Vidhi Codex

Bare Act

The Bobbili and Seethanagaram (Acquisition and Transfer of Sugar Undertakings) Act, 1986

General198625 sections

This Act was enacted to nationalize the sugar manufacturing units located at Bobbili and Seethanagaram, previously owned by Sri Rama Sugars and Industries Limited. It transferred the ownership, assets, and management of these units to the Nizam Sugars Factory Limited, a government-owned entity. The law establishes a framework for compensating the original company, settling outstanding debts, and protecting the interests of employees and sugarcane farmers. It provides a legal mechanism for the government to take control of these industrial assets, ensuring the continuity of operations while resolving financial liabilities through a designated Prescribed Authority and a Tribunal.

Start reading →Read full ActSections
  1. 1. Short title and commencement
  2. 2. It shall be deemed to have come into force on the 30th June, 1986.
  3. 3. Transfer and vesting in Corporation of the sugar undertakings of the Company
  4. 4. Certain consequences of vesting
  5. 5. Company to be liable for certain prior liabilities
  6. 6. Duty to deliver Posselsion
  7. 7. Duty to furnish particulars
  8. 8. Determination and mode of payment of certain amounts
  9. 9. Claims to be satisfied out of amounts deposited
  10. 10. Priority of claim
  11. 12. Prescribed Authority
  12. 13. Appeal
  13. 14. Tribunal
  14. 15. Powers and procedure
  15. 16. Bar of jurisdiction
  16. 17. Management of the Sugar undertaking
  17. 18. Transfer of employees
  18. 19. Access for occupier or person interested to books of account and other documents
  19. 20. Penalties
  20. 21. Offences by Companies
  21. 22. Protection of action taken in good faith
  22. 23. Power to make rules
  23. 24. Assumption of liability
  24. 25. Act to have overriding effect
  25. 26. Contracts to cease to have effect unless ratified by the corporation

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