Section 4
Taking over of management of the undertaking of the Metal Corporation.
The Metal Corporation (Nationalisation and Miscellaneous Provisions) Act, 1976
About this Act
An Act to provide for the taking over of the management of the undertaking of the Metal Corporation, after such undertaking is deemed to have been transferred to, and re-vested in, the said Corporation, and for the subsequent acquisition of the undertaking of the Metal Corporation for the purpose of enabling the Central Government, in the public interest, to exploit to the fullest extent possible, the zinc and lead deposits in and around Zawar area in the State of Rajasthan and to utilise those minerals in such manner as to subserve the common good, and for matters connected therewith or incidental thereto.
(1) On the
commencement of this Act, the Metal Corporation of India (Acquisition of Undertaking)
Act, 1966 (36 of 1966), shall stand repealed, and on such repeal, the undertaking of the Metal
Corporation, which had been transferred to, and vested in, the Central Government by virtue of the
provisions of section 3 of the Act so repealed, and the undertaking of the Metal Corporation together with
all its properties, assets, liabilities and obligations specified in sub-section (1) of section 4 of that Act and
such other properties, assets, liabilities and obligations, acquired or incurred, for the purposes of its
undertaking, after the 22nd day of October, 1965, which stood, by virtue of the provisions of section 12 of
the said Act, transferred to, and vested in, the Government company formed in pursuance of the
provisions of section 12 of the Act aforesaid shall, by virtue of the provisions of this Act, be deemed to
have been retransferred to, and re-vested in, the Metal Corporation, and, immediately thereafter, the
management of the undertaking of the Metal Corporation shall be deemed to have been transferred to, and
vested in, the Central Government.
(2) Any contract, whether express or implied, or other arrangement, in so far as it relates to the management of the business and affairs of the undertaking of the Metal Corporation, and in force immediately before the commencement of this Act, shall be deemed to have terminated on such commencement.
(3) All persons in charge of the management, including persons holding offices as directors, managers or in any other managerial capacity specified in section 197A of the Companies Act, 1956 (1 of 1956), of the Metal Corporation immediately before the commencement of this Act, shall be deemed to have vacated their offices as such on such commencement.
(4) Notwithstanding anything contained in any other law for the time being in force, no person in respect of whom any contract of management or other arrangement is terminated by reason of the provisions of sub-section (2) or who ceases to hold office by reason of the provisions contained in sub-section (3), shall be entitled to claim any compensation for the premature termination of the contract of management or other arrangement or for the loss of office, as the case may be.
(2) Any contract, whether express or implied, or other arrangement, in so far as it relates to the management of the business and affairs of the undertaking of the Metal Corporation, and in force immediately before the commencement of this Act, shall be deemed to have terminated on such commencement.
(3) All persons in charge of the management, including persons holding offices as directors, managers or in any other managerial capacity specified in section 197A of the Companies Act, 1956 (1 of 1956), of the Metal Corporation immediately before the commencement of this Act, shall be deemed to have vacated their offices as such on such commencement.
(4) Notwithstanding anything contained in any other law for the time being in force, no person in respect of whom any contract of management or other arrangement is terminated by reason of the provisions of sub-section (2) or who ceases to hold office by reason of the provisions contained in sub-section (3), shall be entitled to claim any compensation for the premature termination of the contract of management or other arrangement or for the loss of office, as the case may be.