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Home > Bare Acts > Others > Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982 > THE AMRITSAR SUGAR MILLS COMPANY TO BE LIABLE FOR CERTAIN PRIOR LIABILITIES



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

Act No : 50

 

Section : THE AMRITSAR SUGAR MILLS COMPANY TO BE LIABLE FOR CERTAIN PRIOR LIABILITIES

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SECTION 06: THE AMRITSAR SUGAR MILLS COMPANY TO BE LIABLE FOR CERTAIN PRIOR LIABILITIES

(1) Every liability, other than the liability specified under sub-section (2), of the Amritsar Sugar Mills Company in relation to the Amritsar Oil Works in respect of any period prior to the appointed day shall be the liability of the Amritsar Sugar Mills Company and shall be enforceable against it and not against the Central Government or where the Amritsar Oil Works vest in a Government Company, against the Government company.

(2) Any liability in respect of the amount advanced after the date of taking over of the Amritsar Sugar Mills Company in relation to the Amritsar Oil Works together with interest due thereon and the wages, salaries and other dues of persons employed in the Amritsar Oil Works in respect of any period after the date of taking over shall, on and from the appointed day, be the liability of the Central Government and shall be discharged by the Central Government or, for and on behalf of that Government, by the Government company as and when repayment of such amount becomes due or as and when such wages, salaries and other dues become due and payable.

(3) For the removal of doubts, it is hereby declared that-

(a) save as otherwise expressly provided in this section or in any other section of this Act, no liability, other than the liability specified in sub-section (2), of the Amritsar Sugar Mills Company in relation to the Amritsar Oil Works in respect of a period prior to the appointed day shall be enforceable against the Central Government or the Government Company, as the case may be;

(b) no award, decree or order of any court, tribunal or other authority in relation to the Amritsar Oil Works, passed after the appointed day, in respect of any matter, claim or dispute in relation to any matter, not being a matter referred to in sub-section (2), which arose before that date shall be enforceable against the Central Government or the Government company, as the case may be;

(c) no liability incurred by the Amritsar Sugar Mills Company before the appointed day, for the contravention, in relation to the Amritsar Oil Works, of any provision of law for the time being in force, shall be enforceable against the Central Government or the Government company, as the case may be.



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Member (Account Deleted) wrote on 29 July 2011


Dear Client, no ur share is not only "Paper Value" its has its monetary value as well as the said co. is abt to liquidation so it is suggested to sell ur entire share or u will get the some part (amount) of ur share when the co. get dissolved as per pro-rata basis as u r a "Equity Share holder". for further info./ issue, u can directly talk to me. Manoj kumar, Advocates, Delhi High Court, Delhi. Ph: 09310443650 / 09319220768 Email: advocates.agra@gmail.com


Sharad Mohan wrote on 07 May 2011


Sirs, I hold 12 shares of Amritsar Sugar Mills and my relatives hols another 60 shares. If the company is under liquidation / (?) what will happen to the share holders? Are the shares just paper now or do we get any monetary consideration, considering the real estate value of the land holding of erstwhile Amritsar Sugar Mills to be high.




NUJS

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