Sri Sri Lokenath Cotton Mills Limited (Acquisition And Transfer Of Undertakings) Act, 1987
No: 12 Dated: Nov, 18 1987
THE SRI SRI LOKENATH COTTON MILLS LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 198
West Bengal Act XII of 1987
An Act to provide for the acquisition and transfer, in the public interest, of the undertakings of the Sri Sri Lokenath Cotton Mills Limited, and for matters connected therewith or incidental thereto.
Whereas Sri Sri Lokenath Cotton Mills Limited had been engaged in the processing of cloth comprising bleaching of grey cloth and dyeing and printing of cloth;
And Whereas Sri Sri Lokenath Cotton Mills Limited has been closed and such closure has been highly detrimental to the interest of the general public;
And Whereas for the purpose of reconstructing and rehabilitating the undertakings of Sri Sri Lokenath Cotton Mills Limited so as to subserve the interests of the general public by utilising the production facilities and equipment of the undertakings of the Company and generating employment, it is necessary to acquire the undertakings of the Company;
It is hereby enacted as follows:-
1. Short title and commencement. - (1) This Act may be called the Sri Sri Lokenath Cotton Mills Limited (Acquisition and Transfer of Undertakings) Act, 1987.
(2) It shall be deemed to have come into force on the 3rd day of October, 1987.
2. Definitions. - In this Act, unless the context otherwise requires, -
(a) "appointed day" means the date on which this Act comes into force;
(b) "Company" means the Sri Sri Lokenath Cotton Mills Limited being a company as defined in the Companies Act, 1956, and having its registered office at 63, Radha Bazar Street, Calcutta-700001;
(c) "existing Government company" means a Government company which is carrying on business on the appointed day;
(d) "notification" means a notification published in the Official Gazette;
(e) 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.
3. Transfer to, and vesting in, the 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.
4. General effect of vesting. - (1) The undertakings of the Company shall be deemed to include all assets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, reservoir, railway siding, factory sheds, plant and machinery, equipments, furniture and fixtures, electrical installations, and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, power or control of the Company, whether within or outside India.
(2) All property included as aforesaid in the undertakings which have vested in the State Government under section 3 shall, by force of such vesting, be freed and discharged from any trusts, obligations, mortgages, charges, liens and other encumbrances affecting it, and any attachment, injunction or any decree or order of any Court restricting the use of such property in any manner shall be deemed to have been withdrawn.
(3) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to any property or asset which has vested in the State Government under section 3, instituted or preferred by or against the Company, is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertakings of the Company or of anything contained in this Act but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the State Government or, where the undertakings of the Company are directed under section 5 to vest in an existing Government company, by or against the existing Government company.