National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980
No: 42 Dated: Jul, 19 1980
THE NATIONAL COMPANY LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980
ACT NO. 42 OF 1980
An Act to provide for the acquisition and transfer of the undertakings of Messrs. National Company 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 articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
WHEREAS Messrs. National Company Limited had been engaged in the manufacture and production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951), namely, textiles made wholly or in part of jute;
AND WHEREAS the management of the undertakings of Messrs. National Company Limited was taken over by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951 (65 of 1951);
AND WHEREAS it is necessary to acquire the undertakings of Messrs. National Company Limited to ensure that the interests of the general public are served by the continuance, by the undertakings of the Company, 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 National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980.
(2) The provisions of sections 29 and 30 shall come into force at once and the remaining provisions of this Act shall be deemed to have come into force on the 27th day of April, 1980.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “appointed day” means the 27th day of April, 1980;
(b) “Commissioner” means the Commissioner of Payments appointed under section 15;
(c) “Company” means Messrs. National Company Limited, a company within the meaning of the Companies Act, 1956 (1 of 1956), and having its registered office at 18A-Brabourne Road, Calcutta-700001, in the State of West Bengal;
(d) “existing Government company” means a Government company which is carrying on business on the appointed day;
(e) “new Government company” means a Government company formed and registered on or after the appointed day;
(f) “notification” means a notification published in the Official Gazette;
(g) “prescribed” means prescribed by rules made under this Act;
(h) “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;
(i) words and expressions used herein and not defined but defined in the Companies Act, 1956 (1 of 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, the Central 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 Central Government.