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Preamble – The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act,1972

The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act,1972

Preamble

[30th December,1972]

An Act to provide for the acquisition and transfer of the undertaking of the Richardson and Cruddas Limited, for the reconstruction of the register of its members and for matters connected therewith or incidental thereto.

Whereas the Richardson and Cruddas Limited, a company formed and registered under the Indian Companies Act,1913, (7 of 1913) is engaged in the production of goods needed by the defence establishments, railways, steel plants and power projects;

And whereas the mismanagement of the said company by its erstwhile managing agents and Board of Directors had seriously affected the production and supply of goods by the said company;

And whereas it is not possible for the said company to provide for its proper management by a duly constituted Board of Directors in view of the existence of a large number of duplicate shares in the capital of the said company;

And whereas for ensuring, in the interests of the community, the continuity of production and supply of goods by the said company, it is expedient in the public interest to acquire the undertaking of the said company;

BE it enacted by Parliament in the Twenty-third Year of the Republic of India as follows: –

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The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act,1972

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