Vidhi Codex

The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993

The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993

Corporate199312 sections

The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993, modernized India's energy sector by transforming the state-run Commission into a public limited company, the Oil and Natural Gas Corporation Limited. This law transferred all assets, liabilities, and employees to the new corporation while repealing the 1959 Act. It applies to the Commission’s entire workforce and the new entity, ensuring that employees' pay and benefits remain unchanged. This restructuring is crucial because it gives the organization greater financial flexibility to raise capital from markets and operate more efficiently, helping India meet its vital oil and gas production targets.

Start reading →Read full ActSections
  1. 1. Short title and commencement.
  2. 2. Definitions.
  3. 3. Undertaking of Commission to vest in Corporation.
  4. 4. General effect of vesting of undertaking in Corporation.
  5. 5. Licences, etc., to be deemed to have been granted to Corporation.
  6. 6. Tax exemption or benefit to continue to have effect.
  7. 7. Guarantee to be operative.
  8. 8. Provisions in respect of officers and other employees of Commission.
  9. 9. Power of entry.
  10. 10. Power to make rules.
  11. 11. Repeal of Act 48 of 1959.
  12. 12. Repeal and saving.

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