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In force

The National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980

35 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 Company
  4. 4General effect of vesting
  5. 5Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company
  6. 6Transfer of undertakings of the Company from an existing Government company to a new Government company
  7. 7Company to be liable for certain prior liabilities
  8. 8Payment of amount
  9. 9Payment of further amount
  10. 10Management, etc., of the undertakings of the Company
  11. 11Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc
  12. 12Duty of persons to account for assets, etc., in their possession
  13. 13Continuance of employees
  14. 14Provident fund and other funds
  15. 15Appointment of Commissioner of Payments
  16. 16Payment by the Central Government to the Commissioner
  17. 17Certain powers of the Central Government or Government company
  18. 18Claims to be made to the Commissioner
  19. 19Priority of claims
  20. 20Examination of claims
  21. 21Admission or rejection of claims
  22. 22Disbursement of money by the Commissioner
  23. 23Disbursement of amounts to the Company
  24. 24Undisbursed or unclaimed amount to be deposited with the general revenue account
  25. 25Act to have overriding effect
  26. 26Assumption of liability
  27. 27Management to continue to vest in the Custodian until alternative arrangements have been made
  28. 28Contracts to cease to have effect unless ratified by the Central Government or the Government company
  29. 29Penalties
  30. 30Offences by companies
  31. 31Protection of action taken in good faith
  32. 32Delegation of powers
  33. 33Power to make rules
  34. 34Power to remove difficulties
  35. 35Repeal and saving