Andhra Scientific Company Limited (Acquisition and Transfer of Undertakings) Act, 1982
No: 71 Dated: Nov, 13 1982
THE ANDHRA SCIENTIFIC COMPANY LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1982
ACT NO. 71 OF 1982
An Act to provide for the acquisition and transfer of the undertakings of the Andhra Scientific Company Limited, with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continuity of production of scientific instruments which are vital to the needs of the country and for matters connected therewith or incidental thereto.
WHEREAS the Andhra Scientific Company Limited had 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, scientific instruments;
AND WHEREAS the management of the undertakings of the Andhra Scientific Company Limited was taken over by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951 (65 of 1951);
AND WHEREAS it is necessary to acquire the undertakings of the Andhra Scientific Company Limited to ensure that the interests of the general public are served by the continuance, by the undertakings of the Company, of the production of the aforesaid articles which are vital to the needs of the country;
BE it enacted by Parliament in the Thirty-third Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
1. Short title and commencement.—(1) This Act may be called the Andhra Scientific Company Limited (Acquisition and Transfer of Undertakings) Act, 1982.
(2) The provisions of sections 27 and 28 shall come into force at once and the remaining provisions of this Act shall be deemed to have come into force on the 1st day of July, 1981.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “appointed day” means the 1st day of July, 1981;
(b) “Commissioner” means the Commissioner of Payments appointed under section 15;
(c) “Company” means the Andhra Scientific Company Limited, a company within the meaning of the Companies Act, 1956 (1 of 1956), and having its registered office at Machilipatnam in the State of Andhra Pradesh;
(d) “Custodian” means the Custodian appointed under sub-section (2) of section 9 to take over, or carry on, the management of the Company;
(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 and different dates may be specified for different provisions of this Act;
(h) “the Government company” means the Government company in which the undertakings of the Company are directed to vest under sub-section (1) of section 6;
(i) 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
ACQUISITION AND TRANSFER OF THE UNDERTAKINGS OF THE COMPANY
3. Transfer to, and vesting in, the Central Government of the undertakings of the Company.— On the appointed day, the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings, shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government.