The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978

(1) This Act may be called the Public Sector Iron and SteelCompanies (Restructuring) and Miscellaneous Provisions Act, 1978. (2) It shall come into force on such date1as the Central Government may, by notification in theOfficial Gazette, appoint.

(1) In this Act, unless the context otherwise requires,-- (a) "appointed day" means the date on which this Act comes into force; (b) "Companies Act" means the Companies Act, 1956 (1 of 1956); (c) "corresponding unit", in relation to-- (i) the Integral Company, means that unit of the Integral Company which corresponds to theunit of the dissolved company or the transferred company in which the concerned officer or otheremployee was holding office before the transfer of the said unit; (ii) a transferee company, means that unit of a transferee company which corresponds to theunit of the dissolved company in which the concerned officer or other employee was holdingoffice before the transfer of the said unit; (d) "dissolved company" means a company specified in the First Schedule; (e) "Integral Company" means the Steel Authority of India Limited, a company formed andregistered under the Companies Act having its registered office at New Delhi; (f) "transferee company" means the company to which the undertakings of a dissolved companyor of a transferred unit, as the case may be, stand transferred by virtue of the provisions of this Act; (g) "transferred company" means,-- (i) Metallurgical and Engineering Consultants (India) Limited, a company formed andregistered under the Companies Act having its registered office at Ranchi in the State of Bihar; (ii) National Mineral Development Corporation Limited, a company formed and registeredunder the Companies Act having its registered office at Hyderabad in the State of AndhraPradesh; (iii) Hindustan Steelworks Construction Limited, a company formed and registered under theCompanies Act having its registered office at Calcutta in the State of West Bengal; (iv) Bharat Refractories Limited, a company formed and registered under the Companies Acthaving its registered office at Bokaro Steel City in the State of Bihar; or (v) India Firebricks and Insulation Company Limited, a company formed and registeredunder the Companies Act having its registered office at Bombay in the State of Maharashtra; (h) "transferred unit" means,-- (i) Kiriburu Iron Ore Mines, a unit of the National Mineral Development CorporationLimited; or (ii) Meghahatuburu Iron Ore Project, a unit of the National Mineral DevelopmentCorporation Limited; (iii) Ramgarh Refractory Plant, a unit of the Hindustan Steel Limited (situated near Ramgarhin the State of Bihar); (iv) Refractory Project, a unit of the Hindustan Steel Limited (situated at Bhilai in the State ofMadhya Pradesh); or (v) Sillimanite Mines, a unit of the Hindustan Steel Limited (situated in the State ofMeghalaya). (2) Words and expressions used herein and not defined but defined in the Companies Act have themeaning respectively assigned to them in that Act.

For the purposes of this Act, the undertaking of a dissolvedcompany or of a transferred unit shall be deemed to include all assets, rights, leaseholds (includingmining leases, if any), industrial or other licences, powers, authorities and privileges and all property,movable and immovable, including lands, buildings, works, mines, workshops, projects, smelters, stores,instruments, machinery, automobiles and other vehicles, cash or bank balances, cash in hand,investments, and book debts and all other rights and interests in, or arising out of, such property as wereimmediately before the appointed day in the ownership, possession, power or control of the dissolvedcompany or the transferred unit, as the case may be (whether within or without India), and all books ofaccount, registers maps, drawings, records of survey and all other documents of whatever nature relatingthereto, and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind ofthe dissolved company or the transferred unit. /hrt1Explanation.--Reference in this section to an undertaking of a transferred unit shall be deemed to bea reference to so much of the undertaking of the company of which that forms a unit as is relatable to it asif it were a separate company.

On the appointed day, the companies specified in the First Schedule shall stand dissolvedand, subject to the provisions of sections 6 and 7, all the undertakings of such companies shall standtransferred to, and vest in the Integral Company.

On theappointed day, the undertakings of the following transferred units shall stand transferred to, and vest in,the Integral Company, namely:-- (a) Kiriburu Iron Ore Mines, a unit of the National Mineral Development CorporationLimited, and (b) Meghahatuburu Iron Ore Project, a unit of the National Mineral Development CorporationLimited.