Section 24
Assumption of liability. Repealed
The Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977
About this Act
An Act to provide for, in the public interest, the acquisition and transfer of the right, title and interest of the undertakings of Messrs. Smith, Stanistreet and Company Limited, Calcutta and for matters connected therewith or incidental thereto.
(1) Where any liability of the Company arising out of all or any of the
items specified in category I, category II, category III or category IV of the Schedule are not discharged
fully by the Commissioner out of the amount paid to him under this Act, the Commissioner shall intimate
in writing to the Central Government the extent of the liability which remains undischarged, and that
liability shall be assumed by the Central Government.
(2) The Central Government may, by order, direct the Government company to take over any liability assumed by that Government under sub-section (1), and on receipt of such direction, it shall be the duty of the Government company to discharge such liability.
(2) The Central Government may, by order, direct the Government company to take over any liability assumed by that Government under sub-section (1), and on receipt of such direction, it shall be the duty of the Government company to discharge such liability.