Pulgaon Cotton Mills Limited (Acquisition of Shares) Act, 1982
No: 34 Dated: Oct, 14 1982
THE PULGAON COTTON MILLS LIMITED (ACQUISITION OF SHARES) ACT, 1982
ACT, No. XXXIV OF 1982
An Act to provide for the acquisition of shares of the Pulgaon Cotton Mills Limited, with a view to securing proper management of the affairs of the company and the continuity and development of the production of articles which are vital to the needs of the general public and for matters connected therewith, or incidental thereto.
WHEREAS Messrs. Pulgaon Cotton Mills Limited, 59, Apollo Street, Bombay, are engage in the manufacture and production of cotton fabrics at its mills at Pulgaon, in Wardha District, which are vital to the needs of the general public ;
AND WHEREAS the Central Government by its Notification in the Ministry of Industries (Department of Industrial Development), No. S. O. 753 (E)/18AA/IDRA/76, dated the 25th November 1976, has taken over the industrial undertaking for management under section 18AA of the Industries (Development and Regulation) Act, 1951 ; AND WHEREAS large scale modernisation programmes have been chalked out for the undertaking for making it a completely viable unit and whereas the State Bank of India and the Financial Institutions have advanced considerable sums to the company and a major portion of the loans sanctioned by the Financial Institutions for the modernisation programmes has been guaranteed by the State Government ;
AND WHEREAS the State Government has also advanced a sum of Rs. 25.00 lakhs for the unit ;
AND WHEREAS it is essential to maintain the volume of production as well as the level of employment in the industry ;
AND WHEREAS further investment of large sums of money is necessary for the maintenance and development of the production of the undertakings of the industry and for securing the proper management of the affairs of the industry ;
AND WHEREAS acquisition of the shares of the company by the State Government for having an effective control over the affairs of the company was necessary in the public interest to enable it to make the investments aforesaid ;
AND WHEREAS both Houses of the State Legislature were not in session ;
AND WHEREAS the Governor of Maharashtra was satisfied that circumstances existed which rendered it necessary for him to take immediate action to make a law for the purposes aforesaid; and, therefore, promulgated the Pulgaon Cotton Mills Limited (Acquisition of Shares) Ordinance, 1982 on the 24th August 1982 ;
AND WHEREAS it is expedient to replace the said Ordinance by an Act of the State Legislature ;
It is hereby enacted in the Thirty-third Year of the Republic of India as follows :—
CHAPTER I
PRELIMINARY
1. Short title and commencement:- (1) This Act may be called the Pulgaon Cotton Mills Limited (Acquisition of Shares) Act, 1982.
(2) It shall be deemed to have come into force on the 24th day of August 1982.
2. Definitions:- In this Act, unless the context otherwise requires,—
(a) “appointed day” means the date of commencement of this Act;
(b) “bank” means a banking company within the meaning of the Banking Regulation Act, 1949 ;
(c)“Commissioner” means the Commissioner of Payments appointed under section 5 ;
(d) “Company” means Messrs. Pulgaon Cotton Mills Limited, being a company within the meaning of the Companies Act, 1956, and having its registered office at 56, Apollo Street, Bombay 400 023, in the State of Maharashtra ;
(e) “share” means share in the capital of the Company, and includes a share pledged by any shareholder with any bank or other creditor;
(f) “shareholder” means,—
(i) a person who, immediately before the appointed day, was registered by the company as the holder of any share, and includes his legal representative ; or (ii) a person who, before the appointed day, had lodged with the Company a proper instrument of transfer of any share in the form prescribed under section 108 of the Companies Act, 1956, and executed in accordance with the provisions of that section ; or
(iii) a person who claims under a proper instrument of transfer of any share in the form prescribed under section 108 of the Companies Act, 1956, and delivers such instrument to the Commissioner, duly executed, on or before such date as the State Government may, by notification in the Official Gazette, specify in this behalf;
(g) "specified date" means such date as the State Government may, for the purpose of any provision of this Act, by notification in the Official Gazette, specify and different dates may be specified for different provisions of this Act;
(h) words and expressions used herein and not defined, but defined in the Companies Act, 1956, shall have the meanings respectively assigned to them in that Act.