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The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 116] NEW DELHI, WEDNESDAY, JUNE 2, 1965/JVAISTHA 12, 1887

Separate paging is given to this Part in order that it may be filed

as a separate compilation

MINISTRY OF COMMERCE

NOTIFIED ORDER

New Delhi, the 2nd June, 1965

S.O. 1805.—Whereas the Central Government is of the opinion that the Kati- har Jute Mills, Katihar, an industrial undertaking in respect of which an investi- gation has been made under section 15 of the Industries (Development and Regulation) Act, 1951 (65 of 1951), is being managed in a manner highly detri- mental to public interest;

Now, therefore, in exercise of the powers conferred by section 18A of the said Act. the Central Government hereby authorises Shri Kamla Prasad, I.A.S., (here- inafter referred to as the Authorised Controller) to take over the management of the whole of the said undertaking, namely. Katihar Jute Mills. Katihar, sub- ject to the following terms and conditions, namely: —

(i) the Authorised Controller shall comply with all directions issued from

time to time by the Central Government;

(ii) the Authorised Controller shall hold office for five years from the date of publication in the official Gazette of this notified order. The Central Government may terminate the appointment of the Authoris- ed Controller earlier if it considers necessary to do so;

(iii) the Authorised Controller shall be entitled from the funds of the said undertaking, to such remuneration as may be fixed in consultation with the Government of Bihar. His appointment will be governed by such other terms and conditions, if any, as may be decided upon from time to time in consultation with the Government of Bihar.

8.O. 1806.—Whereas the Government of India in its Notified Order No 9(90j- Tex(D)/64, dated the 2nd June, 1965 have appointed Shri Kamla Prasad, I.A.S, as the Authorised Controller of the Katihar Jute Mills, Katihar (hereinafter referred 10 as 'the undertaking'), under section 18A of the Industries (Develop- ment and Regulation) Act, 1951 (65 of 1951).

Now, therefore, in exercise of the powers conferred by sub-section (4) of section 18B of the said Act, the Central Government hereby Rives the following directions to the Authorised Controller referred to above, namely: —

(1) The Authorised Controller shall exercise all the powers of the Directors of the undertaking, whether such powers are derived from the Companies Act, 1956, or from the memorandum or articles of association of the industrial under- taking or from any other source;

(2) All expenditure incurred on the emoluments, allowances and contribution of the Authorised Controller shall be met from the funds of the undertaking.

(3) In consideration of the working capital to be invested in the undertaking by the Government of Bihar Or obtained from financing institutions on the guaran- tee of the Government of Bihar, the Authorised Controller shall mortgage the entire assets of the undertaking in favour of the Government of Bihar.

(4) The Authorised Controller shall utilise the net profits, if any, at the end of the year in discharging the past liabilities of the undertaking aflcr making adequate provisions for future losses, interest on working capital, income tax (if necessary) and depreciation, and he shall not utilise any portion of the net profits in making payment of dividends to the shareholders (preference or ordinary) until the past liabilities of the Company have been discharged in full,

(3) The Authorised Controller shall afford all facilities for current internal audit of the accounts of the undertaking by nn Accounts Officer nominated by the Government of Bihar,

(6) The Authorised Controller shall afford all facilities for periodical checks of the working of tho undertaking by such officers as may be nominated by the Central Government or the Government of Bihar.

(7) The expenditure in respect of the Accounts Officer and other officers "hall be met from the funds of the undertaking if BO directed by the Central Govern- ment or the Government of Bihar.

[No. 9(C0)-Tex(D)/64.]

A. V. VENKATESWARAN, Jt. Secy.