(1) The Central Government may, by notification, make rules for p o w e r to carrying out the provisions of this Ordinance. moke Tules.
(2) In particular, and without prejudice to the generality of the foregoing powers, such rules may. provide for: all or any of the following matters, namely: —
(a) the time within which, and the manner in'-wmich, an intimation referred to in sub-section (3) of section 4 shall be given;
(b) the form and manner in which, and the conditions Under which, the Custodian or Custodians shall maintain the-accounts as required by section 12;
(c) the manner in which the moneys in any provident fund or other fund, referred to in section 14, shall be dealt with;
(d) any other matter ;which is required to.be, or may b% prescribed.
514 THE GAZETTE OF INDIA EXTRAORDINARY [PAHT II—
(3) Every rule made by the Central Government under this Ordinance shall be laid, as soon as may be after it is made, before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
P w * *° 3J5. If any difficulty arises in giving effect to the provisions of this ™"*ov* Ordinance, the Central Government may, by order, not inconsistent culteta, wl*n the provisions of this Ordinance, remove the difficulty:
Provided that no such order shall be made after the expiry of a period of two years from the appointed day.
THE FIRST SCHEDULE [See sections 4(4), 7, 8(3) and 16(1) (a)]
31.
No.
1.
2.
3.
i.
5.
6.
7.
Name of the company Amount (Rupees In lakhs) Hind Cycles Limited Sen-Raleigh Limited Sen and Pandit Industries Limited Ancillary Industries (Lugs) Private Limited Ancillary Industries (Forgings) Private Limited Ancillary Industries (Cranks) Private Limited Naokhali Machine Tools Limited
241.47
708.00
23.96
1.31
1.44
2.33 2-87 THE SECOND SCHEDULE [See section 8(1)]
31. Name of the company No.
1. Hind Cycles Limited
2. Sen-Raleigh Limited
3. Sen and Pandit Industries Limited
4. Ancillary Industries (Lugs) Private Limited
5. Ancillary Industries (Forgings) Private Limited
6. Ancillary Industries (Cranks) Private Limited Rate per annum (Rupees) 8,000 8,000 500 500 500 500 Sic. 1] THE GAZETTE OF INDIA EXTRAORDINARY 515 THE THIRD SCHEDULE [See sections 18, 20(1), 21(1) and 23(1)] ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THK TWO COMPANIES Post take-over management period Category I—
(a) Wages, salaries and other dues payable to the emgloyftefi of the companies.
(b) Deductions made from the salaries and wages of the employees for provident fund, the Employees' State Insurance Fund, premium relating to the Life Insurance Corporation of India or for any other purpose.
Category 11— Principal amount of loans advanced by—
(i) the Central Government
(ii) a State Government
(iii) Banks and financial institutions
(iv) Any other sources.
Category III—
(a) Arrears in relation to contributions to be made by the companies to provident fund, the Employees' State Insurance Fund or under any other law for the time being in force providing for such contributions.
(b) Any credits availed of by the companies for the purpose of carrying on any trading or manufacturing operations, other than those specified in sub-section (2) of section 5.
(c) Any dues of State Electricity Boards or other Government or semi-Government institutions against supply of goods or services, other tjian those specified in sub-section (2) of section 5.
(d) Arrears of interest on loans and advances.
Category IV—
(a) Revenue, taxes, cesses, rates or other dues to the Central Government, a State Government or any local authority.
(b) Any other dues.
Pre-take-over management period Category V—
(a) Wages, salaries and other dues payable to the employees of the companies.
(b) Deductions made from the salaries and wages of the emplo yees for provident fund, the Employees' State Insurance Fund, premium relating to the Life Insurance Corporation of India or for any other purpose.
516 THE GAZETTE OF ENDlA EXTRAORDINAEY [PART II—SEC, I ] Category VI—
(a) Principal -amount of secured loans, advanced by—
(i) the Central Government.
(H) a State Government-
(in) Banks and financial institutions
(b) Arrears in relation to contributions to be made by the companies to provident fund, the Employees' State Insurance Fund or under any other law for the time being in force providing for such contributions.
Category VII~^ Principal amount of unsecured loans advanced by—
(i) the Central Government
(it) a State Government (Hi) Banks and financial institutions.
Category Vill—
(a) Any credits availed of by the companies for the purpose of carrying on any trading or manufacturing operations.
(b) Any dues of State Electricity Boards or other Government or semi-Government institutions against supply of goods or services.
(c) Arrears of interest on loans and advances.
(d) Revenue, taxes, cesses, rates or other dues to the Central Government, a State Government or any local authority.
(e>Any other loans or dues.
N. SANJIVA REDDY, President.
A. K. SRINIVASAMURTHY, Joint Secy, to the Govt, of India.
PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD NEW DCLHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 1980