Section 1445 in Braithwaite And Company (India) Limited (Acquisition And Transfer Of Undertakings) Act, 1976
1445.
Object and Reasons.- Messrs Braithwaite and Company (India) Limited were engaged in the manufacture and production of railway wagons, structurals and other commodities whcich were vital to the needs of the country. The Company began to show steady decline in production from 1968 onwards and incurred heavy losses which resulted in closure of some of the works of the Company. After an investigation into the affairs of the Company, the management of its undertakings was taken over by the Central Government under section 18A of the Industries (Development and Regulation) Act, 1951, in March, 1971. Since early section was necessary to reduce the interest charges on loans and for restructuring of the capital of the Company, the undertakings of the Company were acquired by the Brainthwaite and Company (India) Limited (Acquisition and Transfer of Undertakings) Ordinance, 1976.[5th September, 1976.]An Act to provide for the acquisition and transfer of the undertakings of Messrs. Braithwaite and Company (India) Limited for the purpose of ensuring the continuity of production of goods which are vital to the needs of the country, and for matters connected therewith or incidental thereto.WHEREAS Messrs. Braithwaite and Company (India) Limited was engaged in the manufacture and production of railway wagons, structural steel works for bridges and heavy workshop buildings, pressed steel tanks, cranes, road rollers, jute carding machines, roll formers, power sweepers, grey iron castings and steel forgings and also in the machining of intricate components of large sizes;AND WHEREAS as a result of heavy losses suffered by the Company, there had been a closure of certain works owned by the Company;AND WHEREAS for the purpose of speedily bringing the closed works of the Company into operation, the management of the undertakings of the Company was taken over by the Central Government, for a limited period, under section 18A of the Industries (Development and Regulation) Act, 1951;AND WHEREAS it is necessary to acquire the undertakings of the Company to ensure the continuance of the production of goods which are vital to the needs of the country;BE it enacted by Parliament in the Twenty-seventh Year of the Republic of India as follows:-
