The ODISHA TEXTILE, MILLS LIMITED (ACQUISITION OF SHARES) ACT, 1983
odisha · 1983
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 2Section 2 defines key terms used in the Odisha Textile Mills Limited (Acquisition of Shares) Act, 1983.
- S. 3Section 3 transfers all company shares to the State Government, freeing them from all prior encumbrances.
- S. 4'(I j For the transfer to and vesting in the State ~overnment under section 3, amountg
- S. 5(1) The State Government shall, for the purpose of disbursing the rrmounts of Cornmi- 1 ,i
- S. 6Section 6 mandates the State Government to pay specified amounts to the Commissioner for shareholders and opens a deposit account for these funds.
- S. 7Section 7 mandates that shareholders with claims on acquired shares must be preferred by the Commissioner within 30 days, with possible extension if justified.
- S. 8On receipt of the claims made under section 7, the -Commissioner shall , of claim
- S. 9(1) After examining the claims, the Commissioner shall fix a certain date ' or rejectlon
- S. 10Section 10 outlines the payment process for acquired shares and interest distribution among shareholders.
- S. 11Section 11 mandates the transfer of any undisbursed or unclaimed funds to the state's general revenue account upon the Commissioner's office closure.
- S. 12Section 12 grants the Commissioner authority to request records and information to determine shareholder status for payments under the Act.
- S. 13Section 13 resolves disputes over entitlements to payments under the Act, directing the Commissioner to make payments or refer disputes to the Principal Civil Court.
- S. 14Where any disp,ute has been referred under Section 13 by the Commissioner amount Court
- S. 17(1) Where an offence under this Act hiu been committed by a Company, Companies
- S. 18No court shall take mgoizanoe
- S. 19The
- S. 20Section 20 grants the State Government power to issue orders to resolve difficulties in implementing the Act, with a two-year limit.