THE RICHARDSON AND CRUDDAS LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT, 1972

ACT NO. 78 OF 1972 · Enacted [30th December, 1972.] · 31 sections

CHAPTER I.—PRELIMINARY

Section 1.Short title.

Section 2.Definitions.

CHAPTER II.—ACQUISITION OF THE UNDERTAKING OF THE RICHARDSON AND CRUDDAS LIMITED

Section 3.Undertaking of the old company to vest in the Central Government.

Section 4.General effect of meeting.

Section 5.Duty to deliver possession of property acquired and documents relating thereto.

Section 6.Duty to furnish particulars.

Section 7.Transfer of employees of the old company.

Section 8.Payment of amount.

CHAPTER III.—MANAGEMENT AND ADMINISTRATION OF THE NEW COMPANY

Section 9.Formation and registration of a new company.

CHAPTER IV.—MANAGEMENT OF THE OLD COMPANY

Section 10.Management of the old company.

Section 11.Custodian to be public servant.

Section 12.Vacation of office by directors, etc., of the old company.

CHAPTER I.—CONSTITUTION OF A TRIBUNAL

Section 13.Constitution of a Tribunal.

CHAPTER II.—POWERS AND DUTIES OF THE TRIBUNAL

Section 14.Tribunal to call upon persons to make claims.

Section 15.Determination of genuine shares.

Section 16.No compensation for cancellation of spurious shares.

Section 17.Power of Tribunal to entertain and dispose of claims for reimbursement.

Section 18.Suits and legal proceedings, not to be commenced or proceeded with.

Section 19.Decision of the Tribunal to be final.

CHAPTER III.—DUTY OF CUSTODIAN TO RECONSTRUCT REGISTER OF MEMBERS OF THE OLD COMPANY

Section 20.Custodian to reconstruct register of members of the old company.

Section 21.Custodian to issue fresh share certificates.

Section 22.No annual general meeting of the old company to be held before the reconstruction of the register of members.

Section 23.Custodian to file accounts until reconstruction of the register of members of the old company.

OFFENCES AND THEIR TRIAL

Section 24.Penalties.

Section 25.Offences by companies.

Section 26.Offences to be triable by a Magistrate of the first class and not to be compoundable.

MISCELLANEOUS

Section 27.Protection of action taken in good faith.

Section 28.Contracts, etc., in bad faith may be cancelled or varied.

Section 29.Power to terminate contract of employment.

Section 30.Power to remove difficulty.

Section 31.Power to make rules.