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Home > Bare Acts > Property Law > Burmah Shell (Acquisition of Undertakings in India) Act,1976 > PRELIMINARY



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

Act No : 2

 

Section : PRELIMINARY

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BURMAH SHELL (ACQUISITION OF UNDERTAKINGS IN INDIA) ACT, 1976
2 of 1976
24th January, 1976

STATEMENT OF OBJECTS AND REASONS The Bill seeks to acquire the undertakings in India of Burmah Shell Oil Storage and Distributing Company of India Limited, a foreign company, which has established a branch in India and which carries on the business of distributing and marketing petroleum products in India and also to take over the liabilities of Burmah Shell Oil Storage and Distributing Company of India Limited in relation to its undertakings in India.

It is proposed, in the first place, to take over all the Indian assets and liabilities, (not including its trade marks and patents registered in India and the shareholder's loans) and to vest them in the Central Government, The said assets will include leases and tenancy rights held by Burmah Shell Oil Storage and Distributing Company of India Limited in India. The Bill further provides that the Central Government may, by notification, vest the said assets and liabilities in a Government company

2. The Government has entered into negotiations with Burmah Shell for acquiring 100 per cent. of the equity shares of Burmah Shell Refineries Limited which is owned by Burmah Oil Company and Shell Petroleum Company. As soon as the acquisition of 100 per cent. shares in Burmah Shell Refineries Limited is completed, the Indian assets and liabilities of the Burmah Shell Oil Storage and Distributing Company of India Limited will be vested, by notification, in Burmah Shell Refineries Limited, which will become, after such acquisition of shares, a Government company.

3. The Bill makes incidental provisions for the transfer of the services of the existing employees of Burmah Shell Oil Storage and Distributing Company of India Limited and of the provident, superannuation and welfare funds of such employees to the said Government company. The Bill also provides that all contracts entered into by the Burmah Shell Oil Storage and Distributing Company of India Limited for any service, sale or supplies in India and in force immediately before the appointed day, shall continue, unless terminated by the Central Government. Power is given by the Bill to the Central Government to terminate certain unduly onerous contracts as provided inclause 13 of the Bill. -Gaz. Of ind., 15-1- 1976, Pt. U.S. 2, Ext" p. 341. An Act to provide for the acquisition and-transfer of the right, title and interest of the Burmah Shell Oil Storage and Distributing Company of India Limited in relation to its undertakings In India with a view to ensuring co-ordinated distribution and utilisation of petroleum products distributed and marketed in India by the said company and for matters connected therewith or incidental thereto.

WHEREAS Burmah Shell Oil Storage and Distributing Company of India Limited, a foreign company, is carrying on in India the business of distributing and marketing petroleum products and has, for that purpose, established places of business at Bombay and other places in India; AND

WHEREAS it is expedient in the public interest that the undertakings in India, of Burmah Shell Oil Storage and Distributing Company of India Limited, should be acquired in order to ensure that the ownership and control of the petroleum products .distributed and marketed in India by the said company are vested in the State and thereby so distributed as best to subserve the common good;

BE it enacted by Parliament in the Twenty-sixth year or me Republic or India as follows:-


CHAPTER 01: PRELIMINARY



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