The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act

Short title

Definitions

Undertaking of the old company to vest in the Central Government

General effect of meeting

Duty to deliver possession of property acquired and documents relating thereto

Duty to furnish particulars

Transfer of employees of the old company

Payment of amount

Formation and registration of a new company

Management of the old company

Custodian to be public servant

Vacation of office by directors, etc., of the old company

Constitution of a Tribunal

Tribunal to call upon persons to make claims

Determination of genuine shares

No compensation for cancellation of spurious shares

Power of Tribunal to entertain and dispose of claims for reimbursement

Suits and legal proceedings, not to be commenced or proceeded with

Decision of the Tribunal to be final

Custodian to reconstruct register of members of the old company

Custodian to issue fresh share certificates

No annual general meeting of the old company to be held before the reconstruction of the register of members

Custodian to file accounts until reconstruction of the register of members of the old company

Penalties

Offences by companies

Offences to be triable by a Magistrate of the first class and not to be compoundable

Protection of action taken in good faith

Contracts, etc., in bad faith may be cancelled or varied

Power to terminate contract of employment

Power to remove difficulty

Power to make rules

All sections

(1) For the transfer, under section 3, of the undertaking of the old company
to the Central Government, there shall be paid by the Central Government to the Custodian an amount of
rupees thirty lakhs.

(2) The Custodian shall open an account in the name of the old company in any scheduled bank and
credit the said amount to the said account and hold the said amount in trust for and on behalf of the old
company.


LAWGIST

# 8 Payment of amount