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Home > Bare Acts > Others > Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982 > PRELIMINARY



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Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982

Act No : 50

 

Section : PRELIMINARY

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AMRITSAR OIL WORKS (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1982
50 of 1982
19th October, 1982

The Amritsar Sugar Mills Company Limited is a public limited company incorporated in 1924 with its head office at Amritsar. It has two units, viz., the Amritsar Oil Works, Amritsar and the Amritsar Sugar Mills at Rohankalan, Uttar Pradesh. The company was not being managed in a manner befitting its size and position. This led to gross mismanagement and grave financial irregularities in its working. As a result, the Amritsar Oil Works remained closed for nearly 18 months. The management of the Amritsar Oil Works, one of the two units of the company was, therefore, taken over in September, 1974 by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951. The Amritsar Sugar Mills at Rohankalan had initially been taken over for management by the Government of Uttar Pradesh under the Defence of India Rules. Later, on the expiry of the Defence of India Rules, it was taken over by the Government of Uttar Pradesh under the Uttar Pradesh Zamindari Abolition and Land Reforms Act. Since then the unit is being managed by a receiver appointed by the Government of Uttar Pradesh

2. The Amritsar Oil Works along with the Ganesh Flour Mills Company Limited, an undertaking also managed by the Central Government undersection 18AA of the Industries (Development and Regulation) Act, 1951, have been refining crude rapeseed oil imported from abroad for supply to the public distribution system all over the country. It has also been producing wholesome vanaspati for sale at reasonable prices in the open market. The unit has, thus, been playing an important role in the supply of commodities essential to the needs of the common man. It is intended further to extend the role of this unit by means of expansion of its production capacity and diversification of its production function as a part of the nucleus of the instrumentalities under the public sector so as to provide Government a commanding role in the regulation of the edible oil economy. Certain schemes for this purpose are under preparation.

3. The Amritsar Oil Works had a negative networth at the time of its take-over in September, 1974 and on its own it was not in a position to raise the necessary funds and provide the managerial inputs to bring it back to running condition. Under the management of the Government financial loan was provided by the Industrial Reconstruction Corporation of India and guarantee for working capital was provided by the State Bank of India. Besides this, considerable managerial and technical inputs have been provided to bring the Amritsar Oil Works to its current healthy situation. In order to enable it to play the role envisaged for it under Government's policy for regulating the edible oil economy, it is necessary to make further investments for modernisation of its machinery and diversification of its activities. It is felt that further investments for such purposes should be preceded by some arrangement which ensures continuity of management of the Amritsar Oil Works under the Central Govern- ment. It is, therefore, proposed to acquire the undertakings of the Amritsar Sugar Mills Company Ltd. in relation to the Amritsar Oil Works.

4. The Bill seeks to achieve the above objects -S.O.R. - Gaz. of Ind., 4-10-1982, Pt. II, S. 2, Ext.,p.l4(No.44).

An Act to provide for the acquisition and transfer of the right, title and interest of the undertakings of the Amritsar Sugar Mills Company in relation to the Amritsar Oil Works with a view to sustaining and strengthening the nucleus of public owned or controlled units required for ensuring supply of wholesome vanaspati and refined edible oils to the public at reasonable prices and thereby to give effect to the policy of the State towards securing the principles specified in clauses (b) and (c) of article 39 of the Constitution.

WHEREAS the Amritsar Sugar Mills Company has through its undertakings, namely the factory known as the Amritsar Oil Works, Amritsar been engaged in the manufacture and production of certain commodities, namely, vanaspati and refined edible oils which are essential to the needs of the community;

AND WHEREAS the management of the said Amritsar Oil Works was taken over by the Central Government under theIndustries (Development and Regulation) Act, 1951;

AND WHEREAS it is necessary to acquire the undertakings of the Amritsar Sugar Mills Company in relation to the said Amritsar Oil Works for sustaining and strengthening the nucleus of public owned or controlled units required for ensuring supply of wholesome vanaspati and refined edible oils to the public at reasonable prices;

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

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


CHAPTER 01: PRELIMINARY



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