Lawgist14Tribunal to call upon persons to make claims
(1) The Tribunal shall, by notification and in such other manner as may be prescribed, call upon every person, who claims to have any interest in any share, to prefer his claim within thirty days from such date as may be specified in the notification.
(2) Every person claiming an interest in any share shall make his claim before the Tribunal in such form as may be prescribed, stating therein the rights claimed by him in the share and the manner in which, and the date on which, such right was acquired by him.
(3) The Tribunal may, if it is satisfied that any claimant had sufficient cause for not preferring the claim within thirty days from the date specified in the notification, admit such claim within a further period of thirty days.
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- 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
