Lawgist6Duty to furnish particulars
(1) The old company shall, within such period as the Central Government may allow in this behalf, furnish to that Government, and the new company, a complete inventory of all the properties and assets (including particulars of investments) of the old company on the appointed day, all liabilities and obligations of the old company subsisting on that day and also all agreements entered into by the old company and in force on that day including agreements, whether express or implied, relating to leave, pension, gratuity and other terms of service of any officer or other employee of the old company under which, by virtue of this Act, the Central Government has, or will have, or may have, the liabilities and, for this purpose, the Central Government and the new company shall afford the old company all reasonable facilities.
(2) The old company shall, if required by the Central Government or new company so to do, furnish such returns or information relating to the undertaking referred to in section 3, or, any person employed by the old company for the purpose of such undertaking, as may be specified in such requisition.
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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
