Section 26thMay in The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979
26thMay.
, 1979BODYAn Act to provide for the taking over, in the public interest, ofthe management of the undertakings of the Parel Investments and Trading PrivateLimited and the Domestic Gas Private Limited, pending acquisition of thoseundertakings, with a view to maintaining a service essential to the life of thecommunity, namely, the bottling, transporting, marketing and distribution ofliquefied petroleum gas, and for matters connected therewith or incidentaltheretoWHEREAS the undertakings inIndia of Caltex (India) Limited, a foreign company, had vested in Caltex OilRefining (India) Limited, a Government company within the meaning of theCompanies Act, 1956 (1 of 1956), under the Caltex [Acquisition of Shares ofCaltex Oil Refining (India) Limited and of the Undertakings in India of Caltex(India) Limited] Act, 1977 (17 of 1977);AND WHEREAS the agreement datedthe 23rd November, 1970 entered into by Caltex (India) Limited with the EastCoast Gas Company, a partnership firm which has since been taken over by ParelInvestments and Trading Private Limited, under which Caltex (India) Limitedappointed the East Coast Gas Company as distributors for sale of its liquefiedpetroleum gas packed in cylinders, to domestic, commercial and industrialcustomers, in certain areas, has terminated on the 31st December, 1978;AND WHEREAS the agreement datedthe 23rd November, 1970, entered into by Caltex (India) Limited with DomesticGas Private Limited, under which the former appointed the latter asdistributors for sale of its liquefied petroleum gas packed in cylinders, todomestic, commercial and industrial customers, in certain areas, has terminatedon the 31st December, 1978;AND WHEREAS by an order issuedby the Company Law Board on the 9th May, 1978, the aforementioned Caltex OilRefining (India)Limited has been amalgamated with Hindustan Petroleum Corporation Limited;AND WHEREAS for giving effectto the policy of the State towards securing the principle specified in clause(b) of article 39 of the Constitution, it is proposed to acquire theundertakings of Parel Investments and Trading Private Limited and Domestic GasPrivate Limited so that the means and resources as to bottling, transporting,marketing and distribution of liquefied petroleum gas of the said undertakingsbecome vested in the State and thereby are so distributed as best to subservethe common good;AND WHEREAS pending theacquisition of the undertakings of Parel Investments and Trading PrivateLimited and Domestic Gas Private Limited with a view to the nationalisation ofthe business of bottling, transporting, marketing and distribution of liquefiedpetroleum gas hither–to carried on by them, it is expedient in thepublic interest to take over the management of the said undertakings;BE it enacted by Parliament inthe Thirtieth Year of the Republicof India as follows: ––CHAPTERPRELIMINARY
