REGISTERED No. D-(D)-72 The Gazette of India EXTRAORDINARY
PART II—Section 1 PUBLISHED BY AUTHORITY No. 58] NEW DELHI, THURSDAY, OCTOBER 13, 1977/ASVINA 21, 1899 Separate paging is given to this Part in order that it may be filed as a separate compilation MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS (Legislative Department) New Delhi, the 13th October, 1977/Asvina 21, 1899 (Saka) THE INDIAN IRON AND STEEL COMPANY (ACQUISITION OF SHARES) AMENDMENT ORDINANCE, 1977.
No. 15 OF 1977 Promulgated by the President in the Twenty-eighth Year of the Republic of India.
An Ordinance to amend the Indian Iron and Steel Company (Acquisition of Shares) Act, 1976.
WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action;
Now, THEREFORE, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President is pleased to promulgate the following Ordinance —
1. (1) This Ordinance may be called the Indian Iron and Steel Company (Acquisition of Shares) Amendment Ordinance, 1977
(2) It shall come into force at once
2. In section 2 of the Indian Iron and Steel Company (Acquisition of Shares) Act, 1976 (hereinafter referred to as the principal Act), for clause
(h), the following clause shall be substituted, namely: — '(h) "shareholder" means,—
(i) a person who, immediately before the appointed day, was registered by the Company as the holder of any share and includes his legal representative; or 89 of 1976.
Short title and commencement.
Amendment of section 2,
(393) 394 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC. 1]
(ii) a person who, before the appointed day, had lodged with the Company a propej instrument o± transfer of any share in the form prescribed under section 108 of the Companies Act, 1956, and executed in accordance with the provisions of that section; or (Hi) a person who claims under a proper instrument of transfer of any share in the form prescribed under section 108 of the Companies Act, 1956, which was executed before the appointed day and delivers such instrument to the Commissioner on or before such date as the Central Government may, by notification, specify in this behalf'
3. In section 7 of the principal Act, in sub-section (J),—
(i) in the opening paiagiaph, for the words "within thirty days from the specified date", the words and figures "on or before the 30th day of November, 1977" shall be substituted and shall be deemed always to have been substituted,
(ti) for the proviso, the following proviso shall1 be substituted, and shall be deemed always to have been substituted, namely — "Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim before the said date, he may entertain the claim within a further period of thirty days from that date and not thereafter.".
4. After section 7 of the principal Act, the following sections sh»H< he inserted, namely: — "7A. Where there is any dispute as to the person or persons who are entitled to compensation (including any dispute as to who are the legal representatives of any deceased claimant to compensation), the Commissioner may, after making such inquiry as he may deem fit, make the payment to such person as appears to him to be best entitled to receive the compensation'
Provided that if the Commissioner is unable to determine aa to who is the person entitled to the compensation and considers that the matter could more appropriately be dealt with by the principal civil court of original jurisdiction within the local limits of whose rurisdiction the registered office of the Company is situated, he may refer such dispute to the said court, whose decision thereon shall be final:
Provided further that nothing contained herein shall affect the liability of any person, who may receive the whole or any part of the compensation allowed under this Act, to pay the same to the person lawfully entitled thereto.
7B Where any dispute has been referred under section 7A by the Commissioner to the civil court referred to therein, he shall deposit the amount of the compensation in that court."
N. SANJIVA REDDY, President.
K. K SUNDARAM, Secy to the Govt. of India.
Amendment of section 7, Insertion of new sections 7A and 7B Power of Commissioner to inquire into disputes as to compensation.
Deposit of compen.
satton in court 1 of 1956 1 of 1936 PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NK'V PELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 1977