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

(1) This Act may be called the Oil and Natural GasCommission (Transfer of Undertaking and Repeal) Act, 1993. (2) It shall be deemed to have come into force on the 2nd day of July, 1993.

In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date as the Central Government may, by notification in theOfficial Gazette, appoint under section 3; (b) "Corporation" means the Oil and Natural Gas Corporation Limited, a company registeredunder the Companies Act, 1956 (1 of 1956); (c) "Commission" means the Oil and Natural Gas Commission established under sub-section (1)of section 3 of the Oil and Natural Gas Commission Act, 1959 (43 of 1959); (d) "prescribed" means prescribed by rules made under this Act.

On such date1as the Central Governmentmay, by notification in the Official Gazette, appoint, the undertaking of the Commission shall standtransferred to, and vest in, the Corporation.

(1) On and from the appointed day,the entire capital of the Commission shall, by virtue of this Act, stand vested in the Corporation. (2) The undertaking of the Commission which is transferred to, and which vests in, the Corporationunder section 3 shall be deemed to include all assets, rights, powers, authorities and privileges and allproperties, movable and immovable, real and personal, corporeal or incorporeal, in possession orreservation, present or contingent of whatever nature and wheresoever situate including lands, buildings,works, workshops, vehicles, oil rigs, oil platforms, cash balances, deposits, foreign currencies, reserves,reserve funds or any other investments, securities, tenancies, leases and book debts and all other rightsand interests arising out of such properties as were immediately before the appointed day in theownership, possession or power of the Commission in relation to its undertaking, whether within oroutside India, all books of account and registers, records and documents relating thereto and shall also bedeemed to include all liabilities and obligations of whatever kind, within or outside India, of theCommission in relation to its undertaking subsisting immediately before the appointed day. (3) All contracts, deeds, bonds, guarantees, powers of attorney, other instruments and workingarrangements subsisting immediately before the appointed day and affecting the Commission shall ceaseto have effect or to be enforceable against the Commission and shall be of as full force and effect againstor in favour of the Corporation and enforceable as fully and effectually as if, instead of the Commissionthe Corporation had been named therein or had been a party thereto. (4) Any proceeding or cause of action pending or existing immediately before the appointed day by oragainst the Commission, in relation to its undertaking may, as from the appointed day, be continued and enforced by or against the Corporation as it might have been enforced by or against the Commission, ifthis Act had not been in force, and shall cease to be enforceable by or against the Commission.

With effect from theappointed day, all licences, leases, concessions, permits, quotas, benefits, privileges and exemptionsgranted to the Commission in connection with the affairs of the Commission under any law for the timebeing in force, shall be deemed to have been granted to the Corporation.