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THE INCHEK TYRES LIMITED AND NATIONAL RUBBER MANUFACTURERS LIMITED (NATIONALISATION) ACT, 1984

Title : THE INCHEK TYRES LIMITED AND NATIONAL RUBBER MANUFACTURERS LIMITED (NATIONALISATION) ACT, 1984

Year : 1984



CHAPTER III

PAYMENT OF AMOUNTS



8.Payment of amount.


8. Payment of amount. For the transfer to, and vesting in, the
Central Government, under section 3, of the undertakings of each of the two companies, and the right, title and interest of each of the two companies in relation to its undertakings, there shall be paid by the Central Government to each of the two companies, in cash and in the manner specified in Chapter VI, amount equal to the amount specified against the name of such company in the First Schedule.



10.Management, etc., of the undertakings of the two companies.


10. Management, etc., of the undertakings of the two companies.
The general superintendence, direction, control and management of the affairs and business of the undertakings of each of the two companies, the Tight, title and interest in relation to which have vested in the
Central Government under section 3, shall,-

(a) where a direction has been given by the Central Government under sub-section (1) of section 6, vest on and from the date specified in such direction, in the existing Government company specified therein;
or

(b) where a declaration has been made under sub-section (1) of section
7, vest, on and from the date of such declaration, in the new
Government company specified therein;

and thereupon the existing, or new, Government company so specified, shall be entitled to exercise, to the exclusion of all other persons all such powers and do all such things as either, or both, of the two companies, is or are, authorised to exercise and do in relation to its or their undertakings.



122.11.Duty of persons in charge of management of undertakings of the twocompanies to deliver all assets, etc.


11. Duty of persons in charge of management of undertakings of the two companies to deliver all assets, etc. (1) On the vesting of the management of the undertakings of the two companies in an existing, or a new, Government company, all persons in charge of the management of the undertakings of either of the two companies immediately before such vesting shall be bound to deliver to such
Government company, all assets, books of account, registers and other documents in their custody relating to the undertakings.

(2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the existing, or new, Government company and such Government company may also, if it is considered necessary so to do, apply to the Central Government at any time for instructions as to the manner in which the management of the undertakings of the two companies shall be conducted or in relation to any other matter arising in the course of such management.


12.Duty of persons account for assets, etc., in their possession.


12. Duty of persons account for assets, etc., in their possession. (1) Any person who has, on the appointed day, in his possession or under his control any assets, books, documents or other papers relating to the undertakings owned by either of the two companies, which have vested in the Central Government or in an existing, or a new, Government company under this Act, shall be liable to account for the said assets, books, documents and other papers to the Central Government or the existing, or new, Government company, as the case may be, and shall deliver them to the Central Government or the existing, or new, Government company or to such person or persons as the Central Government or the existing, or new, Government company may specify in this behalf.

(2) The Central Government or the Government company aforesaid may take, or cause to be taken, all necessary steps for securing possession of the undertakings of the two companies which have vested in the Central Government or the Government company under this Act.

(3) The two companies shall, within such period as the Central
Government may allow in this behalf, furnish to that Government a complete inventory of all their properties and assets, as on the appointed day, pertaining to the undertakings which have vested in the
Central Government under section 3, and, for this purpose, the Central
Government or the Government company aforesaid shall afford to the two companies all reasonable facilities.


CHAP

PROVISIONS RELATING TO EMPLOYEES OF THE TWO COMPANIES
Last updated on May, 2015

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