The Metal Corporation (Nationalisation and Miscellaneous Provisions) Act, 1976

(1) This Act may be called the Metal Corporation(Nationalisation and Miscellaneous Provisions) Act, 1976. (2) Sections 20 and 21 shall come into force at once and the other provisions of this Act shall bedeemed to have come into force on the 22nd day of October, 1965.

In this Act, unless the context otherwise requires,-- (a) "appointed day" means the 2nd day of August, 1976; (b) "commencement of this Act" means the 22nd day of October, 1965; (c) "Metal Corporation" means the Metal Corporation of India Limited, a company within themeaning of the Companies Act, 1956 (1 of 1956), and having its registered office at Calcutta; (d) "Mineral Concession Rules" means the Mineral Concession Rules, for the time being in force,made by the Central Government under the Mines and Minerals (Regulation and Development)Act, 1957 (67 of 1957); (e) "notification" means a notification published in the Official Gazette; (f) "prescribed" means prescribed by rules made under this Act; (g) words and expressions used in this Act and not defined but defined in the CompaniesAct, 1956 (1 of 1956), have the meanings respectively assigned to them in that Act.

For the purposes of this Act, the undertaking of the MetalCorporation shall be deemed to include all assets, rights, leaseholds (including mining leases, if any),powers, authorities and privileges and all property, movable and immovable, including lands, buildings,works, mines, workshops, projects, smelters, refineries, stores, instruments, machinery, locomotives,automobiles and other vehicles, mined or extracted zinc or lead ores, concentrates and metals, in processor in stock or in transit, cash balances, cash in hand, reserve fund, investments and book debts and allother rights and interests in, or arising out of, such property as were immediately before the date ofcommencement of this Act in the ownership, possession, power or control of the Metal Corporation,whether within or without India, and all books of account, registers, maps, sections, drawings, records ofsurvey and all other documents of whatever nature relating thereto; and shall also be deemed to includeall borrowings, liabilities and obligations of whatever kind of the Metal Corporation in relation to itsundertaking.

(1) On thecommencement of this Act, the Metal Corporation of India (Acquisition of Undertaking)Act, 1966 (36 of 1966), shall stand repealed, and on such repeal, the undertaking of the MetalCorporation, which had been transferred to, and vested in, the Central Government by virtue of theprovisions of section 3 of the Act so repealed, and the undertaking of the Metal Corporation together withall its properties, assets, liabilities and obligations specified in sub-section (1) of section 4 of that Act andsuch other properties, assets, liabilities and obligations, acquired or incurred, for the purposes of itsundertaking, after the 22nd day of October, 1965, which stood, by virtue of the provisions of section 12 ofthe said Act, transferred to, and vested in, the Government company formed in pursuance of theprovisions of section 12 of the Act aforesaid shall, by virtue of the provisions of this Act, be deemed tohave been retransferred to, and re-vested in, the Metal Corporation, and, immediately thereafter, themanagement of the undertaking of the Metal Corporation shall be deemed to have been transferred to, andvested in, the Central Government. (2) Any contract, whether express or implied, or other arrangement, in so far as it relates to themanagement of the business and affairs of the undertaking of the Metal Corporation, and in forceimmediately before the commencement of this Act, shall be deemed to have terminated on suchcommencement. (3) All persons in charge of the management, including persons holding offices as directors, managersor in any other managerial capacity specified in section 197A of the Companies Act, 1956 (1 of 1956), ofthe Metal Corporation immediately before the commencement of this Act, shall be deemed to havevacated their offices as such on such commencement. (4) Notwithstanding anything contained in any other law for the time being in force, no person inrespect of whom any contract of management or other arrangement is terminated by reason of theprovisions of sub-section (2) or who ceases to hold office by reason of the provisions contained insub-section (3), shall be entitled to claim any compensation for the premature termination of the contractof management or other arrangement or for the loss of office, as the case may be.

(1) TheCentral Government may, as soon as it is convenient administratively so to do, appoint, with effect fromsuch earlier or later date (not being a date earlier than the commencement of this Act), any person or bodyof persons (including a Government company, whether in existence at the commencement of this Act orincorporated thereafter) as the Administrator of the undertaking of the Metal Corporation and theAdministrator so appointed shall carry on the management of such undertaking for and on behalf of theCentral Government. (2) On the appointment of the Administrator under sub-section (1), the management of theundertaking of the Metal Corporation shall vest in such Administrator and all persons in charge of themanagement of such undertaking immediately before such appointment shall cease to be in charge ofsuch management and shall be bound to deliver to the Administrator all assets, books of account, registersand other documents in their custody relating to the undertaking of the Metal Corporation. (3) The Central Government may issue such directions (including instructions as to initiating,defending or continuing any legal proceedings before any court, tribunal or other authority) to theAdministrator as to his powers and duties as the Central Government may deem desirable and theAdministrator may also apply to the Central Government at any time for instructions as to the manner inwhich the management of the undertaking of the Metal Corporation, or in relation to any other matterarising in the course of such management, shall be conducted. (4) Where any property, the management of which has vested in the Central Government undersection 4, is in the possession, custody or control of any person, such person shall deliver the property tothe Central Government forthwith. (5) Any person who, at the commencement of this Act, has in his possession or under his control anybooks, papers or other documents relating to the undertaking of the Metal Corporation shall be liable toaccount for such books, papers and other documents to the Administrator and shall deliver them up to theAdministrator or to such person as may be authorised by the Central Government or the Administrator inthis behalf. (6) The Metal Corporation shall, within such period as the Central Government may allow in thisbehalf, furnish to that Government a complete inventory of all the properties and assets (includingparticulars of book debts and investments and belongings) of the Metal Corporation at the commencementof this Act, all liabilities and obligations of the Metal Corporation subsisting at such commencement andalso of all agreements entered into by the Metal Corporation and in force on such commencement,including agreements, whether express or implied, relating to leave, pension, gratuity and other terms ofservice of any officer or other employee of the Metal Corporation under which, by virtue of the provisionsof this Act, the Central Government has, or will have, or may have, liabilities, and for this purpose, theCentral Government shall afford the Metal Corporation all reasonable facilities. (7) The Administrator shall hold office during the pleasure of the Central Government and shallreceive, from the funds of the undertaking of the Metal Corporation such remuneration as may be fixed bythe Central Government.