The Parel Investment and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005 was formed and constituted to repeal the Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979
State as entrusted in the Article 39 (b) of the Constitution of India, effected that it been the policy of the State towards securing the principle and it been proposed to acquire the undertakings of the Parel. There are certain companies relating to the gas been vested in the State such as Investments and Trading Private Limited (PITCL) as well as Domestic Gas Private Limited (DGPL) and it resources regarding the bottling, transporting, marketing and distribution of liquefied petroleum gas of the companies been vested in the State to secure the Public Interest which in turn serves the common good.
Where the acquisition of companies which transferred to States been pending for the proper Nationalisation of the business of liquefied petroleum gas which includes bottling, transporting, marketing and distribution of gas and the new Act been formed as Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979 under the said Act Central Government took over the undertaking of companies related to liquefied petroleum gas, and for the listed undertakings of the companies by the Central Government there been a custodian appointed to control over the matters and it is called as the Hindustan Petroleum Corporation Limited.
There exists a need for creation of agreement between the companies and the Central Government, Companies by creating the Memorandum of Compromise entered in the 11th day of April, 2002 created two separate deed on April 2nd 2004 one is on the part of Central Government by its companies and its shareholders and other is by the Custodian. The companies specified as Investments and Trading Private Limited (PITCL) and Domestic Gas Private Limited (DGPL) called as the Assignors through the Custodian and the Central Government as the Assignee . Deed of Assignment been registered with the Sub-Registrar of Assurances in the city of Mumbai on the day August 2nd 2004, deed of Assignment were created for the purpose to assign, transfer all the business of the listed Companies with all their assets and properties to the Central Government as described in the Section 3 (2) of the Act and with the terms and regulations set out in the Memorandum of Compromise. The Act and Memorandum of Compromise excludes the assets which should not be taken over and handed back to the Investments and Trading Private Limited (PITCL) as well as Domestic Gas Private Limited (DGPL).
And in the same day of 2nd April, 2004 as laid in the Memorandum of Compromise other two separate Deeds of Assignment been created between the Central Government and the Hindustan Petroleum Corporation Limited which registered the deed to assign all the matters relating to the assigning and transfer and vests all the rights with the Hindustan Petroleum Corporation Limited which included the companies listed of PITCL and DGPL as stated in deeds. There are certain deed of Assignment been executed, firstly with the Central Government and listed companies and secondly with the Central Government and the Hindustan Petroleum Corporation Limited and it become necessary to the Central Government to repeal the Act and to the change the management of Companies listed.
Parel Investment and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005 was formed to repeal the Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979, the Parel Investments and Trading Private Limited and Domestic Gas Private Limited been vested in the board of directors of the companies listed, all the possession and assets of companies other than liquefied petroleum gas not to be taken by the Central Government by the Act and the Act repealed has the same effect to do and it vest the continuation with the companies through its board of directors.
by Priyadarshini Chandrasekar