The Infusions ( India ) Limited ( Acquisition Of Shares ) Act, 1985
west-bengal · 1985
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 Infusions (India) Limited (Acquisition of Shares) Act, 1985
- S. 3Section 3 transfers all shares of The Infusions (India) Limited to the State Government, freeing them from encumbrances.
- S. 4Section 4 mandates that management must hand over all company assets and documents to the State Government upon share vesting.
- S. 5Section 5 mandates that the company's management will be handled by a State Government appointee after shares vest in the government.
- S. 6Section 6 provides for compensation in cash for shares transferred to the State Government, with interest at 4% per annum.
- S. 7Section 7 mandates the State Government to appoint a Commissioner of Payments to disburse shareholder payments and authorizes other assistants to exercise certain powers.
- S. 9Section 9 mandates shareholders to file claims within 30 days for shares acquired under the Act, with possible extensions.
- S. 10Section 10 directs the Commissioner to separately organize and examine claims for preference and equity shares after receiving them.
- S. 11Section 11 mandates the Commissioner to set a deadline for claimants to submit proof of their claims and outlines procedures for notice and claim adjudication.
- S. 12Section 12 mandates the Commissioner to pay share acquisition amounts and interest to shareholders after claims are admitted.
- S. 13Section 13 mandates the transfer of undisbursed or unclaimed funds to the State Government's general revenue account upon the Commissioner's office closure.
- S. 14Section 14 allows the State Government to request records and information to verify shareholder claims for payment.
- S. 15Section overrides any conflicting laws or instruments not part of this Act.
- S. 16Section 16 protects state officials from legal action for actions taken in good faith under this Act.
- S. 17(1) The State Government may, by notification, make rules for Power to carrying out the provisions of this Act
- S. 18Section 18 allows the State Government to resolve any issues with the Act, but only within two years of its commencement.
- S. 19(1) The Infusions (India) Limited (Acquisition of Shares) Ordinance, 1985 is hereby repealed
- S. 1985Short title and commence- ment