The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972

This Act may be called the Richardson and Cruddas Limited (Acquisition andTransfer of Undertaking) Act, 1972.

(1) In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date1as the Central Government may, by notification, appoint; (b) "Custodian" means the person who is appointed, under section 10, as the Custodian of the oldcompany; (c) "Nationalised Bank" means a corresponding new bank as defined in the Banking Companies(Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970); (d) "new company" means the Government company, formed and registered under theCompanies Act, 1956 (1 of 1956), in pursuance of the provisions of section 9; (e) "notification" means a notification published in the Official Gazette; (f) "old company" means the Richardson and Cruddas Limited, a company formed and registeredunder the Indian Companies Act, 1913 (7 of 1913) and having its registered office in the State ofWest Bengal; (g) "prescribed" means prescribed by rules made under this Act; (h) "scheduled bank" has the meaning assigned to it in the Reserve Bank of IndiaAct, 1934 (2 of 1934), and includes a Nationalised Bank; (i) "share" means a share in the capital of the old company; (j) "Tribunal" means the Tribunal constituted under section 13. (2) Words and expressions used herein and not defined but defined in the CompaniesAct, 1956 (1 of 1956), have, save as otherwise expressly provided in this Act, the meanings respectivelyassigned to them in that Act.

On the appointed day,the undertaking of the old company shall stand transferred to, and vest in, the Central Government, andthat Government shall, immediately thereafter, provide, by notification, for the transfer to, and vesting in,of such undertaking in the new company.

(1) The undertaking of the old company shall be deemed to includeall assets, rights, powers, authorities and privileges and all property, movable and immovable, cashbalances, reserve funds, investments and all other rights and interests in, or arising out of, such propertyas were immediately before the appointed day in the ownership, possession, power or control of the oldcompany in relation to the undertaking, whether within or without India, and all books of account,registers (other than register of members and documents relating thereto), records and all other documentsof whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities andobligations of whatever kind then subsisting of the old company in relation to the undertaking. (2) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powersof attorney, grants of legal representation and other instruments of whatever nature subsisting or havingeffect immediately before the appointed day which relate to the undertaking of the old company, shall beof as full force and effect in favour of the Central Government, and on the transfer of such undertaking tothe new company, of such new company and may be enforced or acted upon as fully and effectively as ifthey had related to the Central Government or the new company, as the case may be. (3) (a) If, on the appointed day, a proceeding instituted by the old company in relation to theundertaking referred to in section 3 is pending, such proceeding may, as from that day, be continued bythe Central Government or, on the transfer of the undertaking to the new company, by the new company. (b) If, on the appointed day, any cause of action is existing against the old company in relation to theundertaking referred to in section 3, such cause of action may, as from that day, be enforced against theCentral Government or, on the transfer of the undertaking to the new company, against the new company. (c) Save as otherwise provided in clauses (a) and (b), no suit, proceeding or cause of action by oragainst the old company shall be continued or enforced by or against the Central Government or the newcompany

(1) Whereany property has vested in the Central Government under section 3, every person in whose possession orcustody or under whose control the property may be, shall deliver the property to the Central Governmentforthwith. (2) Any person who, on the appointed day, has in his possession or under his control any books,documents or other papers relating to the undertaking which has vested in the Central Government underthis Act and which belong to the old company, or, would have so belonged if the undertaking of the oldcompany had not vested in the Central Government, shall be liable to account for the said books,documents or other papers to the Central Government and, on the transfer of such undertaking to the newcompany, to that company, and shall deliver them up to the Central Government or the new company, asthe case may be, or to such other person as the Central Government or the new company may specify inthis behalf. (3) The Central Government may take, or cause to be taken, all necessary steps for securingpossession of all properties which have vested in that Government under section 3.