Section 1427 in Assam Sillimanite Limited (Acquisition And Transfer Of Refractory Plant) Act, 1976
1427.
Object and Reasons Messrs. Assam Sillimanite Limited, a company registered under the Companies Act, 1956, was granted a licence in January, 1960, under the Industries (Development and Regulation) Act. 1951, to set up a refractory plant with a total production capacity of 46,000 tonnes of refractories per annum. The plant was to be set up in two stages. Although the company had a collaboration agreement with a foreign firm and plant and machinery were also imported from abroad, the project did not proceed beyond the first stage and even the first stage was not fully completed. The construction of the second stage was not taken up at all. Only a pilot refractory plant was started but even this was closed down by the company on the 28th June, 1972, throwing more than two hundred workers out of employment.2. Special types of refractories, including high alumina refractories, needed by the steel industry, may be manufactured at the Refractory Plant of the Company and such manufacture would enable the country to progressively reduce the import of such special types of refractories. Accordingly, for the purpose of speedily bringing the Refractory Plant into operation, the management of the Refractory Plant was taken over by the Central Government under section 18AA of the Industries (Development and Regulation) Act. 1951, initially for a period of three years from 2nd November, 1972. which was subsequently extended by further one year. Hindustan Steel Limited, to which the management of the Refractory Plant was entrusted by the Central Government, has succeeded in bringing the pilot plant into full production. With a view to putting the available equipment to good use and augmenting the production of refractories. it is necessary, in the interests of the general public, to acquire the right, title and interest of Messrs. Assam Sillimanite Limited in respect of its Refractory Plant. The Bill seeks to achieve the said object. - SOR - Gazette of India. 19-1-1976, Pt. II. Section 2, Ext., p. 387.[11th February, 1976.]An Act to provide for the acquisition and transfer of the right, title and interest of the Assam Sillimanite Limited in respect of its Refractory Plant and for matters connected therewith or incidental thereto.WHEREAS it is urgently necessary to augment the supplies of refractories to meet the essential requirements of the iron and steel industry;AND WHEREAS for the said purpose, a licence to set up a refractory plant was granted to the Assam Sillimanite Limited under the Industries (Development and Regulation) Act, 1951(65 of 1951);AND WHEREAS in pursuance of the licence granted to it, the Assam Sillimanite Limited had imported machinery from abroad and commenced the construction of the first stage of its Refractory Plant but the project of the said company did not proceed beyond the first stage on account of financial and other difficulties, and the pilot Refractory Plant, which was constructed by the said company, has been closed;AND WHEREAS special type of refractories, including high alumina refractories, needed by the iron and steel industry may be manufactured at the Refractory Plant of the Assam Sillimanite Limited and such manufacture will enable the country to progressively reduce the import of such special type of refractories;AND WHEREAS for the purpose of speedily bringing the Refractory Plant of the Assam Sillimanite Limited into operation, the management of the said Refractory Plant was taken over, for a limited period by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951(65 of 1951);AND WHEREAS for the purpose of augmenting the supplies of refractories to meet the essential requirements of the iron and steel industry, it is necessary to acquire the right, title and interest of the Assam Sillimanite Limited in respect of its Refractory Plant;BE it enacted by Parliament in the Twenty-seventh Year of the Republic of India as follows:--
