Company : Sol Infotech Pvt. Ltd. Website : www.courtkutchehry.com DALMIA DADRI CEMENT LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ADMINISTRATION OF FUNDS RULES, 1983 CONTENTS 1. Short title and commencement 2. Definitions 3. Administration of Provident Fund DALMIA DADRI CEMENT LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ADMINISTRATION OF FUNDS RULES, 1983 STATEMENT OF OBJECTS AND REASONS The unsatisfactory state of functioning of Messrs. Dairnia Dadri Cement Limited one of the cement factories in the country, located at Charkhi Dadri (Haryana) with a licensed capacity of 2.39 lakh tonnes of cement per annum has been engaging the attention of the Central Government. Due to financial difficulties resulting from mismanagement, the company had closed down production in 1975. As a result of the efforts made towards the rehabilitation of the company by the State Government, Central Government and financial institutions, the company restarted its production in December, 1975. The performance of the company had however, not been satisfactory and an investigation under the provisions of the Industries (Development and Regulation) Act was carried out. The Investigation Committee had commented adversely on the functioning of this cement factory. Due to acute financial crisis, the management of this company had closed down the factory on 18th March, 1980 and the factory has been lying closed since then. 2. The factory has been located in a deficit area and its closure has aggravated the shortage of cement in this area. The factory had employed a total of about 1600 persons at the time of its closure in March, 1980 and the Management had terminated the services of these employees without giving them any retrenchment benefits. The State Government of Haryana has been continuously urging the Government of India to take over this factory in view of the fact that a large number of employees will be thrown out of employment, if the factory is permanently closed down. The State Government of Haryana has indicated that owing to financial constraints and lack of technical expertise, the State Government is not in a position to take over this cement factory for restarting and running it. 3. The viability of the factory on its restart has been assessed and in the interest of restarting production of cement and also to provide employment to the workers, the Central Government had decided that it would be in the public interest to acquire the cement factory of this company and to transfer it to the Cement Corporation of India which is a public sector undertaking engaged in the manufacture and sale of cement. 4. The Bill seeks to give effect to the above object. The 23rd April, 1981. CHARANJIT CHANANA. New Delhi] [Gazette of India, Extraordinary, Pt. II, Section 2, dated 5.5.1981, Page 379.] 1. Short title and commencement :- (1) These rules may be called the Dalmia Dadri Cement Limited (Acquisition and Transfer of Undertakings) Administration of Funds Rules, 1983. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions :- In these rules unless the context otherwise requires,- (a) "Act" means the Dalmia Dadri Cement Limited (Acquisition and Transfer of Undertakings) Act, 1981 (31 of 1981) ; (b) 'Section' means a section of the Act ; (c) "provident fund" means the Provident Fund established by Messrs. Dalmia Dadri Cement Limited for the benefit of persons employed in any of the undertakings owned by them. 3. Administration of Provident Fund :- The monies standing to the credit of the provident fund, superannuation fund, welfare fund or any other fund relatable to the employees whose services stand transferred by or under the Act to the Central Government or the concerned Government company, as the case may be, shall, on and from the appointed day and till such time as alternative modes of their administration or disposition or both are formulated, be dealt with by the Central Government or the concerned Government company, as the case may be, in accordance with the provisions of the rules, regulations and bye-laws applicable to, or of any law governing the provident fund, superannuation fund, welfare fund or any other fund and its administration immediately before the appointed day, with such modifications as may be carried out in the said rules, regulations and bye-laws by the appropriate authority. [File No. 20(1)/83-Cement] C.K. MODI, JOINT SECy.