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70/1980 - The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980 ▶

Act Number: 70

Act Name: The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980

Year: 1980

Enactment Date: 1980-12-27

Long Title: An Act to provide for the acquisition of the undertakings of the Hind Cycles Limited, and Sen-Raleigh Limited, with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of bicycles, and their component parts and accessories 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 Number	Title	Actions
1	Short title and commencement.
2	Definitions.
3	Transfer to, and vesting in, the Central Government of the undertakings of the two companies.
4	General effect of vesting.
5	Owners of the two Companies to be liable for certain prior liabilities.
7	Payment of amount.
8	Payment of further amounts.
9	Management, etc., of the undertakings of the two companies.
11	Duty of persons to account for assets, etc., in their possession.
12	Accounts and audit.
15	Appointment of Commissioner of Payments.
16	Payment by Central Government to the Commissioner.
17	Certain powers of Central Government or Government companies.
18	Claims to be made to the Commissioner.
19	Priority of claims.
20	Examination of claims.
21	Admission or rejection of the claims.
22	Disbursement of money by the Commissioner.
23	Disbursement of amounts to the two companies.
24	Undisbursed or unclaimed amount to be deposited with the general revenue account.
25	Act to have overriding effect.
27	Penalties.
28	Offences by companies.
29	Protection of action taken in good faith.
30	Delegation of powers.
31	Power to make rules.
32	Power to remove difficulties.
33	Repeal and saving.
6	Power of Central Government to direct vesting of the undertakin gs of the two com panies in two Government Companies.
10	Duty of persons in charge of management of the undertakings of the two companies to deliver all assets, etc.
13	Continuance of employees
14	Provident fund and other funds.
26	Contracts to cease to have effect unless ratified by the Central Government or Government companies .