The Andhra Scientific Company Limited (Acquisition and Transfer of Undertakings) Act, 1982

(1) This Act may be called the Andhra Scientific CompanyLimited (Acquisition and Transfer of Undertakings) Act, 1982. (2) The provisions of sections 27 and 28 shall come into force at once and the remaining provisions ofthis Act shall be deemed to have come into force on the 1st day of July, 1981.

In this Act, unless the context otherwise requires,-- (a) "appointed day" means the 1st day of July, 1981; (b) "Commissioner" means the Commissioner of Payments appointed under section 15; (c) "Company" means the Andhra Scientific Company Limited, a company within the meaning ofthe Companies Act, 1956 (1 of 1956), and having its registered office at Machilipatnam in the State ofAndhra Pradesh; (d) "Custodian" means the Custodian appointed under sub-section (2) of section 9 to take over, orcarry on, the management of the Company; (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) "the Government company" means the Government company in which the undertakings ofthe Company are directed to vest under sub-section (1) of section 6; (i) words and expressions used herein and not defined but defined in the Companies Act, 1956(1 of 1956), shall have the meanings, respectively, assigned to them in that Act.

On the appointed day, the undertakings of the Company, and the right, title and interest of the Companyin relation to its undertakings, shall, by virtue of this Act, stand transferred to, and shall vest in, theCentral Government.

(1) The undertakings of the Company shall be deemed to include allassets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable,including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cashon hand, cheques, demand drafts, reserve funds, investments, book debts and all other rights and interestsin, or arising out of, such property as were immediately before the appointed day in the ownership,possession, power or control of the Company, whether within or outside India, and all books of account,registers and all other documents of whatever nature 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 in cumbrances 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 interests, payment of the mortgagemoney or other dues, in whole or in part, out of the amount specified in section 7 and also out of theamounts determined under section 8, but no such mortgage, charge, lien or other interest shall beenforceable against any property which has vested in this Central Government. (5) Any licence or other instrument granted to the Company in relation to any undertaking which hasvested in the Central Government under section 3 at any time before the appointed day and in forceimmediately before that day shall continue to be in force on and after such day in accordance with itstenor in relation to and for the purposes of such undertaking, and, on and from the date of vesting of suchundertaking under section 6 in a Government company, such Government company shall be deemed to besubstituted in such licence or other instrument as if such licence or other instrument had been granted tosuch Government company and that Government company shall hold it for the remainder of the period forwhich the Company would have held it under the terms thereof. (6) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to anyproperty which has vested in the Central Government, under section 3, instituted or preferred by oragainst the Company, is pending, the same shall not abate, be discontinued or be, in any way,prejudicially affected by reason of the transfer of the undertakings of the Company or of anythingcontained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforcedby or against the Central Government, or, where the undertakings of the Company are directed, undersection 6, to vest in a Government company, by or against the Government company.

(1) Every liability of the Company inrespect of any period prior to the appointed day, shall be the liability of the Company and shall beenforceable against it, and not against the Central Government, or, where the undertakings of theCompany are directed, under section 6, to vest in a Government company, against that Governmentcompany. (2) 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 of the Company in respect of any period prior to the appointed day, shall be enforceableagainst the Central Government, or, where the undertakings of the Company are directed, undersection 6, to vest in a Government company, against that Government company; (b) no award, decree or order of any court, tribunal or other authority in relation to theundertakings of the Company, passed after the appointed day, in respect of any matter, claim ordispute which arose before that day, shall be enforceable against the Central Government, or, wherethe undertakings of the Company are directed, under section 6, to vest in a Government company,against that Government company; (c) no liability incurred by the Company before the appointed day, for the contravention of anyprovision of law for the time being in force, shall be enforceable against the Central Government, or,where the undertakings of the Company are directed, under section 6, to vest in a Governmentcompany, against that Government company.