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CentralAct 78 of 1972

The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972

An Act to provide for the acquisition and transfer of the undertaking of the Richardson and Cruddas Limited, for the reconstruction of the register of its members and for matters connected therewith or incidental thereto.

Sections

31 in this Act

  1. 1Short title
  2. 2Definitions
  3. 3Undertaking of the old company to vest in the Central Government
  4. 4General effect of meeting
  5. 5Duty to deliver possession of property acquired and documents relating thereto
  6. 6Duty to furnish particulars
  7. 7Transfer of employees of the old company
  8. 8Payment of amount
  9. 9Formation and registration of a new company
  10. 10Management of the old company
  11. 11Custodian to be public servant
  12. 12Vacation of office by directors, etc., of the old company
  13. 13Constitution of a Tribunal
  14. 14Tribunal to call upon persons to make claims
  15. 15Determination of genuine shares
  16. 16No compensation for cancellation of spurious shares
  17. 17Power of Tribunal to entertain and dispose of claims for reimbursement
  18. 18Suits and legal proceedings, not to be commenced or proceeded with
  19. 19Decision of the Tribunal to be final
  20. 20Custodian to reconstruct register of members of the old company
  21. 21Custodian to issue fresh share certificates
  22. 22No annual general meeting of the old company to be held before the reconstruction of the register of members
  23. 23Custodian to file accounts until reconstruction of the register of members of the old company
  24. 24Penalties
  25. 25Offences by companies
  26. 26Offences to be triable by a Magistrate of the first class and not to be compoundable
  27. 27Protection of action taken in good faith
  28. 28Contracts, etc., in bad faith may be cancelled or varied
  29. 29Power to terminate contract of employment
  30. 30Power to remove difficulty
  31. 31Power to make rules