The Odisha Textile Mills Limited (Acquisition of Shares) Act, 1983
The Odisha Textile Mills Limited (Acquisition of Shares) Act, 1983
General198321 sections
This Act empowers the State Government to acquire all shares of Orissa Textile Mills Limited, transferring ownership to the state. It applies to the government as the new owner and the company's existing shareholders. The legislation matters because it enables the state to take control of the textile mill, freeing the shares from any previous debts or legal restrictions. In return, the government compensates the shareholders with cash payments based on the type of share held, ensuring a clear and legal transfer of ownership without lingering financial liabilities.
- 1. Short title and commencement
- 2. Definitions
- 3. Transfer and vesting of shares of the Company in the State Government
- 4. Payment of amounts
- 5. Appointment of Commissioner of Payments
- 6. Payment by the State Government to the Commissioner
- 7. Claims to be made to the Commissioner
- 8. Examination of claim
- 9. Claims by Commissioner
- 10. Payment of money by Commissioner to claimants
- 11. Unpaid amount to be deposited to the General Revenue Account
- 12. Power of inspection
- 13. Power of Commissioner to inquire into disputes as to amount
- 14. Deposit of amount in Court
- 15. Act to have overriding effect
- 16. Penalties
- 17. Offences by Companies
- 18. Limitation or cognizance of offences
- 19. Power to make rules
- 20. Power to remove difficulties
- 21. Repeal and savings
PDF: pending for this language.