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[Cites 0, Cited by 0] [Section 34] [Entire Act]

Union of India - Subsection

Section 34(2) in Burn Company and Indian Standard Wagon Company (Nationalisation) Act, 1976

(2)Notwithstanding such repeal,-
(a)anything done or any action taken by the Custodian in exercise of the powers of the Board of Management of the two companies at any time within the period during which the management of the undertakings of the two companies remained vested in the Central Government or at any time before the date on which this Act receives the assent of the President, shall be deemed to have been done or taken in accordance with law;
(b)anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.
THE FIRST SCHEDULE[See sections 7, 8 and 15 (2)]
Sl. No. Name of the company Amount (Rupees in lakhs)
1. Burn and Company Limited 1,388.00
2. Indian Standard Wagon Company Limited 1,135.00
THE SECOND SCHEDULE(See sections 18, 19, 20 and 24)ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE TWO COMPANIESPART "A" Post-take-over management periodCategory I-
(a)Loans advanced by banks.
(b)Loans advanced by the Industrial Reconstruction Corporation of India.
(c)Credit availed of for purposes of trade or manufacturing operations.
Category II-
(a)Revenue, taxes, cesses, rates or other dues of Central Government or a State Government.
(b)Sales tax; rates and taxes; contributions to be made to the Employees' State Insurance Fund, and Additional Dearness Allowance payable to employees.
PART "B" Pre-take-over management periodCategory III-Arrears in relation to provident fund, salaries and wages and other amounts due to employees.Category IV-Secured loans.Category V-Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a local authority or a State Electricity Board.Category VI-
(a)Any credit availed of for purpose of trade or manufacturing operations.
(b)Any other dues.