Report No. 251
15. Burn Company and Indian Standard Wagon Company (Nationalisation) Act, Act 97 of 1976
Recommendation: Consider for Repeal
The Act provided that the titles, rights and interests of the Burn Company and the Indian Standard Wagon Company would vest in the Government on the appointed date, free of all encumbrances. After acquisition, the two companies were amalgamated under the Companies Act, 1956 and renamed Burn Standard Company Ltd.
The Act provided for the nationalisation of these companies and for matters connected therewith, such as amount to be paid on transfer of the undertaking of the Company, transfer of service of existing employees, etc. The purpose of this Act has been served insofar the nationalisation of the concerned entity was concerned. The Act does not contain provisions of the management of the nationalised entity.
Hence, this Act does not serve any continuing purpose with respect to the nationalised entity. As a matter of abundant caution, a study of all the nationalisation Acts should be done before with a view to consider repeal of these Acts. If necessary, a suitable savings clause should be inserted in the repealing Act.