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Year : 1978
[Act, No. 13 of 1978]
[31st March, 1978]
PREAMBLE
An Act to provide for the acquisition and transfer of the undertakings of Hindustan Tractors Limited, Vishwamitri, Vadodara, for the purpose of ensuring the continuity of production of goods which are vital to meet the needs of the general public and for matters connected therewith or incidental thereto.
WHEREAS Hindustan Tractors Limited, Vishwamitri, Vadodara, are engaged in the manufacture and distribution of tractors which are vital to meet the needs of the general public;
AND whereas the management of the undertakings of Hindustan Tractors Limited was conducted in a manner highly detrimental to the public interest and had suffered heavy losses;
AND whereas the management of the undertakings of Hindustan Tractors Limited was taken over by the Central Government under section 18A of the Industries (Development and Regulation) Act, 1951;
AND whereas it is necessary to acquire the undertakings of Hindustan Tractors Limited to ensure the continuance of the production of goods which are vital to meet the needs of the general public.
BE it enacted by Parliament in the Twenty-ninth Year of the Republic of India as follows:-
Section -1 Short title and commencement
(1) This Act may be called the Hindustan Tractors Limited (Acquisition and Transfer of Undertakings) Act, 1978.
(2) It shall into force on the 1st day of April, 1978.
Section -2 Definition
In this Act, unless the context otherwise requires,—
(a) "Appointed day" means the 1st day of April, 1978;
(b) "Authorised Controller" means the Gujarat Agro Industries Corporation Limited, Ahmedabad, which took over the management of the undertakings of the Company by virtue of the Order of the Government of India in the Ministry of Industrial Development No. S.O. 137 (E)/18A/INDRA/73, dated the 12th March, 1973, made under clause (b) of sub-section (1) of section 18 A of the Industries (Development and Regulation) Act, 1951;
(c) 'Bank' means-
(i) The State Bank of India constituted under the State Bank of India Act, 1955;
(ii) A subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959;
(iii) A corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;
(iv) Any other bank, being a scheduled bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934;
(d) "Commissioner" means the Commissioner of Payments appointed under section 16;
(e) "Company" means Hindustan Tractors Limited, being a company as defined in the Companies Act, 1956, and having its registered office at Vishwamitri, Vadodara;
(f) "Custodian" means the Custodian appointed under sub-section (3) of section 10 to take over, a carry on, the management of the undertakings of the Company;
(g) "Date of taking over" means, the date on which the management of the undertakings of the Company was taken over by the Authorised Controller;
(h) "Government company" has the meaning assigned to it by section 617 of the Companies Act, 1956;
(i) "Notification" means a notification published in the Official Gazette;
(j) "Prescribed" means prescribed by rules made under this Act;
(k) "Specified date" means such date as the Central Government may, for the purpose of any provision of this Act, by notification, specify and different dates may be specified for different provisions of this Act;
(l) "State Government" means the State Government of Gujarat;
(m) Words and expressions used herein and not defined but defined in the Companies Act, 1956, shall have the meanings, respectively, assigned to them in that Act.
