THE PUBLIC SECTOR IRON AND STEEL COMPANIES (RESTRUCTURING) AND MISCELLANEOUS PROVISIONS ACT, 1978

ACT NO.16 OF 1978 · Enacted [30th April, 1978.] · 27 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

Section 3.“Undertaking”— meaning of.

DISSOLUTION, TRANSFER AND VESTING OF UNDERTAKINGS OF CERTAIN COMPANIES

Section 4.Dissolution, transfer and vesting of undertakings of certain companies in Integral Company.

Section 5.Transfer and vesting of Kiriburu Iron Ore Mines, etc., in Integral Company.

Section 6.Transfer and vesting of Refractory Plant, etc., in the Bharat Refractories Limited.

Section 7.Transfer of immovable properties of Hindustan Steel Limited to Metallurgical and Engineering Consultants (India) Limited.

TRANSFER OF SHARES

Section 8.Transfer of shares held by Bokaro Steel Limited to Central Government.

Section 9.Transfer of shares held by Integral Company to Central Government.

Section 10.Transfer of shares held by Integral Company to Bharat Refractories Limited.

Section 11.Transfer of shares held by Central Government to Integral Company.

Section 12.Central Government, etc., deemed to be registered in the register of members of companies.

Section 13.Power of Central Government to modify amount of paid-up share capital of Integral Company, etc., and issue of shares.

PROVISIONS RELATING TO OFFICERS AND EMPLOYEES

Section 14.Provisions relating to officers and other employees of dissolved companies.

Section 15.Provisions relating to officers and employees of transferred units.

Section 16.Provisions relating to directors.

Section 17.Provision relating to auditors.

Section 18.Compensation for transfer not payable.

Section 19.Provident Fund.

Section 20.Gratuity, welfare and other funds.

FINANCIAL PROVISIONS

Section 21.Provisions with respect to income-tax and surtax.

Section 22.Taxes, fees and other charges not payable.

MISCELLANEOUS

Section 23.Saving of contracts, etc.

Section 24.Saving of legal proceedings.

Section 25.Power to remove difficulties.

Section 26.Act to override the provisions of other laws.

Section 27.Power to amend memorandum and articles of association.