Act 78 of 1972

The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972

An Act to provide for the acquisition and transfer of the undertaking of the Richardson and Cruddas Limited, for the reconstruction of the register of its members and for matters connected therewith or incidental thereto.

  • Ministry of Heavy Industries and Public Enterprises
  • Department of Heavy Industry
  • Enacted 1972-12-30
  • 31 sections
SectionTitle
1 Short title.Read
2 Definitions.Read
3 Undertaking of the old company to vest in the Central Government.Read
4 General effect of meeting.Read
5 Duty to deliver possession of property acquired and documents relating thereto.Read
6 Duty to furnish particulars.Read
7 Transfer of employees of the old company.Read
8 Payment of amount.Read
9 Formation and registration of a new company.Read
10 Management of the old company.Read
11 Custodian to be public servant.Read
12 Vacation of office by directors, etc., of the old company.Read
13 Constitution of a Tribunal.Read
14 Tribunal to call upon persons to make claims.Read
15 Determination of genuine shares.Read
16 No compensation for cancellation of spurious shares.Read
17 Power of Tribunal to entertain and dispose of claims for reimbursement.Read
18 Suits and legal proceedings, not to be commenced or proceeded with.Read
19 Decision of the Tribunal to be final.Read
20 Custodian to reconstruct register of members of the old company.Read
21 Custodian to issue fresh share certificates.Read
22 No annual general meeting of the old company to be held before the reconstruction of the register of members. Read
23 Custodian to file accounts until reconstruction of the register of members of the old company.Read
24 Penalties.Read
25 Offences by companies.Read
26 Offences to be triable by a Magistrate of the first class and not to be compoundable.Read
27 Protection of action taken in good faith.Read
28 Contracts, etc., in bad faith may be cancelled or varied.Read
29 Power to terminate contract of employment.Read
30 Power to remove difficulty.Read
31 Power to make rules.Read
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