Jogighopa (Assam) Unit of Ashok Paper Mills Limited, Calcutta (Acquistion and Transfer of Undertaking) Act, 1990
No: 15 Dated: Sep, 25 1990
THE JOGIGHOPA (ASSAM) UNIT OF ASHOK PAPER MILLS LIMITED, CALCUTTA (ACQUISTION AND TRANSFER OF UNDERTAKING) ACT, 1990
[Act No. 15 of 1990]
An Act to provide for, in the public interest, acquisition of the right, title and interest of the industrial undertaking of Messers the Jogighopa (Assam) Unit of the Ashok Paper Mills Limited, Calcutta and for matters connected therewith or incidental thereto.
Whereas the Jogighopa (Assam) Unit of the Ashok Paper Mills Limited, (Registered Office Calcutta), has been engaged in production, manufacture and procurement of raw materials (therefore) of articles mentioned in the first Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951), namely, paper including newsprint etc. at its Mill at Jogighopa in the district at Goalpara in the State of Assam, which are essential to meet the needs of the public;
Whereas the Industrial Undertaking, namely, the Jogighopa (Assam) Unit of the Ashok Paper Mills Limited, Calcutta has become sick and has been so held by the Board for Industrial and Financial Re-construction within the meaning of clause (o) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986), necessitating its rejuvenation and rehabilitation and subscription to its all-round growth and development, owing to its public interest and in the interest of the State of Assam;
And whereas investment of large amount of money is necessary for the rehabilitation and development of, for starting and maintenance of production and for securing proper management of the affairs of the aforesaid industrial undertaking;
And whereas for the purpose of re-constructing and rehabilitating the said industrial undertakings and there by forming a viable unit to sub serve the interest of the general public and of the State of Assam by the augmentation of production and distribution of bamboo, pulp, paper, newsprint, paper board, caustic soda and chlorine which are essential for the growth of economy of the country, it is necessary to acquite the right, title and interest of the undertakings of the Jogighopa (Assam) Unit of Messers Ashok Paper Mills Limited, Calcutta;
It is hereby enacted in the Forty-first Year of the Republic of India, by the Legislature of Assam, as follows namely:--
1. Short title and commencement:- (1) This Act may be called the Jogighopa (Assam) Unit of Ashok Paper Mills Limited, Calcutta (Acquistion and Transfer of Undertaking) Act, 1990
(2) It shall come into force at once.
2. Definitions:- In this Act, unless the context otherwise requires:--
(a) "appointed day" means the day on which this Act comes into force;
(b) "book or paper" means books of accounts deeds, vouchers, writings and documents and shall include any books of accounts, deeds, vouchers and documents having bearing or relation with the existing facts or circumstances;
(c) "Commissioner'' means Commissioner of payments appointed under section 16;
(d) "Company" means the Jogighopa (Assam) Unit of Ashok Paper Mills Limited being a Company incorporated under the Companies Act, 1956 (1 of 1956), having its registered office at Calcutta and registered as such.
(e) "Court" with respect to any offence under his Act, means the Court of a Magistrate of First Class having jurisdiction in a district, but does not include the High Court in the exercise of its original jurisdiction;
(f) ''Government Company'' means a Company formed, after the appointed day, by the State Government and registered under the Companies Act, 1956 (1 of 1956) and shall include a Company, if any, formed by the State Government earlier for the specific purpose of acquisition and management of the industrial undertaking of the Company registered under the Companies Act, 1956;
(g) "Notification" means a notification published in the Official Gazette;
(h) "Prescribed" means prescribed by rules under this Act;
(i) "State Government" means the Government of Assam;
(j) words and expressions used herein and not defined but defined in the Industries (Development and Regulation) Act, 1951 (65 of 1951) and the Companies Act, 1956, have the meanings respectively assigned to them in these Acts.
3. Transfer to and vesting in the State Government of the undertaking of the Company:- On the appointed day, the undertaking of the Company; and the right, title and interest of the Company in relation to its undertaking, shall, by virtue of this Act, be transferred to, and shall vest in, the State Government:
Provided that nothing herein contained or contained in any other law for the time being in force or in the Memorandum or Articles of Association of the Company shall preclude from transferring and vesting the undertaking of the Company to the State Government or to a Government Company, as the case may be.
4. General effect of vesting:- (1) The undertaking of the Company shall be deemed to include all assets, rights, lease holds, powers, authorities and privileges, and all properties movable and immovable including lands, buildings, workshops, goods and chattels including stores, machineries and equipments, vehicles, office furniture, books and stationery, cash balances including cash in hand, cheques, demand drafts reserved funds, investments, book debts and all other rights and interests in, or arising out of such properties as were, immediately before the appointed day, in the ownership, possession or control of the undertaking of the company, whether within or outside India and all other books and papers of accounts, registers and all other documents of whatever nature relating thereto.
(2) All properties and assets as aforesaid which have vested in the State Government under section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and other encumbrances affecting it, and by force of such vesting any attachment, injunction or any decree or order of any court or other authority restricting the use of such property or assets in any manner or appointing any receiver in respect of the whole or any part of such property or assets shall be deemed to have been withdrawn.
(3) Every mortgage of any property which has vested under this Act in the State Government and every person holding any charge, lien or other interest in or in relation to, any such property shall give, within such time and such manner as may be prescribed, an intimation to the State Government or to Commission or any such officer as may be appointed by the State Government in that behalf, of such mortgage, charge, lien or other interest.
(4) The mortgage of any property or any other person holding any charge, lien or other interest in, or in relation to, any such property referred to in sub-section (3) shall be entitled to claim, in accordance with his rights and interests payment of the mortgage money or other dues in whole, or in part, out of the amount of compensation determined under section 8 and also out of the monies determined under section 9 but no such mortgage, charge, lien or other interests shall be enforceable against any property which has vested in the State Government.
(5) If on the appointed day, any suit appeal or other proceeding by or against the Company, of whatever nature in relation to any property which has vested in the State Government, under section 3, is pending, the same shall not abate, be discontinued or be, in any way prejudicially affected by reason of the transfer of the undertaking of the Company or of any thing contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Company.