(1) This Ordinance may be called the Metal Corporation of . India (Acquisition of Undertaking) Ordinance, 1965.
(2) It shall come into force at once.
2. In this Ordinance, unless the context otherwise requires,
(a) "administrator" means an administrator appointed under section 13;
(b) "company" or "the Metal Corporation of India" means the Metal Corporation of India Limited, being a company as defined in the Companies Act, 1956, having its registered :
office at Calcutta;
(c) "Tribunal" means thje Tribunal constituted under section 11;
(d) words and expressions used but not denned in this Ordinance and denned in the Companies Act, 1956, shall have the meanings respectively assigned to them in that Act.
CHAPTER II ACQUISITION OF THE UNDERTAKING OF THE METAL CORPORATION OF INDIA
3. On the commencement of this Ordinance, the undertaking of the company shall, by virtue of this Ordinance, be transferred to, and vest in, the Central Government.
4. (I) The undertaking of the company shall be deemed to include all assets, rights, leaseholds, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, works, mines, workshops, projects, smelters, refineries, stores, instruments, machinery, locomotives, automobiles and other vehicles, mined or extracted zinc or lead ores, concentrates and metals, in process or in stock or in transit, cash balances, cash on hand, reserve fund, investments and book debts and all other rights and interests arising out of such property as were immediately before the commencement of this Ordinance in the ownership, possession, power or control of the company in relation to the undertaking, whether within or without India, and all books of account, registers, maps, plans, sections, drawings, records of survey and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the company in relation to the undertaking.
(2) All property vesting in the Central Government under subsection (i) shall, by force of such vesting, be freed and discharged •frqm any trusts, obligations, mortgages, charges, liens and other en- \ of 1950.
1 of 1936.
SEC, 1] THE GAZETTE OF INDIA EXTRAORDINARY 537 1 of 1956.
cumbrances affecting it, and any attachment, injunction nr any decree or order of a court restricting the use of such property in any manner shall be doomed to have been withdrawn.
(3) Subject to the other provisions contained in this Ordinnncc, all contracts and working arrangements which are subsisting immediately before the commencement of this Ordinance and affecting the company shall, in so far as they relate to the undertaking of the company, cease to have effect or be enforceable acainst the company or any person who was surety or had guaranteed the performance thereof and shall be of as full force and effect against or in favour of the Central Governmenl and enforceable as fully and effectually as if instead of the company the Central Government had been named therein or had been a party thereto.
(4) Subject to the other provisions contained in this Ordinance, any proceeding or cause of action pending or existing immediately before the commencement of this Ordinance by or ogain^i the company in relation to its undertaking may, as from such commencement, be continued and enforced by or against the Central G ^ ernment as it might have been enforced by or against the company if this Ordinance had not been promulgated, and shall cease 1J be enforceable by or against the company, its surety or guarantor.
5. (J) Every officer or other employee of the company (except a director or any managerial personnel specified in section 197A of the . Companies Act, 1956, or any other person entitled to manage the whole or a substantial part of the business of the company under -\ special agreement) in the employment of the company immediately before the commencement of this Ordinance shall, in so far as sucli employee is employed in connection with the affairs of the nnri:itaking of the company, become as from such commencement, u r officer or other employee, as the case may be, of the Cential Government and shall hold his office by the same tenure, at the same remuneration and upon the same terms and conditions and with the same rights and privileges as to pension and gratuity and other matters as he would have held under the company if this Ordinance had not been promulgated and shall continue to do so unless and until his employment in the Central Government is terminated or until his remuneration, term=; and conditions are duly altered by the Central Government:
Provided that if the alteration s6 made is not acceptable to any such officer or employee, his employment may be terminated by the Central Government on payment to him by the Central Government of compensation equivalent to three months' remuneration r\ Ihe case of permanent employees and one month's remuneration in the case of other employees:
Provided further that nothing contained in this section /ihall apply to any officer or other employee who has, fiy notice in writing given to the Central Government within thirty days next following the commencement of this Ordinance, intimated his intention of not becoming an officer or other employee of the Central Govprnjnent.
Provisions respiting oHlĉ r-- and oinployces oL the )in[juiiy.
538 THE GAZETTE OF INDIA EXTRAORDINARY [PAHT II Director* and managing agents not entitled to compensation.
Duty to deliver possession of property acaulred and documents relating thereto.
Duty to furnish particulars.
14 of 1947.
1 of 1956.
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947, or in any other law for the time being in force, the i* transfer of the services of any officer or other employee of the company shall not entitle any such officer or employee to any compensation under that Act or other law, and no such claim shall be entertained by any court, tribunal or other authority.
6. Notwithstanding anything contained in any law /or the time being in force, no director or managerial personnel specified in section 197A of the Companies Act, 1956, or other person entitled to l manage the whole or a substantial part of the business and affairs of the company under a special agreement shall be entitled to any compensation against the company or the Central Government for the loss of office or for the premature termination of any contract of management entered into by him with the company.