(i) The Central Government may, by notification in the Official Gazette, make rules to carry out the purposes of this Ordinance.
Power to make rales.
(2) 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 successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, 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.
1 of 195^.
44 of 1963.
17. Notwithstanding any judgment, decree or order of any court,—•
(a) the Government company called the Hindustan Zinc Limited, having its registered office at Udaipur, formed under the Companies Act, 1956, in pursuance of section 12 of the Metal Corporation of India (Acquisition of Undertaking) Act, 1965, which has been declared to be unconstitutional and void, (hereinafter referred to as the said Act), shall be deemed to be and to have been formed under the Companies Act, 1956, in pursuance of section 12 of this Ordinance; and the undertaking of the Metal Corporation of India together with all properties, assets, liabilities and obligations referred to in section 12 of this Ordinance shell be deemed to have been transferred to, and vested in, the said Government company on the date of Us formation;
(b) any rule, order or appointment purporting to have been made, any decision or direction purporting to have been given, any action or proceeding purporting to have been taken, or anything purporting to have been done under any provision of the said Act shall be deemed to be and to have been a rule, oHcr or appointment made, decision or direction given, action or proceeding taken, or thing done under the corresponding provision of this Ordinance.
Certain actions, etc., deemed to be taken under this Ordinance.
^a6 THE GAZETTE OF INDIA EXTRAORDINARY [PART II THE SCHEDULE (See section 10) PRLNCIFLES FOR DETERMINING COMPENSATION FOR ACQUISITION OF THE UNDERTAKING Paragraph I.—The compensation to be paid by the Central Government to the company in respect of the acquisition of the undertaking thereof shall be an amount equal to the sum total of the value of the properties and assets of the company as on the commencement of this Ordinance calculated in accordance with the provisions of paragraph II Jess the sum total of the liabilities and obligations of the company as on such commencement calculated in accordance with the provisions of paragraph III, together with interest on such amount calculated in accordance with the provisions of paragraph IV.
Paragraph II,— (a) The market value at the commencement of this Ordinance—
(i) of any land or buildings;
(ii) of any plant, machinery or other equipment;
(Hi) of any shares, securities or other investments held by the company;
(b). the total amount of the premiums paid up to the commencement of this Ordinance by the company in respect of all leasehold properties reduced in the case of each such premium by an amount which bears to such premium the same proportion as the expired term of the lease in respect of which such premium shall have been paid bears to the total term of the lease;
(c) the amount of debts due at the commencement of this Ordinance to the company, whether secured or unsecured, to the extent to which they are reasonably considered to be recoverable;
(d) the amount of cash held at the commencement of this Ordinance by the company, whether in deposit with a bank or otherwise;
(e) the market value at the commencement of this Ordinance of all tangible assets and properties other than those falling within any of the preceding clauses.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 337 Paragraph III.—The total amount of liabilities and obligations incurred by the company in connection with the formation, management and administration of the undertaking and subsisting immediately before the commencement of this Ordinance.
Paragraph IV.—The interest referred to in paragraph I shall be on the amount mentioned in the said paragraph for the period commencing on the 22nd day of October, 1965, and ending with the date of promulgation of this Ordinance, calculated at the average bank rate during the said period.
S. RADHAKRISHNAN, President.
PRINTED IN INDIA BY THE OilNERAL MANAOER, GOVERNMENT OV INDIA PRESS, NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS, DELHI, 1966