Jayanti Shipping Company (Acquisition of Shares) Act : Allocation of shares to Shipping Corporation

Jayanti Shipping Company (Acquisition of Shares) Act,1971

Act No : 63

Section : Allocation of shares to Shipping Corporation of India and certainother persons.

5. Allocation of shares to Shipping Corporation of India and certain other persons. (1) All the shares of the company vested in the Central Government by virtue of this Act, except one hundred thereof, shall immediately after they have so vested, stand transferred to and vested in the Shipping Corporation of India. 99 (2) The Central Government may by order transfer the remaining shares to such persons as may be specified in the order to enable the company to function as a Government company. (3) On the transfer of shares to the Shipping Corporation of India under sub-section (1) or to any person under sub-section (2), the company shall forthwith register each transferee as a member of the company. (4) The amount paid by the Central Government for the acquisition of the shares which stand transferred to and vested in the Shipping Corporation of India under sub-section (1) shall be deemed to be the contribution by the Central Government to the equity capital of the Corporation and that Corporation shall issue (if necessary, after amending its memorandum and articles of association) to the Central Government paid-up shares in its capital for a corresponding amount.