Section 1435 in Bengal Immunity Company Limited (Acquisition And Transfer of Undertakings) Act, 1984.
1435.
Object and Reasons Messrs Bengal Immunity Company Limited, Calcutta, were engaged in the manufacture of chemicals (other than fertilisers), drugs and pharmaceuticals which are essential to the needs of the country. Due to labour problems and lack of proper resource management and long term planning, the company went into serious financial and other difficulties resulting in the management applying to the Court for the closure of the company. The company was also being mismanaged. After investigation into the affairs of the company through an Investigation Committee, the management of the undertakings of the company was taken over on the 18th May, 1978 by the Central Government under section 18A of the Industries (Development and Regulation) Act, 1951. A Board of Management was appointed. It is necessary to acquire the undertakings of the Company for the purpose of reconstructing and rehabilitating the same so as to subserve the interests of the general public by the augmentation of production and distribution of different varieties of chemicals, drugs and pharmaceuticals which are essential to the need of general public.[29th August, 1984.]An Act to provide for the acquisition and transfer, in the public interest, of the undertakings of Messrs. Bengal Immunity Company Limited, and for matters connected therewith or incidental thereto.Whereas Messrs. Bengal Immunity Company Limited were engaged in the production and distribution of articles specified in the First Schedule to the Industries (Development and Regulation) Act 1951(65 of 1951) namely, chemical (other than fertilizers), drugs and pharmaceutical which are essential to the needs of the general public;and whereas the Central Government, being of opinion, after an investigation into the affairs of the Company, that the affairs of the Company have been managed in a manner highly detrimental to the public interest, had authorised, under section 18A of the Industries (Development and Regulation) Act, 1951(65 of 1951), a body of persons to take over the management of the Company;and whereas for the purpose of reconstructing and rehabilitating the undertakings owned by the Company, so as to subserve the interests of the general public by the augmentation of production and distribution of different varieties of chemicals (other than fertilizers), drugs and pharmaceuticals which are essential to the needs of the general public and to secure the continued supply thereof, it is necessary to acquire the undertakings of the Company;be it enacted by Parliament in the Thirty-fifth year of the Republic of India as follows:-
