Act Number: 41

Act Name: The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act, 1983

Year: 1983

Enactment Date: 1983-12-25

Long Title: An Act to provide for the acquisition and transfer of the undertakings of the Transformer and Switchgear Limited with a view to securing the better utilisation of the available infrastructure thereof and to modernise and augment the production of transformers, switchgears and other allied electrical equipments by the said undertakings so as to subserve the interests of the general public be ensuring the continued supply of the aforesaid articles which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

Ministry: Ministry of Heavy Industries and Public Enterprises

Department: Department of Heavy Industry

Section 28: Penalties.
    Any person who,--
         (a) having in his possession, custody or control any property forming part of the undertakings of the Company, wrongfully withholds such property from the Central Government or Andrew Yule; or
         (b) wrongfully obtains possession of, or retains, any property forming part of the undertakings of the Company; or
         (c) wilfully withholds or fails to furnish to the Central Government or Andrew Yule or any person or body of persons specified by that Government or Andrew Yule, as the case may be, any document relating to the undertakings of the Company, which may be in his possession, custody or control; or
         (d) fails to deliver to the Central Government or Andrew Yule or to any person or body of persons specified by that Government or Andrew Yule, any assets, books of account, registers or other documents in his possession, custody or control, relating to the undertakings of the Company; or
        (e) wrongfully removes or destroys any property forming part of the undertakings of the Company; or
         (f) prefers any claim under this Act which he knows or has reasonable cause to believe to be false or grossly inaccurate,
shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to ten thousand rupees, or with both.
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