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16/1978 - The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978 ▶

Act Number: 16

Act Name: The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978

Year: 1978

Enactment Date: 1978-04-30

Long Title: An Act to provide for restructuring of the iron and steel companies in the public sector so as to secure better management and greater efficiency in their working and for matters connected therewith or incidental thereto.

Ministry: Ministry of Steel

Department:

Section Number	Title	Actions
1	Short title and commencement.
2	Definitions.
3	“Undertaking”— meaning of.
4	Dissolution, transfer and vesting of undertakings of certain companies in Integral Company.
5	Transfer and vesting of Kiriburu Iron Ore Mines, etc., in Integral Company.
6	Transfer and vesting of Refractory Plant, etc., in the Bharat Refractories Limited.
8	Transfer of shares held by Bokaro Steel Limited to Central Government.
9	Transfer of shares held by Integral Company to Central Government.
10	Transfer of shares held by Integral Company to Bharat Refractories Limited.
11	Transfer of shares held by Central Government to Integral Company.
12	Central Government, etc., deemed to be registered in the register of members of companies.
14	Provisions relating to officers and other employees of dissolved companies.
15	Provisions relating to officers and employees of transferred units.
16	Provisions relating to directors.
17	Provision relating to auditors.
18	Compensation for transfer not payable.
19	Provident Fund.
20	Gratuity, welfare and other funds.
21	Provisions with respect to income-tax and surtax.
22	Taxes, fees and other charges not payable.
23	Saving of contracts, etc.
24	Saving of legal proceedings.
25	Power to remove difficulties.
26	Act to override the provisions of other laws.
27	Power to amend memorandum and articles of association.
7	Transfer of immovable properties of Hindustan Steel Limited to Metallurgical and Engineering Consultants (India) Limited.
13	Power of Central Government to modify amount of paid-up share capital of Integral Company, etc., and issue of shares.