Maruti Limited (Acquisition and Transfer of Undertakings) Act,1980
Act No : 64
Section : SHORT TITLE AND COMMENCEMENT
MARUTI LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980
64 of 1980
27th December, 1980
An Act to provide for the acquisition and transfer of the undertakings of Maruti Limited with a view to securing the utilisation of the available infrastrucure, to modernise the automobile industry, to effect a more economical utilisation of scarce fuel and to ensure higher production of motor vehicles which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
WHEREAS Maruti Limited had been engaged in the manufacture and production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act. 1951, namely, automobiles,
AND WHEREAS an order has been made for the winding up of the Company and proceedings for its liquidation are pending in the High Court of Punjab and Haryana;
AND WHEREAS the undertakings of the Company have not been functioning:
AND WHEREAS it is necessary to utilise the production facilities and equipment of the undertakings of the Company so as to increase the production of motor vehicles and generate employment in the interest of the general public;
Be it enacted by Parliament in the Thirty-first Year of the Republic of India as follows :-
SECTION 01: SHORT TITLE AND COMMENCEMENT
(1) This Act may be called the Maruti Limited (Acquisition and Transfer of Undertakings). Act, 1980.
(2) It shall be deemed to have come into force on the 13th day of October. 1980.
Read All Comments
