Section List

Act Number: 78

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

Year: 1972

Enactment Date: 1972-12-30

Long Title: 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: Ministry of Heavy Industries and Public Enterprises

Department: Department of Heavy Industry

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