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In force

The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980

33 sections · As amended up to 2026-08

Sections

  1. 1Short title and commencement
  2. 2Definitions
  3. 3Transfer to, and vesting in, the Central Government of the undertakings of the two companies
  4. 4General effect of vesting
  5. 5Owners of the two Companies to be liable for certain prior liabilities
  6. 6Power of Central Government to direct vesting of the undertakin gs of the two com panies in two Government Companies
  7. 7Payment of amount
  8. 8Payment of further amounts
  9. 9Management, etc., of the undertakings of the two companies
  10. 10Duty of persons in charge of management of the undertakings of the two companies to deliver all assets, etc
  11. 11Duty of persons to account for assets, etc., in their possession
  12. 12Accounts and audit
  13. 13Continuance of employees
  14. 14Provident fund and other funds
  15. 15Appointment of Commissioner of Payments
  16. 16Payment by Central Government to the Commissioner
  17. 17Certain powers of Central Government or Government companies
  18. 18Claims to be made to the Commissioner
  19. 19Priority of claims
  20. 20Examination of claims
  21. 21Admission or rejection of the claims
  22. 22Disbursement of money by the Commissioner
  23. 23Disbursement of amounts to the two companies
  24. 24Undisbursed or unclaimed amount to be deposited with the general revenue account
  25. 25Act to have overriding effect
  26. 26Contracts to cease to have effect unless ratified by the Central Government or Government companies
  27. 27Penalties
  28. 28Offences by companies
  29. 29Protection of action taken in good faith
  30. 30Delegation of powers
  31. 31Power to make rules
  32. 32Power to remove difficulties
  33. 33Repeal and saving