The Dr. Paul Lohmann ( India ) Limited ( Acquisition And Transfer Of Undertakings ) Act, 1986
west-bengal · 1986
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(1) This Act may be called the Dr
- S. 2Section defines key terms used in the Act, including "appointed day," "Commissioner," "Company," and "notification."
- S. 3Section transfers the company's undertakings and interests to the State Government on a specified day.
- S. 4Section 4 declares all company assets and interests as vested in the State Government, freeing them from encumbrances.
- S. 5Section 5 specifies that pre-existing liabilities of the Company are enforceable against it, except for certain post-management takeover liabilities which are enforceable against government companies.
- S. 6Section 6 allows the State Government to transfer the Company's undertakings to an existing Government company if terms are met.
- S. 7Section 7 allows the State Government to transfer the Company's undertakings to a new Government company if it complies with specified terms and conditions.
- S. 8Section 8 provides for the payment of rupees fifty-two lakhs and eighty-seven thousand to the Company for the transfer of its undertakings to the State Government.
- S. 9Section 9 provides for the payment of rupees thirteen thousand by the State Government to the Company for management deprivation, with interest and installment payments.
- S. 10Section 10 grants the State Government authority to manage the Company's undertakings through existing or new government companies or appointed custodians.
- S. 11Section 11 mandates that former managers of Dr. Paul Lohmann (India) Limited must transfer all relevant assets and documents to a government company or custodian upon vesting.
- S. 12Section 12 mandates custodians to maintain company accounts and apply Companies Act, 1956 for audits.
- S. 13Section 13 ensures employees of Dr. Paul Lohmann (India) Limited retain same rights post-transfer to State or Government company, with no compensation claims.
- S. 14Section 14 transfers funds for employees' benefits from Dr. Paul Lohmann's funds to the State Government or a government company upon acquisition.
- S. 15Section 15 appoints a Commissioner of Payments and authorizes others to assist, with salaries funded by the state.
- S. 16Section 16 mandates the West Bengal State Government to pay specified amounts to the Commissioner for the Company and directly repays pre-acquisition loans to banks.
- S. 17Section 17 allows the State Government or government company to claim dues and discharge liabilities of the Company for transactions prior to the appointed day.
- S. 18Section 18 mandates claimants to file their claims against the company with the Commissioner within 30 days, with possible extension if justified.
- S. 19Section 19 prioritizes claims in specified categories, with higher categories paid first, and lower ones only if surplus remains.
- S. 20Section 20 arranges and prioritizes claims for examination by the Commissioner if funds are insufficient for lower categories.
- S. 21Section 21 outlines the process for claimants to file proofs of their claims and the Commissioner's role in admitting or rejecting these claims.
- S. 22Section 22 mandates the Commissioner to pay admitted claims to claimants, discharging the company's liability.
- S. 23Section 23 details the disbursement of remaining funds to the Company and lawful possession of non-Company property by the State Government or Government company.
- S. 24Section 24 transfers undisbursed or unclaimed funds to the State's general revenue, allowing claimants to seek refunds.
- S. 25Section overrides any conflicting laws, decrees, or orders for the Act's provisions.
- S. 26Section 26 mandates the State Government to assume undischarged liabilities of the Company and directs the Company to fulfill such liabilities.
- S. 27Section 27 ratifies pre-existing contracts of the company unless the State Government or relevant company modifies or refuses them after due process.
- S. 28Section 28 penalizes individuals for wrongfully withholding, obtaining, or destroying company property or documents, with imprisonment and fines.
- S. 29Section 29 holds company officers and individuals in charge liable for company offenses, with exceptions for due diligence and lack of knowledge.
- S. 30Section 30 protects government officials and companies from legal actions for actions taken in good faith under the Act.
- S. 31Section 31 allows the State Government to delegate certain powers under the Act to specified persons, who must act under its direction.
- S. 32(1) The State Government may, by notification, make rules for Power to make rules
- S. 33Section 33 allows the State Government to resolve difficulties in implementing the Act, but only within two years of publication, and outlines priority order for company liabilities.