures Corporation, that Corporation shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to such Corporation and such Corporation shall hold it for the remainder of the period for which the jute company 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 matter specified in sub-section (2) of section 5, in respect of the undertakings of any jute company which has vested in the Central Government under section 3, instituted or preferred by or against that company 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 jute 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 jute company are directed under section 6 to vest in the Jute Manufactures Corporation, by or against that Corporation.

Section 5. Jute companies to be liable for certain prior liabilities

(1) Every liability, other than the liability specified in sub-section (2), of a jute company in respect of any period prior to the appointed day, shall be the liability of that company and shall be enforceable against it and not against the Central Government, or, where the undertakings of the jute company vest in the Jute Manufactures Corporation, by or against that Corporation.

(2) Any liability arising in respect of loans advanced by the Central Government or any State Government, or both, to a jute company (together with interest due thereon) after the management of its undertakings of the said jute company had been taken over by the Central Government, shall, on and from the appointed day, be the liability of the Central Government and shall be discharged by that Government or, by the Jute Manufactures Corporation, as and when repayment of such loans becomes due and payable.

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

(a) save as otherwise expressly provided in this Act, no liability, other than the liability specified in sub-section (2), of any jute company in relation to its undertakings in respect of any period prior to the appointed day shall be enforceable against the Central Government, or, where the undertakings of the such company are director under section 6, to vest in the Jute Manufactures Corporation, against that Corporation.

(b) no award, decree or order of any court, tribunal or other authority in relation to the undertakings of any jute company, passed on or after the appointed day, in respect of any matter, claim or dispute, which arose before that day, not being a matter, claim or dispute in relation to any liability specified in sub-section (2) shall be enforceable against the Central Government or where the undertakings of such company are directed under section 6, to vest in the Jute Manufactures Corporation, against that Corporation.

(c) no liability incurred by any jute company 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 such company are directed under section 6, to vest in the Jute Manufactures Corporation, against that Corporation.

Section 6. Power of Central Government to direct vesting of the undertakings of the jute companies in Jute Manufactures Corporation

(1) Notwithstanding anything contained in section 3 and 4, the Central Government shall, as soon as may be, after the appointed day, direct, by notification, that the undertakings of every jute company and the right, title and interest of every jute company in relation to its undertakings, which have vested in the Government under section 3, and such of the liabilities of every jute company as or specified in sub-section (2) of section 5, shall, instead of continuing to vest in the Central Government, vest in the Jute Manufactures Corporation 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 liabilities referred to in sub-section (2) of Section 5, of the jute company, in relation to their respective undertakings vest, under sub-section (1), in the Jute Manufactures Corporation,, that Government Corporation shall, on and from the date of such vesting, be deemed to have become the owner 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 the Jute Manufactures Corporation.

Chapter III

Section 7. Payment of amount

Every jute company shall be given by the Central Government, for the transfer to, and vesting, in that Central Government, under section 3, of the undertakings of that company and the right, title and interest of that company in relation to its undertakings, in cash and in the manner specified in Chapter VI, such amount as is specified against the name of that company in the First Schedule.

Section 8. Payment of further amounts

(1) Every jute company shall be given by the Central Government, for the deprivation of the management of its undertakings, an amount of rupee ten thousand per annum for the period commencing on the date on which management of the undertaking of that 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.

(2) Every amount specified in the First Schedule or calculated in accordance with the provisions of 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 determined in relation to any jute company in accordance with the provisions of sub-section (1) and (2) shall be given by the Central Government to the jute company in addition to the amount specified in the First Schedule against that company.

Chapter IV

Section 9. Management, etc., of the under takings of the jute companies

The general superintendence, direction, control and management of the affairs and business of the undertakings owned by each of the jute companies, the right, title and interest in relation to which have vested in the Central Government under section 3 shall, where a direction has been made by the Central Government under sub-section (1) of section 6 vest in the Jute Manufactures Corporation and thereupon the Jute Manufactures Corporation shall be entitled to exercise, to the exclusion of all other persons, all such powers and do all such things in relation to each such undertaking as the jute company which owned it was authorised to exercise and do immediately before the appointed day.

Section 10. Duty of persons in charge of management of the undertakings to deliver all assets etc

(1) On the vesting of the management of the undertakings of the jute companies in the Central Government or the Jute Manufactures Corporation, as the case may be, the persons in charge of the management of such undertakings immediately before such vesting shall be bound to deliver to the Central Government or the Jute Manufactures Corporation, as the case may be all assets books of account registers and all other documents in their custody relating to such undertakings

(2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Jute Manufactures Corporation and the said Corporation may also if it is considered necessary so to do apply to the Central Government at any time for instructions as the manner in which the management of the undertakings of the jute companies shall be conducted or in relation to any other matter arising in the course of such management.