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The Hind Cycles Ltd. and Sen-Raleigh Ltd. (Nationalisation) Act, 1980

[Act No. 70 of 1980]

[27th December, 1980.]

Contents
Sections Chaptericulars
Title The Hind Cycles Ltd. and Sen-Raleigh Ltd. (Nationalisation) Act, 1980
Chapter I Preliminary
1. Short title and commencement
2. Definitions
Chapter II Acquisition of The Undertakings of The two Companies
3. Transfer to, and vesting in, the Central Government of the undertakings of the two companies
4. General effect of vesting
5. Owners of the two Companies to be liable for certain prior liabilities
6. Power of Central Government to direct vesting of the undertakings of the two companies in two Government Companies
Chapter III Payment of Amounts
7. Payment of amount
8. Payment of further amounts
Chapter IV Management, Etc., of The Undertakings of The two Companies
9. Management, etc., of the undertakings of the two companies
10. Duty of persons in charge of management of the undertakings of the two companies to deliver all assets, etc
11. Duty of persons to account for assets, etc., in their possession
12. Accounts and audit
Chapter V Provisions Relating to Employees of The two Companies
13. Continuance of employees
14. Provident fund and other funds
Chapter VI Commissioner of Payments
15. Appointment of Commissioner of Payments
16. Payment by Central Government to the Commissioner
17. Certain powers of Central Government or Government companies
18. Claims to be made to the Commissioner
19. Priority of claims
20. Examination of claims
21. Admission or rejection of the claims
22. Disbursement of money by the Commissioner
23. Disbursement of amounts to the two companies
24. Undisbursed or unclaimed amount to be deposited with the general revenue account
Chapter VII Miscellaneous
25. Act to have overriding effect
26. Contracts to cease to have effect unless ratified by the Central Government or Government companies
27. Penalties
28. Offences by companies
29. Protection of action taken in good faith
30. Delegation of powers
31. Power to make rules
32. Power to remove difficulties
33. Repeal and saving
The Schedules
Schedule I Table 1
Schedule II Table 2
Schedule III Order of Priorities for The Discharge of Liabilities of The two Companies
Post-Take-Over Management Period
Pre-take-over management period


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