Gluconate Limited (Acquisition and Transfer of Undertakings) Act, 1986
No: 28 Dated: Apr, 30 1987
THE GLUCONATE LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1986
West Bengal Act XXVIII of 1986
An Act to provide for the acquisition and transfer, in the public interest, of the undertakings of the Gluconate Limited, and for matters connected therewith or incidental thereto.
Whereas the Gluconate Limited had been engaged in the manufacture of drugs and pharmaceuticals;
And Whereas the management of the undertakings of the Gluconate Limited had been conducted in a manner highly detrimental to the public interest;
And Whereas the management of the undertakings of the Gluconate Limited was taken over by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951;
And Whereas for the purpose of reconstructing and rehabilitating the undertakings of the Gluconate Limited so as to subserve the interests of the general public by the 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:-
CHAPTER I
Preliminary
1. Short title and commencement. - (1) This Act may be called the Gluconate Limited (Acquisition and Transfer of Undertakings) Act, 1986.
(2) It shall come into force on such date as the State Government may, by notification, appoint.
2. Definitions. - In this Act, 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 16;
(c) "Company" means the Gluconate Limited, being a company as defined in the Companies Act, 1956, and having its registered office at 2, Durga Charan Doctor Lane, Calcutta - 700014;
(d) "date of taking over of management of the undertakings of the Company" means the 27th day of July, 1975;
(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) "specified date" means such date as the State Government may, for the purpose of any of the provisions of this Act, by notification, specify, and different dates may be specified for different provisions of this Act;
(j) 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.
CHAPTER II
Acquisition and transfer of the undertakings of the Company
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.