Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978
No: 16 Dated: Apr, 30 1978
THE PUBLIC SECTOR IRON AND STEEL COMPANIES (RESTRUCTURING) AND MISCELLANEOUS PROVISIONS ACT, 1978
ACT NO.16 OF 1978
An Act to provide for restructuring of the iron and steel companies in the public sector so as to secure better management and greater efficiency in their working and for matters connected therewith or incidental thereto.
BE it enacted by Parliament in the Twenty-ninth Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
1. Short title and commencement.—(1) This Act may be called the Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978.
(2) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint.
2. Definitions.—(1) In this Act, unless the context otherwise requires,—
(a) “appointed day” means the date on which this Act comes into force;
(b) “Companies Act” means the Companies Act, 1956 (1 of 1956);
(c) “corresponding unit”, in relation to—
(i) the Integral Company, means that unit of the Integral Company which corresponds to the unit of the dissolved company or the transferred company in which the concerned officer or other employee was holding office before the transfer of the said unit;
(ii) a transferee company, means that unit of a transferee company which corresponds to the unit of the dissolved company in which the concerned officer or other employee was holding office before the transfer of the said unit;
(d) “dissolved company” means a company specified in the First Schedule;
(e) “Integral Company” means the Steel Authority of India Limited, a company formed and registered under the Companies Act having its registered office at New Delhi;
(f) “transferee company” means the company to which the undertakings of a dissolved company or of a transferred unit, as the case may be, stand transferred by virtue of the provisions of this Act;
(g) “transferred company” means,—
(i) Metallurgical and Engineering Consultants (India) Limited, a company formed and registered under the Companies Act having its registered office at Ranchi in the State of Bihar;
(ii) National Mineral Development Corporation Limited, a company formed and registered under the Companies Act having its registered office at Hyderabad in the State of Andhra Pradesh;
(iii) Hindustan Steelworks Construction Limited, a company formed and registered under the Companies Act having its registered office at Calcutta in the State of West Bengal;
(iv) Bharat Refractories Limited, a company formed and registered under the Companies Act having its registered office at Bokaro Steel City in the State of Bihar; or
(v) India Firebricks and Insulation Company Limited, a company formed and registered under the Companies Act having its registered office at Bombay in the State of Maharashtra;
(h) “transferred unit” means,—
(i) Kiriburu Iron Ore Mines, a unit of the National Mineral Development Corporation Limited; or
(ii) Meghahatuburu Iron Ore Project, a unit of the National Mineral Development Corporation Limited;
(iii) Ramgarh Refractory Plant, a unit of the Hindustan Steel Limited (situated near Ramgarh in the State of Bihar);
(iv) Refractory Project, a unit of the Hindustan Steel Limited (situated at Bhilai in the State of Madhya Pradesh); or
(v) Sillimanite Mines, a unit of the Hindustan Steel Limited (situated in the State of Meghalaya).
(2) Words and expressions used herein and not defined but defined in the Companies Act have the meaning respectively assigned to them in that Act.