CentralAct 16 of 1978
The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978
An Act to provide for restructuring of the iron and steel companies in the public sector so as to secure better management and greater efficiency in their working and for matters connected therewith or incidental thereto.
Sections
27 in this Act
- 1Short title and commencement
- 2Definitions
- 3“Undertaking”— meaning of
- 4Dissolution, transfer and vesting of undertakings of certain companies in Integral Company
- 5Transfer and vesting of Kiriburu Iron Ore Mines, etc., in Integral Company
- 6Transfer and vesting of Refractory Plant, etc., in the Bharat Refractories Limited
- 7Transfer of immovable properties of Hindustan Steel Limited to Metallurgical and Engineering Consultants (India) Limited
- 8Transfer of shares held by Bokaro Steel Limited to Central Government
- 9Transfer of shares held by Integral Company to Central Government
- 10Transfer of shares held by Integral Company to Bharat Refractories Limited
- 11Transfer of shares held by Central Government to Integral Company
- 12Central Government, etc., deemed to be registered in the register of members of companies
- 13Power of Central Government to modify amount of paid-up share capital of Integral Company, etc., and issue of shares
- 14Provisions relating to officers and other employees of dissolved companies
- 15Provisions relating to officers and employees of transferred units
- 16Provisions relating to directors
- 17Provision relating to auditors
- 18Compensation for transfer not payable
- 19Provident Fund
- 20Gratuity, welfare and other funds
- 21Provisions with respect to income-tax and surtax
- 22Taxes, fees and other charges not payable
- 23Saving of contracts, etc
- 24Saving of legal proceedings
- 25Power to remove difficulties
- 26Act to override the provisions of other laws
- 27Power to amend memorandum and articles of association