The Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984

(1) This Act may be called the Inchek Tyres Limited andNational Rubber Manufacturers Limited (Nationalisation) Act, 1984. (2) It shall be deemed to have come into force on the 14th day of February, 1984.

In this Act, unless the context otherwise requires,-- (a) "appointed day" means the 14th day of February 1984; (b) "Commissioner" means the Commissioner of Payments appointed under section 15; (c) "existing Government company" means a Government company which is carrying onbusiness on the appointed day; (d) "new Government company" means a Government company formed and registered on or afterthe appointed day; (e) "notification" means a notification published in the Official Gazette; (f) "prescribed" means prescribed by rules made under this Act; (g) "specified date", in relation to any provision of this Act, means such date as the CentralGovernment may, by notification, specify for the purposes of that provision, and different dates maybe specified for different provisions of this Act; (h) "two companies" means the Inchek Tyres Limited and the National Rubber ManufacturersLimited, being companies as defined in the Companies Act, 1956 (1 of 1956), and having theirregistered offices at "Leslie House", 19 Jawaharlal Nehru Road, Calcutta-700013; (i) words and expressions used herein and not defined but defined in the CompaniesAct, 1956 (1 of 1956), shall have the meanings respectively assigned to them in that Act.

On the appointed day, the undertakings of each of the two companies, and the right, titleand interest of each of the two companies in relation to its undertakings, shall, by virtue of the Act, standtransferred to, and shall vest in, the Central Government.

(1) The undertakings of each of the two companies referred to insection 3 shall be deemed to include all assets, rights, lease-holds, powers, authorities and privileges, andall property, movable and immovable, including lands, buildings, workshops, stores, instruments,machinery and equipment, cash balances, cash on hand, cheques, demand drafts, reserve funds,investments, book debts and all other rights and interest in, or arising out of such, property as wereimmediately before the appointed day in the ownership, possession, power or control of such companywhether within or outside India, and all books of account, registers and all other documents of whatevernature relating thereto. (2) All properties as aforesaid which have vested in the Central Government under section 3 shall, byforce of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and allother incumbrances affecting them, and any attachment, injunction, decree or order of any court, tribunalor other authority restricting the use of such properties in any manner or appointing any receiver inrespect of the whole or any part of such properties shall be deemed to have been withdrawn. (3) Every mortgagee of any property which has vested under this Act in the Central Government andevery person holding any charge, lien or other interest in, or in relation to, any such property shall give,within such time and in such manner as may be prescribed, an intimation to the Commissioner of suchmortgage, charge, lien or other interest. (4) For the removal of doubts, it is hereby declared that the mortgagee of any property referred to insub-section (3) or any other person holding any charge, lien or other interest in, or in relation to , any suchproperty shall be entitled to claim, in accordance with his rights and interest, payment of the mortgagemoney or other dues, in whole or in part, out of the amount specified, in relation to the company owningsuch property, in the First Schedule, and also out of the amounts referred to in section 9, but, no suchmortgage, charge, lien or other interest shall be enforceable against any property which has vested in theCentral Government. (5) Any licence or other instrument granted to either of the two companies in relation to anyundertaking which has vested in the Central Government under section 3 at any time before the appointedday and in force immediately before that day shall continue to be in force on and after such day inaccordance with its tenor in relation to an for the purposes of such undertaking, and , on and from the dateof vesting of such undertaking under section 6 in an existing Government company, or under section 7 ina new Government company, the existing, or new, Government company, as the case may be, shall bedeemed to be substituted in such licence or other instrument as if such licence or other instrument hadbeen granted to such existing, or new, Government company and such existing, or new, Governmentcompany, shall hold it for the remainder of the period for which the company to which it was grantedwould have held it under the terms thereof. (6) If, on the appointed day, any, suit, appeal or other proceeding of whatever nature, in relation toany property which has vested in the Central Government under section 3, instituted or preferred by oragainst either of the two companies is pending, the same shall not abate, be discontinued or be, in anyway, prejudicially affected by reason of the transfer of the undertakings of such company or of anythingcontained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Central Government, or where the undertakings of the two companies vest undersection 6 or section 7 in an existing, or a new, Government company, by or against such Governmentcompany.

(1) Every liability, other than the liabilityspecified in sub-section (2), of each of the two companies in respect of any period prior to the appointedday, shall be the liability of the concerned company and shall be enforceable against it and not against theCentral Government, or where the undertakings of the two companies vest in an existing, or a new,Government Company, against such Government company. (2) Any liability arising in respect of materials supplied to either of the two companies after themanagement of its undertakings had been taken over by the Central Government, shall, on and from theappointed day, be the liability of the Central Government or of the existing, or new, Governmentcompany aforesaid, and shall be discharged by that Government or, as the case may be, the existing, ornew, Government company, as and when repayment for such supplies becomes due and payable. (3) For the removal of doubts, it is hereby declared that-- (a) save as otherwise expressly provided in this section or in any other provision of this Act, noliability, other than the liability specified in sub-section (2), of either of the two companies in relationto its undertakings in respect of any period prior to the appointed day shall be enforceable against theCentral Government, or, where the undertakings of the two companies vest in an existing, or a new,Government company, against such Government company; (b) no award, decree or order of any court, tribunal or other authority in relation to theundertakings of either of the two companies, passed on or after the appointed day, in respect of anymatter, claim or dispute, not being a matter, claim or dispute in relation to any matter referred to insub-section (2), which arose before that day, shall be enforceable against the Central Government, orwhere the undertakings of the two companies vest in an existing, or a new, Government company,against such Government company; (c) no liability incurred by either of the two companies before the appointed day, for thecontravention of any provision of law for the time being in force, shall be enforceable against the,Central Government, or, where the undertakings of the two companies vest in an existing, or a new,Government company, against such Government company.