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THE ESSO (ACQUISITION OF UNDERTAKINGS IN INDIA) ACT, 1974

Title : THE ESSO (ACQUISITION OF UNDERTAKINGS IN INDIA) ACT, 1974

Year : 1974

[Act, No. 4 of 1974]
[13th March, 1974]


PREAMBLE

An Act to provide for the acquisition and transfer of the right, title and interest of Esso Eastern Inc. in relation to its undertakings in India with a view to ensuring co-ordinated distribution and utilisation of petroleum products distributed and marketed in India by Esso Eastern Inc. and for matters connected therewith or incidental thereto.

Whereas Esso Eastern Inc. a foreign company, in carrying on, in India, the business of distributing and marketing petroleum products manufactured by Esso Standard Refining Company of India Limited and Lube India Limited, and has, for that purpose, established places of business at Bombay and other places in India;

And whereas it is expedient in the public interest that the undertakings, in India, of Esso Eastern Inc. should be acquired in order to ensure that the ownership and control of the petroleum products distributed and marketed in India by the said company are vested in the State and thereby so distributed as best to sub serve the common good;

Be it enacted by Parliament in the Twenty-fifth Year of the Republic of India as follows:-



This Act may be called the Esso (Acquisition of Undertakings in India) Act, 1974.



In this Act, unless the context otherwise requires,--

(a) "Appointed day" means the date of commencement of this Act;

(b) "Esso" means Esso Eastern Inc., a foreign company within the meaning of section 591 of the Companies Act, 1956, incorporated under the laws of the State of Delaware in the United States of America, and having its principal office at 2401 South Gessnen City of Housten, State of Texas, in the United States of America;

(c) "Esso Standard" means Esso Standard Refining Company of India Limited, being a company as defined in the Companies Act 1956, and having its registered office at Administration Building, Mahul, Bombay 400074;

(d) "Government company" means a company as defined in section 617 of the Companies Act, 1956;

(e) "Lube India" means Lube India Limited, being a company as defined in the Companies Act, 1956, and having its registered office at Administration Building, Corridor Road, Mahul, Bombay 400074;

(f) "Notification" means a notification published in the Official Gazette;

(g) "Prescribed" means prescribed by rules made under this Act.

Last updated on July, 2016

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