Basumati Private Limited (Acquisition Of Undertaking) Act, 1974
No: 35 Dated: Jul, 29 1974
THE BASUMATI PRIVATE LIMITED (ACQUISITION OF UNDERTAKING) ACT, 1974
West Bengal Act XXXV of 1974
An Act to provide for the acquisition, for public purpose, of the undertaking of the Basumati Private Limited with a view to securing the proper administration and management thereof for the purpose of ensuring efficient publication of the Basumati, a daily newspaper in the Bengali language which has a great past and tradition and timely publication of journals and periodicals published by it and resuming the publication of books, particularly Sanskrit Classics in Bengali version and other Bengali Classics, and also with a view to assuring the retention of the services of the workmen whose continued employment has been threatened, so that the interests of the public may be better served.
Whereas it will be useful to the public and it will result in benefit and advantage to the public and having regard to the public utility it is expedient to provide for the acquisition of the undertaking of the Basumati Private Limited.with a view to securing the proper administration and management thereof for the purpose of ensuring efficient publication of the Basumati, a daily newspaper in the Bengali language which has a great past and tradition and timely publication of journals and periodicals published by it and resuming the publication of books, particularly Sanskrit Classics in Bengali version and other Bengali Classics, and also with a view to assuring the retention of the services of the workmen whose continued employment has been threatened, so that the interests of the public may be better served;
It is hereby enacted as follows:-
1. Short title. - This Act may be called the Basumati Private Limited (Acquisition of Undertaking) Act, 1974.
2. Definitions. - In this Act, unless the context otherwise requires,-
(a) "appointed day" means such date as the State Government may, by notification, appoint;
(b) "Commissioner" means the Commissioner of Payments appointed under section 9;
(c) "company" means the Basumati Private Limited, being a company as defined in the Companies Act, 1956, having its registered office at 166, Bepin Behari Ganguli Street, Calcutta;
(d) "notification", means a notification published in the Official Gazette;
(e) "prescribed" means prescribed by rules made under this Act;
(f) "scheduled bank" has the same meaning assigned to it in the Reserve Bank of India Act, 1934, and includes a Nationalised Bank;
(g) "undertaking", in relation to the company, means the properties and assets of the company referred to in sub-section (1) of section 4.
3. Undertaking of the company to vest in the State Government. - On and from the appointed day, the undertaking of the company shall, by virtue of this Act, stand transferred to, and vest in, the State Government free from all trusts, liabilities and encumbrances.
4. General effect of vesting. - (1) The undertaking of the company shall be deemed to include all assets, rights, powers, authorities and privileges and all properties, movable and immovable, machinery including rotaries and composing machine, reserve funds, investments and all other rights and interests arising out of such properties as were immediately before the appointed day in the ownership, power or control of the company in relation to the undertaking, or in the possession of the company irrespective of the fact whether the company has any right, title or interest in such properties or not, and all documents of whatever nature relating thereto but does not include the right, title and interest of the owners of lands and buildings in possession of the company, cash balance of the company and the amounts receivable by the company from its debtors.
(2) Any contract, whether express or implied, or other arrangement, whether under any statute or otherwise, in so far as it relates to the management of the business and affairs of the company in relation to its undertaking and in force immediately before the appointed day, or any order made by any court in so far as it relates to the management of the business and affairs of the company in relation to its undertaking and in force immediately before the appointed day, shall be deemed to have terminated on the appointed day.
(3) All persons in charge of the management, including persons holding offices as directors, managers or any other personnel connected with the management of the company immediately before the appointed day, shall be deemed to have vacated their offices as such on the appointed day.
(4) Notwithstanding any judgement, decree or order of any court, tribunal or other authority or anything contained in any law for the time being in force, every Receiver, Official Liquidator or any other person in whose possession or custody or under whose control the undertaking of the company or any part thereof may be, shall forthwith deliver possession of the said undertaking or such part thereof, as the case may be, to the State Government or to such person as the State Government may appoint in this behalf.
(5) The Receiver, Official Liquidator or any other person who has, on the appointed day, in his possession or under his custody or control any books, documents or other papers relating to the undertaking of the company which has vested, under section 3, in the State Government, shall be liable to account for the said books, documents or other papers to the State Government or to such person as the State Government may appoint in this behalf.
(6) All properties in the undertaking which have vested in the State Government under section 3 shall, by virtue of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other encumbrances affecting it, and any attachment, injunction or any decree or order of any court restricting the use of such property in any manner shall be deemed to have been withdrawn.
(7) The State Government may take or cause to be taken all necessary steps for securing the possession of all properties of the undertaking which have vested in the State Government under section 3.
5. Management of the undertaking. - The undertaking which has vested in the State Government under section 3 shall be managed by such person or body of persons as may be nominated by the State Government in this behalf and such person or body of persons shall carry on the management in accordance with such rules as may be made by the State Government.