Vidhi Codex

Bare Act

The Shivraj Fine Art Litho Works (Acquisition and Transfer of Undertaking) Act, 1984

Corporate198426 sections

The Shivraj Fine Art Litho Works (Acquisition and Transfer of Undertaking) Act, 1984, was enacted to nationalize the private printing business known as "Shivraj Fine Art Litho Works" in Nagpur. The Act transferred the ownership, assets, and management of this undertaking from its private proprietors to the State Government, and subsequently to the Development Corporation of Vidarbha Limited. It establishes a clear separation between the old liabilities of the proprietors and the new management, ensuring the business could continue operating. The Act also creates a legal mechanism, overseen by a Commissioner of Payments, to settle legitimate claims from creditors and compensate the former owners.

Start reading →Read full ActSections
  1. 1. Short title and commencement
  2. 2. Definitions
  3. 3. Acquisition and transfer of undertaking and its vesting in State Government and its transfer and vesting in Corporation
  4. 4. General effect of vesting
  5. 5. Proprietors to be liable for prior liabilities
  6. 6. Power of State Government to direct vesting of undertaking in new Government company
  7. 6A. Taking over management of undertaking by State Government
  8. 7. Payment of amount
  9. 8. Payment of further amount
  10. 9. Management, etc. of undertaking
  11. 10. Duty of persons incharge of management of undertaking to deliver all assets, etc
  12. 11. Duty of persons to account for assets, etc. in their possession
  13. 12. Continuance of employees
  14. 13. Provident fund and other funds
  15. 14. Appointment of Commissioner of Payments
  16. 15. Payment by State Government to Commissioner
  17. 16. Certain powers of State Government or Corporation or new Government company
  18. 17. Claims to be made to Commissioner
  19. 18. Priority of claims
  20. 19. Examination of claims
  21. 20. Admission or rejection of claims
  22. 21. Disbursement of money by Commissioner to claimants
  23. 22. Disbursement of amounts to proprietors
  24. 23. Undisbursed or unclaimed amount to be deposited with general revenue account
  25. 24. Act to have overriding effect
  26. 25. Contracts to cease to have effect unless ratified by State Government or Corporation or new Government company

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