Krishna Silicate And Glass Works Limited (Acquisition And Transfer of Undertakings) Act, 1986
No: 31 Dated: Aug, 07 1987
THE KRISHNA SILICATE AND GLASS WORKS LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1986
West Bengal Act XXXI of 1986
An Act to provide for the acquisition and transfer, in the public interest, of the undertakings of the Krishna Silicate and Glass Works Limited, and for matters connected therewith or incidental thereto.
Whereas the Krishna Silicate and Glass Works Limited had been engaged in the manufacture of glass bottles and vials;
And Whereas the management of the undertakings of the Krishna Silicate and Glass Works Limited has been conducted in a manner highly detrimental to the public interest;
And Whereas the management of the undertakings of the Krishna Silicate and Glass Works Limited was taken over by the Central Government under section 18FA of the Industries (Development and Regulation) Act, 1951;
And Whereas for the purpose of reconstructing and rehabilitating the undertakings of the Krishna Silicate and Glass Works 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 Krishna Silicate and Glass Works 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 Krishna Silicate and Glass Works Limited, being a company as defined in the Companies Act, 1956, and having its registered office at 17, Radha Bazar Street, Calcutta- 700001;
(d) "date" of taking over of management of the undertakings of the Company means the 5th day of March, 1973;
(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 as signed 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.