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The Pulgaon Cotton Mills Limited (Acquisition of Shares) Act, 1982

The Pulgaon Cotton Mills Limited (Acquisition of Shares) Act, 1982

General198221 sections3 chapters

This Act governs the transfer of shares in Pulgaon Cotton Mills Limited to the State Government, which came into force on August 24, 1982. It applies to the company's shareholders, excluding specific financial institutions, by vesting ownership of the shares in the government. To facilitate this acquisition, the State Government pays each shareholder four rupees per share, plus interest, in cash. The law ensures that the transfer of ownership is legally binding and that shareholders are fairly compensated for surrendering their equity in the company to state control.

Start reading →Read full ActSections

Chapter I PRELIMINARY →

  1. 1Short title and commencement.
  2. 2Definitions.

Chapter II ACQUISITION OF SHARES OF THE COMPANY →

  1. 3Transfer and vesting of shares of the Company in the State Government.
  2. 4Payment of amounts.
  3. 5Appointment of Commissioner of Payments.
  4. 6Payment by the State Government to the Commissioner.
  5. 7Claims to be made to the Commissioner.
  6. 8Examination of claims.
  7. 9Admission or rejection of claims.
  8. 10Disbursement of money by the Commissioner to claimants.
  9. 11Undisbursed or unclaimed amount to be deposited to the general revenue account.
  10. 12Power of inspection.
  11. 13Power of Commissioner to inquire into dispute as to amount.
  12. 14Deposit of amount in Court.

Chapter III MISCELLANEOUS →

  1. 15Act to have over-riding effect.
  2. 16Penalties.
  3. 17Offences by companies.
  4. 18Limitation of cognizance of offences.
  5. 19Power to make rules.
  6. 20Power to remove difficulties.
  7. 21Repeal and saving.

PDF: pending for this language.