The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978
The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978
Overview:
This Act was enacted by the Indian Parliament in 1978 with the purpose of restructuring certain public sector companies engaged in the iron and steel industry. The main aim was to improve the efficiency and financial health of these companies by reorganizing their management, assets, liabilities, and share capital.
The Act facilitated the transfer and merger of assets and liabilities between various public sector iron and steel companies, allowing them to be better coordinated and managed under a unified structure. This restructuring was expected to enhance productivity, ensure better resource utilization, and stabilize the financial position of the sector.
The Act also included miscellaneous provisions related to shares and management changes necessary for the restructuring process.
Key Objectives:
Reorganize public sector iron and steel companies for better operational efficiency.
Facilitate transfer and consolidation of assets and liabilities.
Enable changes in share capital and management for smoother functioning.
Strengthen the public sector steel industry to meet national demands effectively.
Table Summary
| Aspect | Details |
|---|---|
| Year Enacted | 1978 |
| Purpose | To restructure public sector iron and steel companies |
| Main Provisions | Merger of companies, transfer of assets and liabilities, share capital and management restructuring |
| Goal | Enhance efficiency, productivity, and financial stability |
| Affected Entities | Public sector iron and steel companies |
| Impact | Improved coordination and stronger financial health of steel sector |
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