REGISTERED No. D. 221

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No.

2]

NEW DELHI, SATURDAY, JANUARY 1, 1966/ PAUSA 11, 1887

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

as a separate compilation

MINISTRY OF COMMERCE

DIRECTIONS

New Delhi, the 1st January 1966

S.O. 82.—Whereas the Government of India in its Notified Order No. 1(27)

Tex(B)/65, dated the 22nd December, 1965 have appointed Shri P. N. Kapur as

the Authorised Controller of the Muir Mills Ltd., Kanpur (hereinafter referred

to as 'the undertaking'), under Section 18A of the Industries (Development 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 gives the following

directions to the Authorised Controller referred to above, namely:—

(1) Subject to the over-all guidance and direction of a Council of Manage-

ment consisting of the following persons, 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

undertaking or from any other source:—

Chairman

(i) The Secretary to Government, Uttar Pradesh, Industries Department.

Members

(ii) The Commissioner and

Secretary to

Government, Uttar Pradesh,

Finance Department.

(iii) The Secretary to Government, Uttar Pradesh, Labour Department,

(iv) The Textile Commissioner to the Government of India or his nominee.

( 3 )

4

THE 6A7Et-ifi OF INDIA EXTRAOMHNARY

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(v) The Labour Commissioner, Uttar Pradesh, Kanpur.

(vi) The Provincial Textile Controller, Uttar Pradesh, Kanpur.

(vil) Shri S. K. Chaudhry, Joint Secretary to Government, Uttar Pradesh,

Medical Department.

Member-Secretary

(viii) The Authorised Controller.

The above Council of Management will be free to evolve its own business pro-

cedure and form such committees as it considers necessary. Shri P, N. Kapur

will be the Secretary of the Council,

(2) All expenditure incurred on the emoluments, allowances and contri-

taking by

the

Central

Government and

the

Government

of

the Council of Management or its Committeea shall be met from the

funds of the undertaking.

(3) In consideration of the working capital to be invested In the under-

taking by

the

Central

Government

and

the Government

of

Uttar Pradesh or obtained from financing institutions on the guarantee

of the Central Government and the Government of Uttar Pradesh

on 50:50 basis, the Authorised Controller Khali mortgage the entire

assets of the undertaking in favour of the Central Government and

the Government of Uttar Pradesh according to the financial liability

incurred,

(4) The Authorised Controller shall utilise the net profits, if any, at the end

of the yenr in discharging the past liabilities of the undertaking in

accordance with the directions of the Council of Management after

making

adequate provision, 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.

(5) The Authorised Controller shall afford all facilities for concurrent

internal audit of the Accounts Officer nominated by the Government

of Uttar Pradesh.

(8) The Authorised Controller

shall afford

all facilities for

periodical

checks of the working of the undertaking by such officers as may be

nominated by the Central Government or the Government of Uttar

Pradesh.

(7) The expenditure in ..respect of the Accounts Officer and other officers

shall be met from the funds of the undertaking if so directed by tho

Central Government or the Government of Uttar Pradesh.

[No. l(27)Textile(B)/65.]

B. G. RAU, Addl. Secy.

PRINTED IN INDIA BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS,

NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATINOS, DELHI, 1966