The Plyboard Industries (Acquisition of Shares and of the Industrial Undertaking) Act, 1987
The Plyboard Industries (Acquisition of Shares and of the Industrial Undertaking) Act, 1987
This Act facilitates the state takeover of M/S Plyboard Industries Limited, located in Pampore, Kashmir. It mandates that all shares, assets, liabilities, and management control of the company transfer to the Government of Jammu and Kashmir. The Act ensures that legal proceedings and existing contracts remain valid under the new government ownership. It also provides for financial compensation to the original owners, including interest and tax coverage. Essentially, this legislation allows the state to assume full control of the industrial unit to manage its operations, while protecting the interests of the state and ensuring a structured transition of ownership.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Transfer and vesting in the Government of shares of the industrial undertaking
- 4. Management of the industrial undertaking
- 7. Special provisions as to certain rights and interests held by the industrial undertaking before the appointed day
- 8. Removal of doubts
- 10. Payment of amounts to the industrial undertaking
- 11. Transfer of service of existing employees of the industrial undertaking
PDF: pending for this language.