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Aluminium Corporation of India Limited (Acquisition and Transfer of Aluminium) Undertaking Act,1984

Act No : 43

 

Section : PRELIMINARY

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ALUMINIUM CORPORATION OF INDIA LIMITED (ACQUISTION AND TRANSFER OF ALUMINIUM UNDERTAKING) ACT, 1984
43 of 1984
[2nd June, 1984]

An Act to provide for the acquisition and transfer of the right, title and interest of the Aluminium Corporation of India Limited in relation to its undertaking as Jaykay Nagar, near Asansol (West Bengal) for the purpose of ensuring the continuity of production of aluminium and aluminium fabricated products which are essential to the needs of the community and thereby to give effect to the policy of the State towards securing the principles specified in clause (b) of Article 39 of the Constitution,

WHEREAS the undertaking of the Aluminium Corporation of India Limited, a company within the meaning of the Companies Act, 1956at Jaykay Nagar, near Asansol (West Bengal) was engaged in the production of aluminium and aluminium fabricated products falling under the First Schedule to the Industries (Development and Regulation) Act, 1951;

AND WHEREAS a result of deterioration of operating efficiency, grave financial improprieties, failure to maintain harmonious industrial relations and other reasons, the Company had to resort to the closure of the said undertaking in 1973;

AND WHEREAS efforts were made from 1975 onwards by the Central Government and the Government of West Bengal to secure the revival of the said undertaking with a view to the rehabilitation of the workmen adversely affected by the closure of the undertaking and also for augmenting the supply of aluminium and aluminium fabricated products and the efforts did not succeed as the entire capital of the Company had been eroded by outstanding liabilities and the management was unwilling to invest any funds;

AND WHEREAS with a view to re-starting the said undertaking the management of the said undertaking was taken over by the Central Government on the 1st day of May, 1978 under the provisions of the Industries (Development and Regulation) Act, 1951;

AND WHEREAS owing to the condition of the plant and machinery and other equipment and the grave deterioration which had already taken place in the operating efficiency thereof, the undertaking has not been able, in spite of financial and other assistance provided by the Central Government and the Government of West Bengal, to become viable or generate the funds needed for the proper utilisation of its capacity;

AND WHEREAS further investment of substantial sums of money is needed for the rehabilitation and replacement of the capital equipment and in view of the serious adverse financial condition of the Company and the state of the undertaking, the Company is not in a position to secure the funds necessary for such investment;

AND WHEREAS it is necessary to make such investment for securing proper utilisation of available facilities for production of aluminium and aluminium fabricated products which are essential to the needs of the community, particularly in the industrial and power sectors;

AND WHEREAS such investment is also necessary for securing the continued employment of the workmen employed in the said undertaking;

AND WHEREAS it is necessary in the public interest to acquire the said undertaking to enable the Central Government to have such investment made and to ensure that the interests of the general public are served by the continuance of the said undertaking of the production of aluminium and aluminium fabricated products;

AND WHEREAS such acquisition is for giving effect to the policy of the State towards securing the principles specified in clause (b) of article 39 of the Constitution;

BE it enacted by Parliament in the Thirty-fifth Year of the Republic of India as follows:-


CHAPTER 01: PRELIMINARY



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