Apollo Zipper Company (Private) Limited (Acquisition And Transfer Of Undertakings) Act, 1996
No: 14 Dated: Jul, 12 1996
THE APOLLO ZIPPER COMPANY (PRIVATE) LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1996
West Bengal Act XIV of 1996
An Act to provide for the acquisition and transfer, in the public interest, of the undertakings of the Appllo Zipper Company (Private) Limited, and for matters connected therewith or incidental thereto.
Whereas the Appllo Zipper Company (Private) Limited has been engaged in the manufacture of Zip-fastener;
And whereas the management of the undertakings of the Apollo Zipper Company (Private Limited had been Conducted in a manner highly detrimental to the public interest;
And whereas he management of the undertakings of the Apollo Zipper Company (Private) Limited was taken overt by the Central Government under section 18A of the Industries (Development and Regulation) Act, 1951, on and from the 26th day of May, 1979;
And whereas the period of the taking over of the management of the Company expired on the 31st day of March, 1996;
And whereas for the purpose of reconstructing and rehabilitating the undertakings of the Apllo Zipper Company (Private) Limited so as to subserve the interest of the general public by augmentation of production and distribution of the aforesaid articles which are essential to the needs of the general public, it is necessary to acquire the undertakings of the Company;
It is hereby enacted as follows:-
1. Short title and commencement. - (1) This Act may be called the Apollo Zipper Company (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1996.
(2) It shall be deemed to have come into force on the 1st day of April, 1996.
2. Definitions. - In this unless the context otherwise requires,-
(a) "appointed day" means the date on which this Act comes into force;
(b) "Commissioner" means the Commissioner of Payments appointed under section 9;
(c) "Company" means the Apollo Zipper Company (Private) Limited, being a company as defined in the Companies Act, 1956, and having its registered office at 20B, British Indian Street, Calcutta;
(d) "date of taking over of management of the undertakings of the Company" means the 26th day of May, 1979;
(e) "existing Government company" means a Government company which is carrying on business on the appointed day;
(f) "new Government company" means a Government company formed and registered on or after the appointed day;
(g) "notification" means a notification published in the Official Gazette;
(h) "prescribed" means prescribed by rules made under this Act;
(i) words and expressions used herein and not defined, but defined in the Companies Act, 1956, have the meanings respectively assigned to them in that Act.
3. Transfer to, and vesting in, State 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 vest in, the State Government.
4. General effect of vesting. - (1) The undertakings of the Company shall be deemed to include all assets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, offices, factories, workshops, stores, instruments, plants, machinery and equipment, installations, laboratories, office furniture, stationery and equipment, vehicles, patents, trade marks, cash balances, cash in 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 the Company, whether within or outside, India, and all books of accounts, registers and all other documents of whatever nature relating thereto.
(2) All properties and assets as aforesaid which have vested in the State Government under section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charges, liens and all other encumbrances affecting them, and any attachment, injunction, decree or order of any court or other authority restricting the use of such properties or assets in any manner of appointing any receiver in respect of the whole or any part of such properties or assets shall be deemed to have been withdrawn.
(3) Every mortgage of any property which has vested under this Act in the State 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 interests, payment of the mortgage money or the other dues, in whole or in part, out of the amount of compensation determined under sub-section (1), and also out of the amount determined under sub-section (2), of section 7, but, no such mortgage, charge, lien or other interests shall be enforceable against any property which has vested in the State Government.
(5) Any licence or other instrument granted to the Company in relation to any undertaking which has vested in the State Government under section 3 at any time before the appointed day and in force immediately before the appointed day shall continue to be in force on and after such day in accordance with its tenor in relation to and for the purpose 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 the 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 has 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 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 or asset which has vested in the State Government under section 3, instituted or preferred by or against the 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 the 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 State Government or, where the undertakings of the Company are directed to vest, under section 6, in an existing Government company, or under section 7, in a new Government company, by or against such Government company.