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The Richardson and Cruddas Ltd.(Acquisition and Transfer of Undertaking) Act, 1972

[Act No. 78 of 1972]

[30th December, 1972.]

Contents
Title The Richardson and Cruddas Ltd.(Acquisition and Transfer of Undertaking) Act, 1972
Sections Chaptericulars
Part I Acquisition and Transfer of The Undertaking of Richardson and Cruddas Ltd.
Chapter I Preliminary
1. Short title
2. Definitions
Chapter II Acquisition of The Undertaking of The Richardson and Cruddas Ltd.
3. Undertaking of the old company to vest in the Central Government
4. General effect of meeting
5. Duty to deliver possession of property acquired and documents relating thereto
6. Duty to furnish particulars
7. Transfer of employees of the old company
8. Payment of amount
Chapter III Management and Administration of The New Company
9. Formation and registration of a new company
Chapter IV Management of The Old Company
10. Management of the old company
11. Custodian to be public servant
12. Vacation of office by directors, etc., of the old company
Part II Rectification of The Register of Members of The Old Company
Chapter I Constitution of A Tribunal
13. Constitution of a Tribunal
Chapter II Powers and Duties of The Tribunal
14. Tribunal to call upon persons to make claims
15. Determination of genuine shares
16. No compensation for cancellation of spurious shares
17. Power of Tribunal to entertain and dispose of claims for reimbursement
18. Suits and legal proceedings, not to be commenced or proceeded with
19. Decision of the Tribunal to be final
Chapter III Duty of Custodian to Reconstruct Register of Members of The Old Company
20. Custodian to reconstruct register of members of the old company
21. Custodian to issue fresh share certificates
22. No annual general meeting of the old company to be held before the reconstruction of the register of members
23. Custodian to file accounts until reconstruction of the register of members of the old company
Part III Offences and Their Trial
24. Penalties
25. Offences by companies
26. Offences to be triable by a Magistrate of the first class and not to be compoundable
Part IV Miscellaneous
27. Protection of action taken in good faith
28. Contracts, etc., in bad faith may be cancelled or varied
29. Power to terminate contract of employment
30. Power to remove difficulty
31. Power to make rules


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