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Home > Bare Acts > Property Law > Burmah Shell (Acquisition of Undertakings in India) Act,1976 > GENERAL EFFECT OF VESTING



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Burmah Shell (Acquisition of Undertakings in India) Act,1976

Act No : 2

 

Section : GENERAL EFFECT OF VESTING

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SECTION 04: GENERAL EFFECT OF VESTING

(1) The undertakings referred to in section 3-shall be deemed. save as otherwise provided in subsection (3) to include all assets, rights, powers authorities and privileges and all property, movable and immovable, cash balances, reserve funds, book-debts investments and all other rights and interests in. or arising out of, such property as were. immediately before the appointed day, in the ownership, possession, power or control of Burmah Shell, in relation to its undertakings in India and all books of account, registers, records and all other documents of whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities (including the liability for the payment of any pension and other pensionary benefits to the persons employed in relation to its undertakings in India) and obligations of whatever kind then subsisting of Burmah Shell in relation to its undertakings in India:

Provided that remittance outside India of any money tor the payment of pension or other pensionary benefits shall be subject to the rules and regulations for the time being in force in relation to such remittance.

(2) The profits earned by Burmah Shell in relation to its undertakings in India from the 1st day of January, 1975, shall be payable to the Central Government.

(3) The-undertakings referred to in sub-section (1) shall not include the following, namely :-

(a) any trade mark, and any right of Burmah Shell to use any trade mark in India, as specified in the First Schedule;

(b) all patents and designs registered in India in the name of Burmah Shell:

(c) the item described as "Loans in United Kingdom from share holders and or their associated companies" in the accounts of Burmah Shell, filed pursuant tosection 594 of the Companies Act. 1956-, as at 31st day of December, 1974,

(4) Unless otherwise expressly provided by this Act, all deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature in relation to the undertakings of Burmah Shell in India, subsisting or having effect immediately before the appointed day, and to which Burmah Shell is a party or which are in favour of Burmah Shell shall be of as full force and effect against or in favour of the Central Government and may be enforced or acted upon as fully and effectually as if in the place of Burmah Shell the Central Government had been a party thereto or as if they had been issued in favour of the Central Government,

(5) If, on the appointed day. any suit, appeal or other proceedings, of whatever nature, in relation to the undertakings of Burmah Shell in India, which have been transferred to a;id vested in the Central Government under section 3-, is pending by or against Burmah Shell, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertakings of Burmah Shell or of anything contained in this Act, but the suit, appeal or other proceedings may be continued, prosecuted and enforced by or against the Central Government, or, where the undertakings is directed under section 7-to vest in any Government company, by or against the Government company.



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