The Krishna Silicate And Glass Works 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 Krishna Silicate and Glass Works Limited (Acquisition and Transfer of Undertakings) Act,
- S. 3Section 3 transfers the company's undertakings and interests to the State Government on a specified day.
- S. 4Section 4 declares that the State Government's vested properties and assets are freed from all encumbrances and restrictions.
- S. 5Section 5 specifies that pre-existing liabilities of the Company remain enforceable against it, except for post-management takeover loans and employee dues.
- 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 it complies with specified terms.
- S. 8Section 8 provides compensation of ₹23.84 lakhs to the Company for the transfer of its undertakings to the State Government.
- S. 9Section 9 provides compensation and interest for the State Government's acquisition of the Company's undertakings, payable in four annual installments.
- S. 10Section 10 details how the management of the Company's undertakings vests in government entities or custodians as directed by the State Government.
- S. 11Section 11 mandates the transfer of company assets and documents to a government company or custodian upon management vesting.
- S. 12Section 12 mandates the custodian to maintain and audit the company's accounts as per the Companies Act, 1956.
- S. 13Section 13 ensures employees of the Company become State Government employees, retaining same rights and privileges unless employment is terminated or conditions altered.
- S. 14Section 14 transfers funds for employees' benefits from the company to the State Government or new government company upon acquisition.
- S. 15Section 15 appoints a Commissioner of Payments to disburse funds and authorizes others to assist and exercise powers.
- S. 16Section 16 mandates the State Government to pay the first instalments to the Commissioner for the Krishna Silicate and Glass Works Limited, with specific conditions on timing and direct payments to banks.
- S. 17Section 17 allows the State Government or government company to claim dues and liabilities from the Krishna Silicate And Glass Works Limited post-acquisition.
- 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 categories only if surplus remains.
- S. 20Section 20 prioritizes and examines claims for compensation under the Act, halting lower category claims if funds are insufficient.
- S. 21Section 21 outlines the process for claimants to file proofs of their claims and the Commissioner's role in examining and admitting or rejecting these claims.
- S. 22Section 22 discharges the company's liability after the Commissioner pays the admitted claim amount.
- S. 23Section 23 directs the Commissioner to disburse remaining funds to the Company and allows the State Government to retain non-Company machinery and equipment.
- S. 24Section 24 directs the Commissioner to transfer undisbursed or unclaimed funds to the State's general revenue account upon winding up.
- 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 may direct the Company to take over these liabilities.
- S. 27Section 27 of the Act allows existing contracts to continue unless the State Government or a Government company ratifies them within 180 days.
- S. 28Section 28 penalizes wrongful withholding, retention, or destruction of company property or documents by up to two years imprisonment and/or a fine.
- S. 29Section 29 holds company officers responsible for offenses committed by the company, unless they prove lack of knowledge or due diligence.
- S. 30Section 30 protects state officials and entities 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 supervision.
- 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, but only within two years, and outlines priority order for company liabilities.