The Hind Cycles and Sen-Raleigh Limited (Nationalisation) Act, 1980 was enacted Parliament in 35th Year of Republic of Indiaand came into force on 15 October 1980. Hind Cycles Limited and Sen-Raleigh Limited were manufacturers of cycles and their component parts which was taken over by Central Government under Industries (Development and Regulation) Act 1951 for proper management and to ensure the interest of the public which was needed for welfare of the economy of the country.
Definitions are explained under Section 2 of the Act like Appointed Day, Commissioner, Custodian, Notification, Prescribed, Sen-Raleigh Limited, Specified Date, Two Companies, all words used and defined in Companies Act 1956 will be added to in this Act.
Chapter 2 of the Act states that Central Government shall by virtue of the Act take over all the right, title and interest of each of the two companies. General effects of vesting, for certain prior liabilities the owners of two companies can be sued not the Government, Central Government has the power to direct vesting of the two companies by notification in two Government Company.
Chapter 3 of the Act states that Central Government has to pay the amounts to the two companies for transfer and vesting with regard to its undertaking. Chapter 4 of the Act states about the management of the undertakings of two companies, appointing of Custodians who shall receive remuneration from Central Government till he/she holds the office. Upon vesting of management to the Custodian he/she must deliver to Government Company all assets, books of accounts, registers and all documents in custody relating to the undertakings.
If any such document/book/papers are not vested in Central Government it is the duty of the concerned person to deliver them to Central Government as specified by the Government. Central Government should take necessary steps to preserve the undertakings of two companies that are vested in it. Custodian should maintain accounts of the two companies.
Chapter 5 of the Act states about the provisions relating to the employees working in the two companies their PF and other matters as such. Chapter 6 of the Act explains about appointment of Commissioner for payment by Central Government after notification and his/her powers and payments given by the Government. All claims should be made by any person to the Commissioner and the Commissioner can examine such claims and admit or reject it. If a claim is accepted by Commissioner then he can disburse the payment to such person. Any unclaimed amount shall be transferred to general revenue account of Central Government.
Chapter 7 states that the provisions of this Act shall come into force notwithstanding anything inconsistent contained in any other law other than this Act. Section 26 states that any contracts that has been entered by any of two companies with regard to undertakings shall cease to have effect unless it is ratified by the Central Government. Central Government may make ratifications or alterations to the contracts but it cannot be done so unless it is felt that it has been entered into bad faith and not in the interest of the Central Government and after giving parties a reasonable opportunity of being heard it can do so.
Any person wrongfully possesses the undertaking of the company, fails to furnish to the Central Government about the possession, fails to deliver it, destroys any property shall be punished for a term of 2 years or fine of Rupees 10,000 or both is explained under Section 27 of the Act.
Section 28 of the Act states about the offences committed by the company and punishment for it. Protection of any action that has been done in good faith by authorised person is explained under Section 29 of the Act. Central government can delegate the powers exercisable under this Act after notification and such person whom delegation has been given should act under supervision and control of the Central Government.
Central government has the power to make rules after Gazette notification to carry out the provisions of the said Act. Such rules must be put before each houses of Parliament while it is in session for 30 days period and the Houses can amend the rule or agree the rule.
Section 32 states that the Central Government may by order remove any difficulty that arises due to inconsistency with provisions of the Act but should be done within 2 years from the appointed day. Hind Cycles and Sen-Raleigh Limited (Nationalisation) Ordinance, 1980 is repealed but anything done under the said Ordinance will be deemed to have been made under the provisions of this Act is explained under Section 33.
by Sushma Javare