Section 4 of The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993 in hindi
- (1)On and from the appointed day, the entire capital of the Commission shall, by virtue of this Act, stand vested in the Corporation.
- (2)The undertaking of the Commission which is transferred to, and which vests in, the Corporation under section 3 shall be deemed to include all assets, rights, powers, authorities and privileges and all properties, movable and immovable, real and personal, corporeal or incorporeal, in possession or reservation, present or contingent of whatever nature and wheresoever situate including lands, buildings, works, workshops, vehicles, oil rigs, oil platforms, cash balances, deposits, foreign currencies, reserves, reserve funds or any other investments, securities, tenancies, leases and book debts and all other rights and interests arising out of such properties as were immediately before the appointed day in the ownership, possession or power of the Commission in relation to its undertaking, whether within or outside India, all books of account and registers, records and documents relating thereto and shall also be deemed to include all liabilities and obligations of whatever kind, within or outside India, of the Commission in relation to its undertaking subsisting immediately before the appointed day.
- (3)All contracts, deeds, bonds, guarantees, powers of attorney, other instruments and working arrangements subsisting immediately before the appointed day and affecting the Commission shall cease to have effect or to be enforceable against the Commission and shall be of as full force and effect against or in favour of the Corporation and enforceable as fully and effectually as if, instead of the Commission the Corporation had been named therein or had been a party thereto.
- (4)Any proceeding or cause of action pending or existing immediately before the appointed day by or against the Commission, in relation to its undertaking may, as from the appointed day, be continued and enforced by or against the Corporation as it might have been enforced by or against the Commission, if this Act had not been in force, and shall cease to be enforceable by or against the Commission.
Summary
- On and from the appointed day, the entire capital of the Commission stands vested in the Corporation.
- The transferred undertaking includes all properties, assets, rights, powers, authorities, privileges, cash, foreign currencies, oil rigs, oil platforms, and records, whether inside or outside India.
- It also transfers all liabilities and obligations of the Commission that existed immediately before the appointed day.
- All existing contracts, deeds, bonds, guarantees, and working arrangements transfer to the Corporation, which replaces the Commission as a party.
- Any pending legal proceedings or causes of action by or against the Commission will now be continued and enforced by or against the Corporation.
Practical examples
FAQ
1. What happens to the capital of the Commission on the appointed day?
Under Section 4(1), the entire capital of the Commission stands vested in the Corporation.
2. Are properties located outside of India included in this transfer?
Yes, Section 4(2) specifies that all properties, assets, liabilities, and obligations, whether within or outside India, are included in the transfer.
3. What types of physical assets are explicitly listed as part of the undertaking?
The assets explicitly listed include lands, buildings, works, workshops, vehicles, oil rigs, and oil platforms.
4. What happens to contracts that were signed with the Commission before the appointed day?
Under Section 4(3), they cease to have effect against the Commission and become fully enforceable against or in favour of the Corporation.
5. Can a pending lawsuit against the Commission be continued after the transfer?
Yes, under Section 4(4), any pending proceeding or cause of action can be continued and enforced by or against the Corporation.
Test yourself
Q1.What stands vested in the Corporation on and from the appointed day under Section 4(1)?
Q2.Which section governs the transfer and vesting of the undertaking referred to in Section 4(2)?
Q3.Which of the following physical oil-related assets is explicitly mentioned in Section 4(2)?
Q4.What happens to contracts affecting the Commission that exist immediately before the appointed day?
Q5.Under Section 4(4), what happens to pending proceedings or causes of action by or against the Commission?
Q6.Which financial assets are explicitly mentioned in Section 4(2)?