Lawgist2Definitions
(1) In this Act, unless the context otherwise requires,--
(a) "appointed day" means such date1 as the Central Government may, by notification, appoint;
(b) "Custodian" means the person who is appointed, under section 10, as the Custodian of the old company;
(c) "Nationalised Bank" means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);
(d) "new company" means the Government company, formed and registered under the Companies Act, 1956 (1 of 1956), in pursuance of the provisions of section 9;
(e) "notification" means a notification published in the Official Gazette;
(f) "old company" means the Richardson and Cruddas Limited, a company formed and registered under the Indian Companies Act, 1913 (7 of 1913) and having its registered office in the State of West Bengal;
(g) "prescribed" means prescribed by rules made under this Act;
(h) "scheduled bank" has the meaning assigned to it in the Reserve Bank of India Act, 1934 (2 of 1934), and includes a Nationalised Bank;
(i) "share" means a share in the capital of the old company;
(j) "Tribunal" means the Tribunal constituted under section 13.
(2) Words and expressions used herein and not defined but defined in the Companies Act, 1956 (1 of 1956), have, save as otherwise expressly provided in this Act, the meanings respectively assigned to them in that Act.
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1. 31st March, 1973, vide notification No. G.S.R. 165(E), dated 12th March, 1973, see Gazette of India, Extraordinary, Part II, sec. 3(i).
- 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
