Plyboard Industries (Acquisition of Shares and of the Industrial Undertaking) Act, 1987
No: 6 Dated: Apr, 21 1987
THE PLYBOARD INDUSTRIES (ACQUISITION OF SHARES AND OF THE INDUSTRIAL UNDERTAKINGS) ACT, 1987
(Act No. VI of 1987)
An Act to provide, in the public interest, for the acquisition of shares and for the acquisition and transfer of right, title and interest of Messers Plyboard Industrial Limited, Pampore, Kashmir and thereby to secure that the ownership and control of the products produced by the said Industrial Undertaking are so distributed as best to subserve the common good.
Whereas Messers Plyboard Industries Limited, Pampore, Kashmir was engaged in production of ply articles at its mill at Pampore in District Pulwama, which are essential to the State;
And whereas the Central Government by its notification in the Ministry of Civil Supplies (Department of industrial Development) No, SO3 19(E)/18-AA/IDRA/76 dated 27-4-1976 had authorised, the Jammu and Kashmir Industries Limited to take over the management of the whole of the said Industrial Undertaking under section 18-AA of the Industries (Development and Regulation) Act 1951;
And whereas the management of the Plyboard Industries Limited, Pampore was taken over by the Jammu and Kashmir Industries in pursuance of the said notification;
And whereas it is expedient acquire the said undertaking and its shares for ensuring continued production of goods essential to the needs of State and to provide for matters connected therewith, or incidental thereto.
Be it enacted by the Jammu and Kashmir State Legislature in the Thirty eighth Year of the republic of India as follows :-
1. Short title, extent and commencement. - (1) This Act may be called the Plyboard Industries (Acquisition of Shares and of the Industrial Undertaking) Act, 1987.
(2) It extends to whole of the state of Jammu and Kashmir,
(3) It shall deemed to have come into force on 26th day of December, 1985
2. Definitions. - In this Act, unless the context otherwise requires. -
(a) "appointed day" means the date of commencement of this Act.
(b) "Government" means the Government of Jammu and Kashmir;
(c) "Industrial Undertaking" means Messers Plyboard industries Limited, Pompore, Kashmir;
(d) "Notification" means notification published in the Government Gazette;
(e) "Prescribed" means prescribed by rules made under this Act.
3. Transfer and vesting in the government of shares of the industrial undertaking. - (1) On the appointed day, all the shares in the capital of the industrial undertaking shall by virtue of this Act stand transferred to and vested in the Government.
(2) All the shares which have vested in the Government under subsection (1) shall by force of such vesting be freed and discharged of all trusts, liabilities, obligations, mortgages, charges liens and other encumbrances affecting them.
(3) any dividend payable by Messers Plyboard Industries Limited, Pampore in respect of any period beginning from appointed day, shall be payable to the Government.
4. Management of the industrial undertaking. - (1) For the purpose of enabling the industrial undertaking to function as a Government Company, the Government may by notification in the Government Gazette, make such amendments in the memorandum and articles of association of the said industrial undertaking and such other provisions as it may consider necessary.
(2) Any amendments in the memorandum and articles of association the industrial undertaking and any other provisions made under sub-section (1) shall have effect notwithstanding anything contained in the Companies Act, 1956.
5. Transfer and vesting in the government of the industrial undertaking. - On the appointed day, the right, title and interest of the industrial undertaking shall by virtue of this Act, stand transferred to, and vested in the Government.