Report No. 251
24. Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act, Act 50 of 1982
Recommendation: Consider for Repeal
The Act enabled the complete nationalisation of Amritsar Oil Works. Upon nationalisation, Amritsar Oil Works was taken over by HVOC. HVOC had been suffering severe financial losses and was declared sick by the BIFR in 1999. 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.