Braithwaite and Company (India) Limited (Acquisition and Transfer ofUndertakings) Act,1976
Act No : 96
Section : PRELIMINARY
BRAITHWAITE AND COMPANY (INDIA) LIMITED (ACQUISITION AND TRANSFER OF UNDERTA.KINGS) ACT, 1976
96 of 1976
5th September,1976
Messrs Braithwaite and Company (India) Limited were engaged in the manufacture and
production of railway wagons, structural and other commodities which were vital to the
needs of the country. The Company began to show steady decline in production from
1968 onwards and incurred heavy losses which resulted in closure of some of the works
of the Company. After an investigation into the affairs of the Company, the management
of its undertakings was taken over by the Central Government under
section 18A of the Industries (Development and Regulation) Act, 1951, in March, 1971.
Since early action was necessary to reduce the interest charges on loans and for
restructuring of the capital of the Company, the undertakings of the Company were
acquired by the Braithwaite and Company (India) Limited (Acquisition tend Transfer of
Undertakings) Ordinance, 1976). The Bill seeks to replace the said Ordinance. - Gaz. of
Ind., 20-8-1976, Pt.ll,S.2,Ext..p.l215.
An Act to provide for the acquisition and transfer of the undertakings of Messrs.
Braithwaite and Company (India) Limited for the purpose of ensuring the continuity of
production of goods which are vital to the needs of the country, and for matters
connected therewith or incidental thereto
WHEREAS Messrs Braithwaite and Company
(India) Limited was engaged in the manufacture and production of railway wagons,
structural Heel works for bridges and heavy workshop buildings, pressed steel tanks,
cranes, road rollers, jute carding machines, roll formers, power sweepers, grey iron
castings and steel forgings and also in the machining of intricate components of' large
sizes;
AND WHEREAS as a result of heavy losses suffered by the Company, there had
been a closure of certain works owned by the Company;
AND WHEREAS for the purpose of speedily bringing the closed works of the Company into operation, the management of the undertakings of the Company was taken over by the Central Government, for a limited period under SECTION 18A of the Industries (Development and Regulation) Act, 1951;AND
WHEREAS it if necessary to acquire the undertakings of the Company to ensure the
continuance of the production of goods which are vital to the needs of the country; BE it
enacted by Parliament in the Twenty-seventh Year of the Republic of India as follows:-
CHAPTER 01 PRELIMINARY
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