Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980
No: 70 Dated: Dec, 27 1980
THE HIND CYCLES LIMITED AND SEN-RALEIGH LIMITED (NATIONALISATION) ACT, 1980
ACT NO. 70 OF 1980
An Act to provide for the acquisition of the undertakings of the Hind Cycles Limited, and Sen-Raleigh 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 continued manufacture, production and distribution of bicycles, and their component parts and accessories which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
WHEREAS Hind Cycles Limited and Sen-Raleigh Limited had been engaged in the manufacture production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951(65 of 1951), namely, bicycle and their component parts and accessories;
AND WHEAREAS the management of the undertakings of Hind Cycles Limited and Sen-Raleigh Limited were taken over by the Central Government under the provisions of the Industries (Development and Regulation) Act, 1951(65 of 1951);
AND WHEAREAS it is necessary to acquire the undertakings of Hind Cycles Limited and Sen-Raleigh Limited to ensure that the interests of the general public are served by the continuance, by the undertakings of the two companies, of the manufacture, production and distribution of the aforesaid articles which are essential to the needs of the economy of the country;
BE it enacted by Parliament in the Thirty-first Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
1. Short title and commencement.—(1) This Act may be called the Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980.
(2) It shall be deemed to have come into force on the 15th day of October, 1980.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “appointed day” means the 15th day of October, 1980;
(b) “Commissioner” means the Commissioner of Payments appointed under section 15;
(c) “Custodian” means the Custodian appointed under sub-section (2) of section 9 to take over, or carry on, the management of the undertakings of either, or both, of the two companies;
(d) “notification” means a notification published in the Official Gazette;
(e) “prescribed” means prescribed by rules made under this Act;
(f) “Sen-Raleigh Limited” includes Sen and Pandit Industries Limited, Ancillary Industries (Lugs) Private Limited, Ancillary Industries (Forgings) Private Limited, Ancillary Industries (Cranks) Private Limited and Naokhali Machine Tools Limited, all having their registered offices at 1, Middeton Street, Calcutta;
(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) “two companies” means Hind Cycles Limited and Sen-Raleigh Limited, being companies as defined in the Companies Act, 1956 (1 of 1956), and having their registered offices at Birlagram, Nagda (Madhya Pradesh), and 1, Middleton Street, Calcutta, respectively;
(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 OF THE UNDERTAKINGS OF THE TWO COMPANIES
3. Transfer to, and vesting in, the Central Government of the undertakings of the two companies.—On the appointed day, the undertakings of each of the two companies, and the right, title and interest of each of the two companies in relation to such undertakings, shall, by virtue of the Act, stand transferred to, and shall vest in, the Central Government.