Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984
No: 17 Dated: Mar, 31 1984
The Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984
Act No. 17 of 1984
An Act to provide for the acquisition and transfer of the undertakings of the Inchek Tyres Limited and the National Rubber Manufacturers 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 tyres, tubes and other rubber goods which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
WHEREAS the Inchek Tyres Limited and the National Rubber Manufacturers Limited had been engaged in the manufacture, production and distribution of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951), namely, tyres, tubes and other rubber goods;
AND WHEREAS the management of the undertakings of the Inchek Tyres Limited and the management of the undertakings of the National Rubber Manufacturers Limited were taken over by the Central Government under the provisions of the Industries (Development and Regulation) Act, 1951 (65 of 1951);
AND WHEREAS for the purpose of securing the optimum utilisation of the available facilities for the manufacture, production and distribution of tyres, tubes and other rubber goods by the undertakings of the two companies, investment of a large amount is necessary;
AND WHEREAS it is necessary to acquire the undertakings of the Inchek Tyres Limited and the National Rubber Manufacturers Limited to enable the Central Government to have such investments made and to ensure that the interests of the general public are served by the continuance, by the undertakings of the 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-fifth Year of the Republic of India as follows:-
CHAPTER I
Preliminary
1. Short title and commencement. - (1). This Act may be called the Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984.
(2) It shall be deemed to have come into force on the 14th day of February, 1984.
2. Definitions. - In this Act, unless the context otherwise requires,-
(a)"appointed day" 'means the 14th day of February 1984;
(b) "Commissioner" means the Commissioner of Payments appointed under section 15;
(c) "existing Government company" means a Government company which is carrying on business on the appointed day;
(d) "new Government company" means a Government company formed and registered on or after the appointed day;
(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) "two companies" means the Inchek Tyres Limited and the National Rubber Manufacturers Limited, being companies as defined in the Companies Act, 1956 (1 of 1956), and having their registered offices at "Leslie House", 19 Jawaharlal Nehru Road, Calcutta-700013;
(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.