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Section 1 – The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

Section 1. Short title and commencement

NO.41 OF 1983

[25th December,1983]

An Act to provide for the acquisition and transfer of the undertakings of the Transformer and Switchgear Limited with a view to securing the better utilisation of the available infra-structure thereof and to modernise and augment the production of transformers, switchgears and other allied electrical equipments by the said undertakings so as to subserve the interests of the general public be ensuring the continued supply of the aforesaid articles which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

WHEREAS the Transformer and Switchgear Limited are engaged in the production of certain articles mentioned in the First Schedule to the Industries (Development and Regulation) Act,1951(65 of 1951), under the heading “ELECTRICAL EQUIPMENT”;

AND WHEREAS the Company had been suffering heavy losses for a number of years with the result that a majority of the workers of the Company had been laid off and the affairs of the Company are being managed in a manner prejudicial to the interests of the Company and the public interest;

AND WHEREAS for the purpose of securing the better utilisation of the available infra-structure of the undertakings of the Company and for modernising and augmenting the production of transformers, switchgears and other allied electrical equipments by the said undertakings, investment of a large amount is necessary;

AND WHEREAS it is necessary to acquire the undertakings of the Transformer and Switchgear Limited to enable the Central Government to have such investments made so as to subserve the interests of the general public by the continuance by the undertakings of the Company of the production and supply of the aforesaid articles which are essential to the needs of the economy of the country;

BE it enacted by Parliament, in the Thirty-fourth Year of the Republic of India as follows:-

(1) This Act may be called the Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983.

(2) It shall be deemed to have come into force on the 8th day of November,1983.

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The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

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