The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980

(1) This Act may be called the Hind Cycles Limited andSen-Raleigh Limited (Nationalisation) Act, 1980. (2) It shall be deemed to have come into force on the 15th day of October, 1980.

In this Act, unless the context otherwise requires,-- (a) "appointed day" means the 15th day of October, 1980; (b) "Commissioner" means the Commissioner of Payments appointed under section 15; (c) "Custodian" means the Custodian appointed under sub-section (2) of section 9 to take over, orcarry on, the management of the undertakings of either, or both, of the two companies; (d) "notification" means a notification published in the Official Gazette; (e) "prescribed" means prescribed by rules made under this Act; (f) "Sen-Raleigh Limited" includes Sen and Pandit Industries Limited, Ancillary Industries (Lugs)Private Limited, Ancillary Industries (Forgings) Private Limited, Ancillary Industries (Cranks)Private Limited and Naokhali Machine Tools Limited, all having their registered offices at 1,Middeton Street, Calcutta; (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 Hind Cycles Limited and Sen-Raleigh Limited, being companies asdefined in the Companies Act, 1956 (1 of 1956), and having their registered offices at Birlagram,Nagda (Madhya Pradesh), and 1, Middleton Street, Calcutta, respectively; (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 each of the two companies, and the right, titleand interest of each of the two companies in relation to such undertakings, shall, by virtue of the Act,stand transferred to, and shall vest in, the Central Government.

(1) The undertakings of each company referred to in section 3 shall bedeemed to include all assets, rights, lease-holds, powers, authorities and privileges, and all property,movable and immovable, including lands, buildings, workshops, stores, instruments, machinery andequipment, 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 were immediately before theappointed day in the ownership, possession, power or control of such company whether within or outsideIndia, and all books of account, registers and all other documents of whatever nature relating thereto, andshall also be deemed to include the liabilities specified in sub-section (2) of section 5. (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 encumbrances affecting them, and any attachment, injunction, decree or order of any courtrestricting the use of such properties in any manner or appointing any receiver in respect of the whole orany 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 relation to the company owningsuch property, in the First Schedule, and also out of the amounts determined under section 8, 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 and for the purposes of such undertaking, and, on and from thedate of vesting of such undertaking under section 6 in a Government company, such Governmentcompany shall be deemed to be substituted in such licence or other instrument as if such licence or otherinstrument had been granted to such Government company and such Government company shall hold itfor the remainder of the period for which the company to which it was granted would have held it underthe terms thereof. (6) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to anymatter specified in sub-section (2) of section 5, in respect of any undertaking of either of the twocompanies, instituted or preferred by or against either of the two companies, is pending, the same shallnot abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of theundertakings of either of two companies or of anything contained in this Act, but the suit, appeal or otherproceeding may be continued, prosecuted or enforced by or against the Central Government, or, where theundertakings of the two companies are directed, under section 6, to vest in Government Companies, by oragainst the concerned Government company.

(1) Every liability,other than the liability specified in sub-section (2), of each of the two companies in respect of any period prior to the appointed day, shall be the liability of the concerned company and shall be enforceableagainst it and not against the Central Government, or, where the undertakings of the two companies aredirected under section 6, to vest in Government companies, against the concerned Government company. (2) Any liability arising in respect of materials supplied to either of the two companies after themanagement of the undertakings of the Company had been taken over by the Central Government shall,on and from the appointed day, be the liability of the Central Government or of the concernedGovernment company aforesaid, and shall be discharged by that Government or 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 are directed, under section 6,to vest in Government companies, against the concerned 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, or,where the undertakings of the two companies are directed, under section 6, to vest in Governmentcompanies, against the concerned 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 theCentral Government, or, where the undertakings of the two companies are directed, under section 6,to vest in Government companies, against the concerned Government company.