Dalmia Dadri Cement Limited (Acquisition and Transfer of Undertakings) Act, 1981
No: 31 Dated: Sep, 15 1981
THE DALMIA DADRI CEMENT LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1981
ACT NO. 31 OF 1981
An Act to provide for the acquisition and transfer of the undertakings of the Dalmia Dadri Cement 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 cement which is essential to the needs of the economy of the country and matters connected therewith or incidental thereto.
WHEREAS Messrs. Dalmia Dadri Cement Limited had been engaged in the manufacture and production of portland cement, an article mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951);
AND WHEREAS an order has been made for the winding up of the Company and proceedings for its liquidation are pending in the High Court of Punjab and Haryana;
AND WHEREAS the undertakings of the Company have not been functioning since March, 1980;
AND WHEREAS it is necessary to acquire the undertakings of the said Company to ensure that the interests of the general public are served by the continuance, by the undertakings of the said Company, of the manufacture, production and distribution of portland cement which is essential to the needs of the economy of the country;
BE it enacted by Parliament in the Thirty-second Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
1. Short title and commencement.—(1) This Act may be called the Dalmia Dadri Cement Limited (Acquisition and Transfer of Undertakings) Act, 1981.
(2) It shall be deemed to have come into force on the 23rd day of June, 1981.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “appointed day” means the 23rd day of June, 1981;
(b) “Cement Corporation” means the Cement Corporation of India, a company incorporated and registered under the Companies Act, 1956 (1 of 1956);
(c) “Commissioner” means the Commissioner of Payments appointed under section 14;
(d) “Company” means the Dalmia Dadri Cement Limited, being a company within the meaning of the Companies Act, 1956 (1 of 1956), and having its registered office at Charkhi Dadri (Haryana);
(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) 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 vest in, the Central Government.