Act 41 of 1977

The Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977

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.

  • Ministry of Chemicals and Fertilizers
  • Department of Pharmaceuticals
  • Enacted 1977-12-17
  • 34 sections
SectionTitle
1 Short title and commencement. RepealedRead
2 Definitions. RepealedRead
3 Transfer to and vesting in Central Government of the undertakings of the Company. RepealedRead
4 General effect of vesting. RepealedRead
5 Central Government or Government company not to be liable for prior liabilities. RepealedRead
6 Power of Central Government to direct vesting of the undertakings of the Company in a Government company. RepealedRead
7 Payment of amount. RepealedRead
8 Payment of further amount. RepealedRead
9 Management, etc., of the undertakings of the Company. RepealedRead
10 Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc. RepealedRead
11 Accounts and audit. RepealedRead
12 Employment of employees to continue. RepealedRead
13 Provident and other funds. RepealedRead
14 Appointment of Commissioner of Payments. RepealedRead
15 Payment by the Central Government to the Commissioner. RepealedRead
16 Certain powers of the Central Government or Government company. RepealedRead
17 Claims to be made to the Commissioner. RepealedRead
18 Priority of claims. RepealedRead
19 Examination of claims. RepealedRead
20 Admission or rejection of claims. RepealedRead
21 Disbursement of money by Commissioner to claimants. RepealedRead
22 Disbursement of amounts to the Company. RepealedRead
23 Undisbursed or unclaimed amount to be deposited with the general revenue account. RepealedRead
24 Assumption of liability. RepealedRead
25 Act to have overriding effect. RepealedRead
26 Contracts to cease to have effect unless ratified by the Central Government or Government company. RepealedRead
27 Penalties. RepealedRead
28 Offences by companies. RepealedRead
29 Protection of action taken in good faith. RepealedRead
30 Delegation of powers. RepealedRead
31 Power to make rules. RepealedRead
32 Power to remove difficulties. RepealedRead
33 Declaration as to policy of the State. RepealedRead
34 Repeal and saving. RepealedRead
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