The Tyre Corporation of India Limited (Disinvestment of Ownership) Act, 2007
Act No. 50 of 2007
[12th December, 2007.]
An Act to provide for disinvestment of Government's equity in the Tyre Corporation of India Limited and for matters connected therewith or incidental thereto.
WHEREAS the Inchek Tyres Limited and the National Rubber Manufacturers Limited, engaged in the manufacture, production and distribution of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951, namely, tyres, tubes and other rubber goods, were nationalised under the Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984 and transferred to, and vested in, the Tyre Corporation of India Limited, Calcutta from the 5th day of March, 1984;
AND WHEREAS for the purpose of securing optimum utilisation of the available facilities for the manufacture, production and distribution of tyres, tubes and other rubber goods, investment of large amount is necessary; AND WHEREAS it is expedient to disinvest the Government's equity in the Tyre Corporation of India Limited, Kolkata to enable the private sector to have investment made to ensure that the interest of general public are served by the continuance of the manufacture, production and distribution of the aforesaid articles which are essential to the needs of the economy of the country.
BE it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:-