Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Entire Act]

Union of India - Section

Section 33 in The Hind Cycles And Sen-Raleigh Limited (Nationalisation) Act, 1980

33. Repeal and saving. - (1) The Hind Cycles and Sen-Raleigh Limited (Nationalisation) Ordinance, 1980 (16 of 1980), is hereby repealed.

(2)Notwithstanding such repeal anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act.THE FIRST SCHEDULE[ See sections 4 (4), 7, 8 (3) and 16 (1) (a) ]
Sl.No Name of the Company Amount(Rupees in lakhs)
1 Hind Cycles Limited 241.47
2 Sen-Raleigh Limited 708
3 Sen and Pandit Industries Limited 23.96
4 Ancillary Industries (Lugs) Private Limited 1.31
5 Ancillary Industries (Forgings) Private Limited 1.44
6 Ancillary Industries (Cranks) Private Limited 2.33
7 Naokhali Machine Tools Limited 2.87
THE SECOND SCHEDULE[ See sections 8 (1) ]
Sl.No Name of the Company Amount (Rupees in lakhs)
1 Hind Cycles Limited 8000
2 Sen-Raleigh Limited 8000
3 Sen and Pandit Industries Limited 500
4 Ancillary Industries (Lugs) Private Limited 500
5 Ancillary Industries (Forgings) Private Limited 500
6 Ancillary Industries (Cranks) Private Limited 500
THE THIRD SCHEDULEOrder of Priorities for the discharge of liabilities of the two companiesPost-take-over management periodCategory I -
(a)Wages, salaries and other dues payable to the employees of the Companies.
(b)Deduction made from the salaries and wages of the employee for provident fund, the Employees' State Insurance Fund, premium and relating to the Life Insurance Corporation of India or for any other purpose.
Category II-Principal amount of loans advanced by -
(a)the Central Government;
(b)a State Government;
(c)banks and public financial institutions:
(d)any other sources.
Category II-
(a)Arrears in relation to contributions to be made by the companies to provident fund, the Employees' State Insurance Fund or under any other law for the time being in force providing for such contributions.
(b)Any credits availed of by the companies for the purpose of carrying on any trading or manufacturing operations, other than the liabilities specified in sub-section (2) of section 5.
(c)Any dues of State Electricity Boards or other Government or semi-Government institutions against supply of goods or services, other than those specified in sub-section (2) of section 5.
(d)Arrears of interest on loans and advances.
Category IV-
(a)Revenue, taxes, cesses, rates or other dues to Central Government, a State Government or any local authority.
(b)Any other dues.
Pre-take-over management periodCategory V-
(a)Wages, salaries and other dues payable to the employee of the companies.
(b)Deductions made from the salaries and wages of the employee for provident fund, the Employees' State Insurance Fund, premium and relating to the Life Insurance Corporation of India or for any other purpose.
Category VIPrincipal amount of secured loans advanced by -
(i)the Central Government;
(ii)a State Government;
(iii)banks and public financial institutions.
(b)Arrears in relation to contributions to be made by the companies to provident fund, the Employees' State Insurance Fund or under any other law for the time being in force providing for such other contributions.
Category VII-Principal amount of unsecured loans advanced by-
(i)the Central Government;
(ii)a State Government;
(iii)banks and financial institutions.
Category VIII-
(a)Any credits availed of by the companies for the purpose of carrying on any trading or manufacturing operations.
(b)Any dues of State Electricity Boards or other Government and semi-Government institutions against supply of goods or services.
(c)Arrears of interest on loans and advances.
(d)Revenue, taxes, cesses, rates or other dues to Central Government, a State Government or any local authority.
(e)Any other loans or dues