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THE COAL MINES (NATIONALISATION) ACT, 1973

Title : THE COAL MINES (NATIONALISATION) ACT, 1973

Year : 1973



1*[(1)] The owner of every coal mine or group of coal mines specified in the second column of the Schedule shall be given by the Central Government, in cash and in the manner specified in Chapter VI, for the vesting in it, under section 3, of the right, title and interest of the owner in relation to such coal mine or group of coal mines, an amount equal to the amount specified against it in the corresponding entry in the fifth column of the Schedule.

1*[(2) For the removal of doubts, it is hereby declared that the amount specified in the fifth column of the Schedule against any coal mine or group of coal mines specified in the second column of the said Schedule and required to be given by the Central Government to its owner under sub-section (1) shall be deemed to include, and deemed always to have included, the amount required to be paid to such owner in respect of all coal in stock or other assets referred to in clause (h) of section 2 on the date immediately before the appointed day and no further amount shall be payable to the owner in respect of such coal or other assets.] .

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1. Section. 8 renumbered as sub-section (1) thereof, and after sub-sec. (1) so renumbered sub-section (2) inserted by the Coal Mines Nationalisation Laws (Amendment) Act (5 of 1986), Section. 13 (w.r.e.f. 1-5-1973).

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(1) In consideration of the retrospective operation of the provisions of sections 3, 4 and 5, there shall be given by the Central Government, in cash, to the owner of every coal mine or group of coal mines specified in the Schedule, an amount equal to the amount which would have been, but for the provisions of the said sections 3, 4 and 5, payable to such owner under the coal Mines (Taking Over of Management) Act, 1973, for the period commencing on the 1st day of May, 1973, and ending on the date on which this Act receives the assent of the President.

(2) In addition to the amount referred to in sub-section (1), there shall be given by the Central Government, in cash, to the owner of every coal mine or group of coal mines specified in the Schedule, simple interest at the rate of four per cent per annum on the amount specified against such owner in the corresponding entry in the fifth column of the Schedule for the period  commencing on the date on which this Act receives the assent of the President and ending on the date on which payment of such amount is made by the Central Government to the Commissioner.

(3) The amounts referred to in sub-section (1) and sub-section (2) shall be in addition to the amount specified in the Schedule.



(1) Where, in pursuance of any decree, order or injunction of a court or otherwise, the Central Government or the Custodian appointed under the Coal Mines (Taking Over of. Management) Act, 1973, was prevented from taking over the management of any coal mine, the owner of such coal mine shall render, within sixty days from the date on which management of the coal mine is delivered to the Central Government or Government company, as the case may be, accounts in relation to the period commencing on the date of commencement of the said Act and ending on the date of delivery of such management to the Central Government or the Government company, as the case may be, with regard to the-

(a) Assets and stores of the coal mine acquired or sold by him during the said period;

(b) Coal sold or dispatched during the said period;

(c) Income derived by him from the coal mine during the said period.

(2) If on examination of the accounts referred to in sub-section (1), any income is found to. have been derived by the owner from the coal mine during the period referred to in that sub-section, such income shall be recoverable by the Central Government from the amount payable under Section 8 to the owner of such coal mine, and the debt due to the Central Government on this account shall rank as an unsecured debt.

(3) If no account is rendered by the owner of a coal mine within the period referred to in sub-section (1) or if the Central Government or the Government company has any reason to believe that the account rendered by such owner is incorrect or false in material particulars, the Central Government company may refer the matter to the Commissioner and thereupon the Commissioner shall determine the income derived by the owner from the coal mine during the period referred to in sub-section (1), and take steps to recover the said income from the amount payable to the owner of the coal mine under Section 8, as if the debt due to the Central Government on this account were an unsecured debt.

(4) No mortgage, charge, lien or other in encumbrance in relation to a coal mine or any asset thereof shall be binding on the Central Government or the Government company if such mortgage, charge, lien other in encumbrance was created, at any time during the period in which the Central Government or the Custodian was prevented, by any decree, order or injunction of a court or otherwise, from taking over the management of the said coal mine.

Last updated on June, 2016

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