Ministry of Petroleum and Natural Gas
The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005, was enacted to repeal the Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979. This act aims to reverse the takeover of management of these companies by the Central Government, following a settlement. The Act does not specify a particular ministry; however, it falls under the purview of the Ministry of Petroleum and Natural Gas in India, as it deals with matters related to the oil and gas sector.
Enactment Date, Number of Chapters, Number of Sections:
The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005, was enacted on March 31, 2005. The Act is structured into 2 sections, without specific chapters. These sections cover the short title and the repeal and saving provisions.
Act Governed By:
The Act is primarily governed by the provisions outlined within its sections. It repeals the 1979 Act, revests the management of the companies in their respective boards of directors, and provides for the continuation of actions taken under the repealed Act.
On Whom It Is Applicable:
The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005, is applicable to the Parel Investments and Trading Private Limited (PITCL) and Domestic Gas Private Limited (DGPL), their respective boards of directors, and the Central Government.
Penalties/Punishments:
The Act does not specify any penalties or punishments for non-compliance. However, it outlines the conditions under which the management of the companies is revested in their boards of directors.
Important Pointers:
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The Act repeals the Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979.
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It revests the management of PITCL and DGPL in their respective boards of directors.
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The Act ensures that the transfer of management is done in accordance with the law.
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It provides for the continuation of actions taken under the repealed Act.
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The Act aims to restore the autonomy of the companies after the takeover of management.
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The Act emphasizes the importance of adhering to the settlement agreements.
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The Act has been enacted to reverse the takeover of management of the companies.
Act Copy: