Report No. 250
17. Scheduled Securities (Hyderabad) Act, Act 7 of 1949
Category: Corporate Laws
This Act provided for the control of the transfer of certain securities and for the issue of duplicate securities in respect thereof. The Act provided that the Reserve Bank of India shall not, without the approval in writing of the Central Government, recognise for any purpose any transfer of a scheduled security otherwise than to the Government of Hyderabad made or purported to have been made on or before 31th December 1948.
Such security was deemed to have been vested in the Government of Hyderabad. This Act has served its purpose and the Central Government should now repeal this Act. A suitable savings clause should be inserted in the repealing Act. This Act has also been recommended for repeal by the PC Jain Commission Report (Appendix A-5).