The Gazette of India
EXTRAORDINARY
PART II—section 3 -Sub-Section (ii)
PUBLISHED BY AUTHORITY
No. 101] NEW DELHI, THURSDAY, FEBRUARY 23, 1978/PHALGUNA 4, 1899
Separate paging is given to this part in order that it may be filed as a separate compilation
258 THE OAZPTTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3 (ii) 1(iii) that the value of the shuret. of each of the companies aforesaid shall be determined on the basis of audited balance sheets of respective companies as on a date mutually agreed upon ; and
fiv) that the Government of the SliHe of Punjab shall make cash payment to the other successor States according to the value so determined in lieu of the shares transferred to that State ;
And whereas approval of the Government of India to the value of each t>hare of the companies specified hereunder bein£ taken at the amount noted against each has been com- municated to each successor States :
Value of
Name of the Company
each share
Balance sheet for the period ending
Particulars of the letter from the Go- vernment of India approving valuation
31-10-1966
Rs. 983.48
(i) the Industrial Development Corporation
31-10-1966 128.75
(ii) the Punjab State Small Industries Corporation
92.832
(iii) the Land
31-5-1967
M.H.A. Letter No. 17/16/67-SR, dated the 24th December, 1970 M.H.A. Letter No. 17/16/67-SR, dated the 24th December, 1970 M.H.A letter No. 17/71/67-SR, dated the 25th May, 1972.
Development and Seed Corporation
And whereas the Government of Punjab has reported that payment to the other successor States has been made and financial adjustments in accordance with the Ministry of Home Affairs letters aforesaid has been completed ;
And whereas the receipt of the amounts and financial ad- justments has been confirmed by the other successor States ;
Now, therefore, in exercise of the powers conferred by sec- tion 73 of the Punjab Reorganisation Act, 1966 (31 of 1966), read with sub-section (2) of section 38 of the State of Hima- chal Pradesh Act, 1970 (33 of 1970), the Central Govern^ ment hereby—
a) confirms the agreement and the financial adjustments referred to above among the successor States ;
(b) directs that—
MINISTRY OF HOME AFFAIRS
NOTIFICATION
New Delhi, the 23rd February, 1978
9. O. 125(E).—Whereas under sub-section (1) of section 73 of the Punjab Reorganisation Act, 1966 (31 of 1966), the companies referred to in clauses (i) to (vii) of the said sub- section shall. On and from the 1st day of November, 1966, continue to function in the areas in which the said companies were functioning immediately before that day, subject to such directions as the Central Government may from time to time issue in relation 4o such functioning, until otherwise provided for in any law or in any agreement among the States of Punjab, Haryana and Himacha) Pradesh and the Union in relation to the Union Territory of Chandigarh hereinafter referred to as "successor States") ;
And whereas the successor States have mutually agreed—
(i) that the shares held by the State of Punjab, as it existed immediately before the 1st day of November, 1966, in the companies referred to above shall be allocated to the States of Punjab-, Haryana and Himachal Pradesh and the Union in relation to the Union Territory of Chandigarh in the ratio of 54,84 : 37.38 : 7.19 : 0.59 respectively ;
(i) the Government of Punjab shall, as soon as may be after the issue of this notification, cause the memoranda and articles of association of the com- panies aforesaid, amended, where necessary, so as to confine their operations to the State of Pun- jab ;
(ii) with the requisite amendments in the memorandum and articles of association of the company con- cerned, the company shall cease to be an inter- state body corporate and its operations shall, as from the date on which such amendments take effect, be confined to the Slate of Punjab ; (iii) notwithstanding the provisions of sub-clause (ii), until a new Board of Directors is constituted in terms of the amended articles of association, the persons appointed by the Government of Haryana, the Government of Himachal Pradesh and the Administrator of Chandigarh, on the Board of Directors of the companies aforesaid, shall con- tinue to hold the office of directors ; and
(iv) as from the date of the reconstitution of the Board of Directors in terms of the amended articles of association of a company, the notification of the Government of India in the Ministry of Home Affairs No. 17/82-66-SR, dated the 15th Feb- ruary, 1967 (S. O. 596, dated the 15th February, 1967) shall cease to have effect in relation to that company.