Report No. 251
18. Caltex [Acquisition of Shares of Caltex Oil Refining (India) Limited and of the Undertakings in India of Caltex (India) Limited] Act, Act 17 of 1977
Recommendation: Consider for Repeal
The Act provided for the acquisition of all rights, titles and interests of the Indian undertakings of Caltex Oil Refining (India) Limited (CORIL) by the Central Government. By means of this acquisition act, CORIL was merged with the Hindustan Petroleum Corporation Limited (HPCL) in 1977.
The Act provided for the nationalisation of CORIL 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.