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THE INDIAN IRON AND STEEL COMPANY (TAKING OVER OF MANAGEMENT) ACT,1972

Title : THE INDIAN IRON AND STEEL COMPANY (TAKING OVER OF MANAGEMENT) ACT,1972

Year : 1972



(1) Any person, who-

(a) Having in his possession or custody or under his control any property forming part of the undertaking of the company, wrongfully withholds such property from the1*[Administrator, Board of management or Custodian] or any person authorised under this Act, or

(b) Wrongfully obtains possession of any such property, or

(c) Willfully retains any property forming part of the undertaking of the company or removes or destroys it, or

(d) Willfully withholds or fails to deliver any books, papers or other documents which may be in his possession or custody or under his control to the 1*[Administrator, Board of management or Custodian] or any person authorised under this Act, or

(e) Fails, without any reasonable cause, to furnish information or particulars as provided in sub-section(6) of section 4,shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to ten thousand rupees, or with both.

(2) No court shall take cognizance of an offence punishable under this section except with the previous sanction of the Central
Government or of an officer authorised by the Central Government in this behalf.

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1 Subs. by Act 36 of 1974, s. 7, for the word "Custodian" (w.e.f.
28-6-1974).

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(1) Where an offence under this Act has been committed by a company, every person who at the time the offence was committed was in charge of, and was responsible to, the company for the conduct of the business of the company as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:

Provided that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.

(2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to, any neglect on the part of any director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.

Explanation
.-For the purposes of this section,--

(a) "Company" means any body corporate and includes a firm or other association of individuals; and

(b) "Director", in relation to a firm, means a partner in the firm.



In computing the period of limitation prescribed by law for the time being in force for any suit or application against any person by the company in respect of any matter arising out of any transaction in relation to the undertaking of the company, the time during which this Act is in force shall be excluded.



The provisions of this Act or any notification, 1*[direction,] order or rule made thereunder shall have effect notwithstanding anything inconsistent therewith contained in any law other than this Act or in any instrument having effect by virtue of any law other than this Act or in any decree or order of any court.

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1 Ins. by Act 36 of 1974, s. 8 (w.e.f. 28-6-1974).

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(1) No suit, prosecution or other legal proceeding shall lie against the 1*[Administrator, Board of management or Custodian] or any officer or other employee of the Central Government or the company for anything which is in good faith done or intended to be done under this Act.

(2) No suit or other legal proceeding shall lie against the Central Government or the 1*[Administrator, Board of management or Custodian] or any of the officers or other employees of the Central Government or the company for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act.

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1 Subs. by s. 9, ibid., for the word "Custodian" (w.e.f. 28-6-
1974).

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(1) If the Central Government is satisfied, after such enquiry as it may think fit, that any contract or agreement entered into at any time within three years immediately preceding the appointed day, between the company or the managing agents of the company and any other person, in so far as such contract or agreement relates to the undertaking of the company, has been entered into in bad faith, or is detrimental to the interests of the undertaking of the company, it may make an order cancelling or varying (either unconditionally or subject to such conditions as it may think fit to impose) such contract or agreement and thereafter the contract or agreement shall have effect accordingly:

Provided that no contract or agreement shall be cancelled or varied except after giving to the parties to the contract or agreement reasonable opportunity of being heard.

(2) Any person aggrieved by an order under sub-section (1) may make an application to the High Court at Calcutta for the variation
or reversal of such order and thereupon such court may confirm, modify or reverse such order.



If the Custodian is of the opinion that any contract of employment entered into by the company or the managing agents of the company in relation to the undertaking of the company, at any time before the appointed day, is unduly onerous, he may, by giving to the employee one months notice in writing or the salary or wages for one month in lieu thereof, terminate such contract of employment.



(1) The Central Government may, by notification in the Official Gazette, make rules to carry out the purposes of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for-

1*[(a) Allowances which may be received by the Chairman and other members of the Board of management for attending any meeting of the Board of management;]

(b) the procedure to be followed by the said Board.

(3) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

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1 Subs. by Act 36 of 1974, s. 10, for cl. (a) (w.e.f. 28-6-1974).

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(1) The Indian Iron and Steel Company (Taking over of Management) Ordinance, 1972 (Ord. 6 of 1972), is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provision of this Act.

Last updated on July, 2016

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