The Engel India Machines And Tools 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. 1The act defines terms and outlines the acquisition and transfer of Engel India Machines and Tools Limited's undertakings.
- S. 2Section defines key terms used in the Act, including "appointed day," "Commissioner," "Company," and "notification."
- S. 3Section 3 transfers Engel India Machines And Tools Limited's undertakings and interests to the West Bengal State Government.
- S. 4(1) The undertakings of the Company shall be deemed to include all assets
- S. 5Section 5 specifies that certain liabilities incurred post-management takeover by the government are enforceable against the government company, not the original company.
- S. 6Section 6 allows the State Government to transfer the undertakings of the Company 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 terms are met.
- S. 8Section 8 mandates the State Government to pay the Company rupees one hundred and three lakhs and thirty-one thousand for the transfer of its undertakings.
- S. 9Section 9 provides for the payment of an additional amount to Engel India Machines And Tools Limited by the State Government for the deprivation of the company's management of its undertakings.
- S. 10Section 10 details how the State Government manages the Company's undertakings, either through existing or new government companies or appointed Custodians.
- S. 11Section 11 mandates that management personnel must transfer all relevant assets and documents to a government company or custodian upon undertakings' transfer.
- S. 12Section 12 mandates custodians to maintain and audit company accounts as per the Companies Act, 1956.
- S. 13Section 13 ensures employees of Engel India Machines And Tools Limited become state or government company employees with same rights, except no compensation for transfer.
- S. 14Section 14 transfers funds for employees' benefits from Engel India Machines to the State Government or a government company upon acquisition.
- S. 15Section 15 appoints a Commissioner of Payments to disburse funds and authorizes other assistants to exercise powers.
- S. 16Section 16 mandates the West Bengal State Government to pay the first instalments to the Commissioner for the Engel India Machines And Tools Limited acquisition, with specific timelines and conditions.
- S. 17Section 17 allows the State Government or government company to claim dues and prioritize claims for pre-appointed day liabilities.
- S. 18Section 18 mandates claimants against the Company to file their claims 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 prioritizes and examines claims against Engel India Machines And Tools Limited's assets, deeming insufficient funds for lower priority claims.
- S. 21Section 21 outlines the process for examining and admitting or rejecting claims for compensation under the Engel India Machines And Tools Limited (Acquisition And Transfer Of Undertakings) Act, 1986.
- S. 22Section 22 mandates the Commissioner to pay admitted claims to claimants, discharging the Company's liability upon payment.
- S. 23Section 23 directs the Commissioner to disburse remaining funds to the Company and allows the State Government to retain non-Company assets.
- S. 24Section 24 mandates the Commissioner to transfer undisbursed or unclaimed funds to the State Government's general revenue account.
- S. 25Section overrides any conflicting laws, decrees, or orders for the Act's provisions.
- S. 26Section 26 mandates the State Government to assume any undischarged liabilities of the Company and may direct the Company to take over these liabilities.
- S. 27Section 27 allows contracts to lapse unless ratified by the State Government, with the right to alter them, unless deemed detrimental.
- S. 28Any person, who—
- S. 29Section 29 holds company officers liable for offenses committed by the company, unless they prove lack of knowledge or due diligence.
- S. 30Section 30 protects the State Government and its officers from legal actions for actions taken in good faith under the Act.
- S. 31The State Government can delegate its 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 carrying out the provisions of this Act
- S. 33Section 33 allows the State Government to resolve difficulties in implementing the Act, with a two-year limit for priority order of company liabilities.