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THE INDIAN IRON AND STEEL COMPANY (ACQUISTION OF SHARES) ACT, 1976

Title : THE INDIAN IRON AND STEEL COMPANY (ACQUISTION OF SHARES) ACT, 1976

Year : 1976

ACT NO. 89 OF 1976.

[2nd September, 1976.]


An Act to provide for the acquistion of certain shares of the Indian
Iron and Steel Company Limited with a view to securing the proper management of the affairs of the Company and the continuity and development of the production of goods which are vital to the needs of the country and for matters connected therewith or incidental thereto.


CHAPTER I

PRELIMINARY





(1) This Act may be called the Indian Iron and Steel Company (Acquistion of Shares) Act, 1976.514.

(2) It shall be deemed to have come into force on the 17th day of
July, 1976.



In this Act, unless the context otherwise requires,-

(a) "Appointed day" means the 17th day of July, 1976;

(b) "Bank" means a banking company within the meaning of the
Banking Regulation Act, 1949 (10 of 1949.)

(c) "Company" means the Indian Iron and Steel Company Limited, being a company within the meaning of the Companies Act, 1956 (1 of 1956.), and having its registered office at IISCO House, 50, Chowringhee Road, Calcutta;

(d) "Commissioner" means the Commissioner of Payments appointed under section 5;

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

(f) "Prescribed" means prescribed by rules made under this Act;

(g) "Share" means a share, whether equity or preference, in the capital of the Company, and includes a share pledged by any shareholder with any bank or other creditor, but does not include any share in the capital of the Company held by-

(i) Any State Government;

(ii) The State Bank of India, established under section 3 of the State Bank of India Act, 1955 (23 of 1955.) and its subsidiary banks;

(iii) The Steel Authority of India Limited, a company formed and registered under the Companies Act, 1956, (1 of 1956.) and having its registered office at Hindustan Times House, Kasturba Gandhi Marg, New Delhi;

(iv) The Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956.)

(v) The Unit Trust of India, established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963.)

(vi) Any corresponding new bank, within the meaning of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970.)

(vii) Any general insurance company nationalised by the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972.)

1*[(h) "Shareholder" means,-

(i) A person who, immediately before the appointed day, was registered by the Company as the holder of any share and includes his legal representative; or

(ii) A person who, before the appointed day, had lodged with the Company a proper instrument of transfer of any share in the form prescribed under section 108.of the Companies Act, 1956, (1 of 1956.) and executed in accordance with the provisions of that section; or

(iii) A person who claims under a proper instrument of transfer of any share in the form prescribed under section 108 of the Companies Act, 1956, (1 of 1956.) and delivers such instrument, duly executed, to the Commissioner 2*[before the expiry of one hundred and twenty days from the date of commencement of the Indian Iron and Steel Company (Acquistion of Shares) Amendment Act, 1981];]

(i) "Specified date" means such date as the Central Government may, for the purpose of any provision of this Act, by notification, specify.

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1 Subs by Act 39 of 1977, s. 2, for the original clause (w.e.f. 13-
10-1977).

2 Subs. by Act 59 of 1981, s. 2 (Act respectively).

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Last updated on July, 2016

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