ACQUISITION AND TRANSFER OF THE UNDERTAKING OF RICHARDSON AND CRUDDAS LIMITED
Section 1 — Short title.
This Act may be called the Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972.
Browse all 31 sections
- 1.Short title.
- 2.Definitions.
- 3.Undertaking of the old company to vest in the Central Government.
- 4.General effect of meeting.
- 5.Duty to deliver possession of property acquired and documents relating thereto.
- 6.Duty to furnish particulars.
- 7.Transfer of employees of the old company.
- 8.Payment of amount.
- 9.Formation and registration of a new company.
- 10.Management of the old company.
- 11.Custodian to be public servant.
- 12.Vacation of office by directors, etc., of the old company.
- 13.Constitution of a Tribunal.
- 14.Tribunal to call upon persons to make claims.
- 15.Determination of genuine shares.
- 16.No compensation for cancellation of spurious shares.
- 17.Power of Tribunal to entertain and dispose of claims for reimbursement.
- 18.Suits and legal proceedings, not to be commenced or proceeded with.
- 19.Decision of the Tribunal to be final.
- 20.Custodian to reconstruct register of members of the old company.
- 21.Custodian to issue fresh share certificates.
- 22.No annual general meeting of the old company to be held before the reconstruction of the register of members.
- 23.Custodian to file accounts until reconstruction of the register of members of the old company.
- 24.Penalties.
- 25.Offences by companies.
- 26.Offences to be triable by a Magistrate of the first class and not to be compoundable.
- 27.Protection of action taken in good faith.
- 28.Contracts, etc., in bad faith may be cancelled or varied.
- 29.Power to terminate contract of employment.
- 30.Power to remove difficulty.
- 31.Power to make rules.