Vidhi Codex

Bare Act

The Super Clays and Minerals Mining Company (Private) Limited (Acquisition of Undertakings) Act, 1983

Corporate198333 sections

This law authorizes the government to take over the business operations of a private mining company known as Super Clays and Minerals Mining Company (Private) Limited. It transfers all the company's assets, rights, and liabilities to the government on a specific date, effectively nationalizing its undertakings. The act covers everything from land and machinery to financial records and existing licenses, ensuring that these continue to be valid under government control. By vesting these operations in the state, the government assumes full responsibility for the company's business activities and obligations.

Start reading →Read full ActSections
  1. 1. Short title and commencement
  2. 2. Definitions
  3. 3. Transfer and vesting In the Government of the Undertakings of the Company
  4. 4. General effect of vesting
  5. 5. Government not to be liable for certain prior liabilities
  6. 6. Power of Government to direct vesting of the undertakings of the company in a Government Company
  7. 7. Payment of Amount
  8. 8. Management etc., of the undertakings of the Company
  9. 9. Duty of persons in charge of management of the undertakings of the Company to deliver assets, etc
  10. 10. Duty of persons to account for assets, etc., in their possession
  11. 11. Accounts
  12. 12. Continuance of employees
  13. 13. Provident fund and other funds
  14. 14. Appointment of Commissioner of payments
  15. 15. Payment by Government to the Commissioner
  16. 16. Certain powers of the Government or the Government Company
  17. 17. Claims to be made to the Commissioner
  18. 18. Examination and admission or rejection of claims
  19. 19. Power of Commissioner to regulate his procedure, etc.
  20. 20. Appeal by Claimants
  21. 21. Disbursement of money by the Commissioner to claimants
  22. 22. Disposal of the balance amount
  23. 23. Right of Government to retain machinery, equipment, etc., not belonging to the Company
  24. 24. Undisbursed or unclaimed amount to be deposited to the general revenue account.
  25. 25. Act to have overriding effect
  26. 26. Penalties
  27. 27. Offences by companies
  28. 28. Protection of action taken in good faith
  29. 29. Delegation of powers
  30. 30. Power to make rules
  31. 31. Power to remove difficulties
  32. 32. Repeal and saving
  33. Schedule. THE SCHEDULE

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