Section 27 in The Iron And Steel Companies Amalgamation Act, 1952
27.
/1385The Tariff Board and the Tariff Commission recommended on successive occasions that in the large interests of the steel industry in India, the Indian Iron and Steel Co., Ltd. should be amalgamated with the Steel Corporation of Bengal, Ltd., as such amalgamation would eliminate duplication and waste and ultimately tend to reduce costs of production. In view of the serious shortage of steel in India for essential nation-building activities, it has also become imperative that the schemes approved by Government for the expansion of the steel production capacity of these Companies should be effect to without further delay and that necessary financial and other resources should be made available to them. Effective action in this behalf is possible only after the amalgamation of the Companies. In view of the urgency of the matter, and the desirability of avoiding any speculation in the market, it was decided that an promulgated the Iron and Steel Companies Amalgamation Ordinance, 1952, on the 29th October, 1952.The present Bill is intended to replace the Ordinance. - Gazette of India, 22-11-1952, Pt. II, section 2, page 558.[29th December, 1952]An Act to make special provision, in the interests of the general public and the Union, for the amalgamation of certain companies closely connected with each other in the manufacture and production of iron and steel, and for matters connected therewith or incidental thereto.WHEREAS for the purpose of securing, in the interest of the general public and the Union, the efficient and economical expansion and working of the iron and steel industry in India, it is essential that the Steel Corporation of Bengal, Limited, and the Indian Iron and Steel Company, Limited, which are engaged in the manufacture and production of iron and steel, should be amalgamated;AND WHEREAS to give effect to the scheme of the Central Government for the expansion of the iron and steel industry and to make available further resources for such expansion, it is necessary that the said companies should be amalgamated with as little delay as possible;AND WHEREAS the amalgamation of the said companies is also in pursuance of successive recommendations made by the Tariff Board and the Tariff Commission; BE it enacted by Parliament as follows:--
