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Section 18FG -The Industries (Development And Regulation) Act, 1951

The Industries (Development And Regulation) Act, 1951

 

18FG. Preparation of inventory of assets and liabilities and list of members and creditors of managed company

 

For the purposes of this Act, the authorised person shall, as soon as may, be, after taking over the management of the industrial undertaking of a company under section 18A or section 18 AA or section 18 FA, –

 

(a) Prepare a complete inventory of-

 

(i) All properties, movable and immovable, including lands, buildings, works, workshops, stores, instruments, plant, machinery, automobiles and other vehicles, stocks, of materials in the course of production, storage or transit, raw materials, cash balances, cash in hand, deposits in bank or with any other person or body or on loan, reserve funds, investments and book debts and all other rights and interests arising out of such property as were immediately before the date of talking over of the industrial undertaking, in the ownership, possession, power or control of the company, whether within or without India; and all books of account, registers, maps, plans, sections, drawings, records, documents or titles of ownership or property and all other documents of whatever nature relating thereto; and

 

(ii) All borrowings, liabilities and obligations of whatever kind of the company including liability on account of terminal benefits to its employees subsisting immediately before the said date;

 

(b) Prepare separately the list of members and a list of creditors, of such company as on the date of taking over the management of the industrial undertaking showing separately in the list of creditors, the secure creditors and the unskilled creditors:

 

Provided that where the management of the industrial undertaking of a company has been taken over under the said section 18A before the commencement of the Industries (Development and Regulation) Amendment Act, 1971 (72 of 1971), the aforesaid functions shall be performed by the authorised person within six months from such commencement.

 

 

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The Industries (Development And Regulation) Act, 1951

 

Indian Laws – Bare Acts

 

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