Lawgist4General effect of meeting
(1) The undertaking of the old company shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of the old company in relation to the undertaking, whether within or without India, and all books of account, registers (other than register of members and documents relating thereto), records and all other documents of whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the old company in relation to the undertaking.
(2) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day which relate to the undertaking of the old company, shall be of as full force and effect in favour of the Central Government, and on the transfer of such undertaking to the new company, of such new company and may be enforced or acted upon as fully and effectively as if they had related to the Central Government or the new company, as the case may be.
(3) (a) If, on the appointed day, a proceeding instituted by the old company in relation to the undertaking referred to in section 3 is pending, such proceeding may, as from that day, be continued by the Central Government or, on the transfer of the undertaking to the new company, by the new company.
(b) If, on the appointed day, any cause of action is existing against the old company in relation to the undertaking referred to in section 3, such cause of action may, as from that day, be enforced against the Central Government or, on the transfer of the undertaking to the new company, against the new company.
(c) Save as otherwise provided in clauses (a) and (b), no suit, proceeding or cause of action by or against the old company shall be continued or enforced by or against the Central Government or the new company
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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
