 the public sec'idr iron and steel companies (res'lructoring) and miscellaneous provisions bill, 1977 i-to be/as introduced in 10k sabba 71 page (1), against clause 7,-(a) m ''property'' ~ ''properties'' (b) t!2i "tnd " ~ "and" 2 page (i), against clause 10,-for "transfer to" ~ "transfer of" 3 page (1), against clause 13,-2!n11 "the" 4 page 3, in the marginal heading to clause 4,-after "certain" jilsert "companie·: in" , page 4, in the marginal heading to clause 7,-for "property" ~ ''properties'' 6 page 5, in the marginal heading to c1 a use 13,-om! t "tre ii 7 page 5, line 42,-" tel: "an~ ~ "as" 8 page 6, in t~ marginal heading to clause 17,-lqr  "provisions " na4 ''provision'' agrahayana 28, 1 99 (saka)  1'he public sector iron and steel companies (restruc- 1 ,  ~g),~ ,misc;ellaneous ~rovisions bill, 1977 "  ,  (,   arrangement of clauses chapter i pllji:llminary clavsib1 short title and commencement 2 definitions 3 "undertakidi,'~-li?-ean~g of  chapter ii dissoll1tion, transfer and vesting oj: undertakings of certain coidalidii" dissolution, transfer and vesting of un~ertakings of certain companill in integral company  5 transfer and vesting of kiriburu iron ore mine, etc, in' intearal company 6 transfer and vesting of refractory plant, etc, in bharat reiirctories limited 7 transfer of immovable property of hindustan steel limited to metauul"~cal tnd 'enitneering consultants (india) limited'·  chapter iii transfer of shares8 transfer of shares held by bokaro steel limited to central govem ment ii transfer of ahares held by integral c'ompany to centra:: govern· ment 10 transfler to shares held by integral company to bhrat refractori- limited 11 transfer of shares held by central government to integral company 12 central government, etc, deemed to be registered ir the regilter of members of companies 13 power of central government to modify the amount of paid-up ahare capital of integral company, etc, and issue of abarei  chapi'er iv14 provisions relating to oftlcers and other employees of disiolved eompani4a 15 provisions relating to officers and employees of trdierftc:j unit 18 provisions rela~g to direc~ 1'1 provision relating to auditors 18 compensation for tra~eraat~ble u~ provident fund 20 gratuity welfare and other funds  chapter v financial paovisjons21 provisions with respect to income-tax and iurtax 22 taxes, fees and other char, not payable  chapter vi ,~sa~ • f ,~~, e~   24 saving of legal proceedings 15 power to remove dtftlcu1ttes 2s act to override the provisions 01 other lawi 27 p4':"" ~ ,ql8ild ,~r~\,ffil~~~ • !o'  ¥lqqm!4 the first schedule the sbcond schedtne bill - ~ i_ t"8it1-ucnri,, 0/ the iron and iwfi egm""'''' the public _ector ;0 cj8 &0  ~ bette!' m&m~ ~- ", ~ in their working and for matters connected therew'£th m' iftcidertal ~;' bs it ~ted - by parliament in tae twenty-e1fhth' y_r of the republic of india as follows:- chapter ijllmpfttnrlll'l' j 1 (2)-1'111 aft lllar _~ till" pubue _tor ii'in' aild steel companies (restructurilqj) -and'~ pro"",'· act, 1"': crt' it siudl ~ ijltg ~ on' web d'_ as' tlur central government -"i by jibtfff~tldti tn'the olwferal gazette; appoint: i (j) in· w act" uiil_ te  oonwxt' otbentiie reqa,iiw~-~ 1(; (,' "~ day'" mean tle' date' on \\'btcb thia act comes into force; (b) ·'toriipahies act'" means the compania act, 1; i filled8 (c) "corresponding unit" , in relation to,-<i) tbe'lntefal company, me  tliat liilit of the ~ is' ccdpqy' which co~ to the uait of the diiiol~~­:"17 w , uae- u'auferrw' compajlr iii whieb tht' ecmeeraeci ~ or other employee was holding oftice bejlore the tranjfer of till· said unit; (ii) a transferee company, means that unit of a transferee company which corresponds to the unit of the dissolved company in which the concerned ofticet or other employee was holding s office, before the transfer of the said unit; (d) "dissolved company" means a company specified in the first schedule; (e) "integral company" mean's the steel authority of india limited, a company formed and registered under the companies 10 act having its registered office at new delhi; (f) "transferee company" means the company to which the undertakings of a dissolved company or o~ a transferred unit, u the cue may be, stand transferred by virtue of the provisions of this act: (g) "transferred company" means,-(i) metallurgical and engineering consultants (india) limited, a company formed and registered under the compania act having its registered office at ranchi in the state of biharj (ti) national mineral development corporation limited, - company formed and registered under the companies act having ao ita relistered oftlce at hyderabad in the state of andhra pradesh; (iii) hindustan steelworks construction limited a company formed and registered under the companies act having its regis tered oftlce at calcutta in the state of west bengal; (tv) bharat !te!ractories· limited, a company formed and 2$ registered under the companies act having its registered oftlce at bokaro steel city in the state 011 bihar; or (v) india firebricks and insulation company limiteej, : com· pany formed and registered under the companies act having ita registered office at bombay in the state of maharashtri; 30 (h) "transfelted unit" means,-:-(i) kiriburu iron ore mines, a unit of the national mineral development corporation limited; (u) meghabatuburu iron ore project, a unit of the ·natlonal mineral development corporation limited;  35 (iii) ramgarh refracwry plant; a unit of the hlnclustan  steel limited (situated near ramgarh in the state of bihar); ,    (tv) refractory project, a unit of the hindustan steel limit· ed (situated at bhtlaf in the state of madhya pradesh); or' (v) sillimanite mines, a unit of the htadustan steel limited 40  (situated in the state of meghalaya)" (2) words and expressions used herein and not defined but deftned in the companies act bave the meanings respectively assigned to them in that act s for the purposes 01 this act, the undertaking of a dissolved com· 45 pljiyor of a transferred unit shall be deemed to include all assets, rights, leaseholds (including mining leases, if any), :industrial or other ucences, powers, authorities and privileges and all ~ property movable 6hd fmmov able, including lands buildings, works, mines, workshops, projects, smelters, stores, instruments, machinery, automobiles and other vehicles, cash or bank balances, cash in hand, investments and book debts and all other rights and interests in, or arising out of, such property as were immedi-~ ately before the appointed day in the ownership, possession, power or control of the dissolved company or the transferred unit, as the case may be (whether within or without india), and all books ofi account, registers, maps, drawings, records of survey and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrow-10 inga, liabilities and obligations of whatever kind of the dissolved company or the transferred unit explanaticm-reference in this section to an undertaking of a transferred unit shall be deemed to be a reference to the undertaking of the company of which that f()rms a unit as is relatable to it as if it were a isleparate company  chapter ii dissolution, transfer and vesting ()iji' undertakings of certain companji!'s, on the appointed day, the companies specified in the first schedule bhall stand dissolved and subject to the provisions of sections 6 and '7, all jotbe undertakings of such companies shall stand transferred to, and vest in, the integral company dillolunon traufer anel vttn, of unclertak· too of eertaln 5 on the appointed day, the undertakings of the following transferred units shall stand transferred to, and vest in, the integral company, namely:-25 (4) kiriburu iron ore mines, a unit of the national mineral" development corporation limited, and int8l!'al compajl7 traaifer and veatm of kiriburu iron ore min  te in inte,-ralcompan), (b) meghahatuburu iron ore project a unit of the national mineral development corporation limited i (1) on the appointed day, the undertakings of the following trans-30ferred units shall stand transferred to, and vest in, the bharat refrilctories limited, namely:-(4) ramgarh refractory plant of the hindustan steel limited (situated near ramgarh in the state of bihar), tridlfer add vmtjd' of refractoj7pluat, etc, in the bbarat hefrae tori ltmltecl (b) sillimanite mines o~ the hindustan steel limited (situated 3' in the state of meghalaya), and (e) refractory project of the hindustan steel limited (situated at bhtlai in the state of madhya pradesh) (2) notwithstanding anything contained in the companies act, as from the appointed day, the registered office of the bharat refractories ~limited shall stand transferred from bokaro steel city in the state o' bihar to bhilai in the state of madhya pradesh 7 on the appointed day, the right, title and interest oj the h1,nd~ steel limited in the immovable properties owned by it in ranchi diatriot of the state of bihar, togather with liabilities and obligation in ~ thereto shall stand transferred to, and vest in, the metallurgical 'ijui engineering consultants (india) limited 5  chapter iii'fl'ans!cl' of immovable property of hlndustan steel limited, to metallul'gical and engineering consultants (india) limited,  transfer 0  sharis8 on the appointed day, all the shares held by the bakaro steel ltmted in the share capital of the bharat refractories limited shall ~ transferred to, and vest in, the central government 10 transfer of shares held by bokaro steel limited to central'gov-cl'nment, 9, on the appointed day, all the shares held by the integral cctftirey': in the share capital of each of the companies specified in the ~orift schedule shall stand transferred to, and vest in, the central government transfer of shares held by' , integral company to central government 10 on the appointed day, all the shares held by the integral company in the share capital of the india firebricks and insulation company is limited (a company fanned and registered under the compaldel mt having its registered office at bombay in the state o£ maharashtra) -u stand transferred to, and vest in, the bharat refractories limited transfer of shar  held by integral company to dharat refractories limited 11 on the appointed day, all the shares held by the cdntral avernment in the shar·e capital of the indian iron and steel company limited 20 (a company under the companies act having its reg1jtered· qftlae at calcutta in the state of west bengal) shall stand transferred to, and wit in, the integral company transfer of shares held by central govem-' ment to intetrll  company-central govel'll-12 the central government, the bharatrefraetorie ltm1ted ·or the integral company, as the case ~ay be, shall b~ deeme~, as from the 25 appointed day, to have been regtstered in the regtster of members of the companies concerned as the holder of each share which· stan tnin8ierred to, and vested'in each of them by virtue of the provisions of aections 8, 9, 10 or 11, as the case may be men~etc • deemed to 'be registered in the register of members ot companies power of central u (j) the cen~ government may,' from time to time, by orcler jlllblilbedm the oftlcial gazette, specify the amount by which the paid~ 19·share capital of the integral company, the bharat refractories limited, the metallul'gical and engineering consultants (india) limited, and s the national mineral development corporation limited shall stand rediiiaed or increued 81 a relult of transfer of shaa:es, undertaking or im-iiiovab1e properties, as the case may be, under the provisions of this act (2) in specifying the amount under sub-section (1), the central g9vernnumt shall have regard to the following factors, namely:~ 10 govern~ ment to modify the amount of paidup share capital of integral company, etc, and issue of shares (i) the book value of shares referred to in sections 8, 9, 10 or 11, as the case may be, of the concernerl company, on the appninted day, (ii) the net value of the undertakings of the dissolvjd company and transferred unit, as on the appcinted day, and is (iii) the book value of the immovable properties owned by :lle hindustan steel limited referred to in section 7 as on the appoinw day, as are transferred to or from the companies referred to in sub-section (1) (') bvery order made under sub-section (1) shall be made withbl a :ao period of one year from the appointed day and any such order may take effect prospectively or retrospectively, but not with effect from a date euu tun the appointed day (4) any ortler made by the central government under this section ~ ,iilcl~de a direction for the issue or cancellation of appropriate numas ber of ~res eo as to give effect to the provisions of this act  chapter iv ' provisions relating to owicers and employeisproviions relatln, ' to oflt cers and other  employees pf dij-  solvc~d ,  ('emptlnies  14 (1) every oftlcer (not being a director) or other employee holding om- immediately before the appointed day in a dissolved company in 30 i'~on to any undertaking of such company, other than an qflicer or other employee holding such office in relation to transferred units referred to in section 6, shall, as from the appointed day, continue to hold qflicle  such in the corresponding unit of the integral company by the ~:~w'e and upon the same terms and conditions of service and with 35 tim lune riipti and privileges as to retirement benefit 8$ would have  '-ible to him if the company in which he was holding oftlce w not been diuolved and shall continue to do 10 unless and until such taure and terma and c:ont\itions are duly altered by the integral com~ pally· 40 (a) notwithatandidg anything contained in sub--section (1) lule5 ~_to the conditions of service and standing orders applicable to the officers or other employees referred to in sub-section (1), an imme-diately before the appointed day, shall continue to apply unless and until they ate duly altered by the integral company or other authority, 88 the  ,  maybe proviaiou relatinl to ofbcera and emplo)'eel of tralllfer, red units 15 (1) every officer or other employee holding ofrce imri1ediately before the appointed day in the transferred unit shall, as 1\rom the appointed day, continue to be an officer or other employee of the cgrrelponding unit of the transferee company by the same tenure and upon the same terms and conditions of service and with the same rights and 5 pl'ivileges as to retirement benefits as would have been,-admissible to him if the trbbsferred unit in which he was holding oftlce hart not been trlldlferred and shall continue to do sd unless and until such tenure and terms and conditions are duly altered by the transferee company (z) notwithstanding anything contained in sub-section (1), rules 10 relating to the conditions of service and standing orders applicable to the ·officers or other employees referrerl to in sub-section (1), as immediately before the appointed day, shall continue to apply unless and until they are duly altered by the transferee company or other authority, 8s the case may be 15 16 (1) every person holding office as a director of a dissolved company immediately before the appc/inted c\ay shall, on that day, cease to hold office as such director provisions relatinc to dlrec ton (z) every person, being a di·rector in whole-time employment of a r\issolved company, immediately before the appointed day, shall continue 20 to be an employee of the corresponding unit of the integral company with such designation and cn such terms and conditions as may be determined by the integral company provi-ilona re-jaunt to auditors n evel-y person appointed under s~ction 619 of the companiea act as an auditor of a dissolved company or of a transferred unit, holding as office immediately before the appointed day, may continue to hold o1bce as such auditor in the corresponding unit of the inte'gral company or of any other transferee company, as the case may be, for the duration for which he was so appointed on the same terms and conditions as were applicable to him immediately before the appointed day 30 compensation for transfer not pay abm 18 notwithstanding anything contained in the industlrial disputes act, 1947, or in any other law for the time being in foroe, the transfer of l'of im'i services of any officer or other employee shall not entitle such oftlcer or other employee to any compensation under that act or under any other law for the time being in force and no claim for such compensation shall 35 be entertained by any' court, tribunal or other authority provident lund 1 • where a provir\ent fund has been established by a dissolved company or any other company in respect of a transferred unit for the beneftt of the employees and the same stands vested in a trust, the ~oneyll add other assets standing to the credit of each provident fund shall continue 40 to be held in trust with the same objects as were applicable before the appointed day and the trustees of such trusts immediately before the appointe4 day shall, subject to the provisions of the trust r\eeds and the rules relating to such t·rusts, continue to function as trustees in resp€ct of such provident fund of the corresponding unit of the integral company 45 or of other transferee company, as the case may be, as if this act had not been passed: provided that the right to nominate trustees and other right i'elatma to the truta vested in the dislolver\ company or other company in retpec!t· of the transferred unit, as the case may be, shall vest in the intel1'al company or other transferee company, as the case may be gratuity welfare and other funds 210 where any gratuity, welfare or other fund has been established by a dissolved company or any other company in respect of a trana1erred s udit for the bene1it of lts employees and is in existence immediately before the appointed day, all moneys and other assets standing to the credit of or relatable to such gratuity, welfare or other fund shall vest in the corresponding unit of the integral company or other transferee company, as the case may be 10 chapter v provisions with respect to incometax and to/lrtax l!'lnuiclal paovisions n (1) the integral company shail be liable to pay any sum under the provisions of the income-tax act or the companies (protits) surtax act which any c\issolved company would have been liable to pay if the is dissolution had not taken place, in the like manner and to the same extent as the dissolved company (2) for the purpose of making an assessment of the income or, be the case may be, the chargeable profits of any dissolved company and for the purpose of levymg any sum in accordance with the provisions of sub-20 section (1),-(a) any proceecung taken against any dissolved company before the appointed day shall be deemed to have been taken against the integral company and may be continued against the integral company from the stage at which it stood immediately before the 2s appcdnted day; (b) ally proceeding which could have been taken against any dissolved company if the dissolution hact not taken place, may be taken against the integral company; and (c) all the provisions of the income-tax act or, as the case may 30 be, the companies (profits) surtax act shall apply accordingl), (3) the assessment of the income or, as the case may be, the chargeable profits of the previous yeu of any dissolved company in which the diasolution took place up to the appointed day shall be made as if such dissolution had not taken place, and all the provisions of the income-3s tax act and the companies (profits) surtax act shall, so far as may be, applyaccorcungly __ l (4) the transfer to, and vesting in, the undertaking of any dissolved company in the integral company under the provisions of this act shall be deemed to be an amalgamation in relation to such companies 40 and the provisions of the income-tax act shall, so fm as may be, apply accordingly as if references in the said act to the amalgamating company and the amalgamated company were references to the dissolved' company and the integral company respectively (5) where any capital asset forming part of any unciertaking belong-4s ing to the transfen-ed unit or, as the case may be, the hindustan steel limited is, in pursuance of section 5 or section 6 or section 7, transferred to, and vests 'in, the integral company or the bharat refractories limited or, as the case may be, the metallurgical and engineering consultants (india) limited, such capital asset shall be deemed to have 50 -been transferred in a scheme of amalgamation and the provisions of the income-tax act shall, so far as may be, apply according~y as if refer~ :ift tbesaid a'ct to the amalgamating company were references to the transferred ubit or, as the case may be, the hindustan steel limited and the nferencea to tiae amalgamateci company, being an indian company, were references to the lntegtal company qr the ~arat refractoriu 5 limited or, as the case may be, the metallurgical and edgineerid& cqilsuitants (india) limited (6) the accumulated loss and the unabsoil'ibed depreciation, if ai1y:l of any dissolved company shall be deemed to be the loss or, as the case may be, allowance for depreciation of the integral company for the 10 previous year in which the unclertaking of the dissolved company vested in the integral company, and the provisions of the income-tax act relating to set oft and carry forward of loss and allowance foil' d~pr~ation shall apply accordingly  (7) th provisions of sub-sections (1) to (6) shall have effect notwith- is standing anything to the contrary contained in the income-tax act or the companies (profits) surtax act expl4nation-for the purposes of this section,-(4) ''income-tax act" means the income-tax act, 1961; 43 of 1961 (b) "companies (profits) surtax act" means the companies 20 (profita) surtax act, 19m; '1 of 1964 (c) words and expressions used in this sectiqn and not cie&led in this act but definecl in the income-tax act or ule coippfm1es (protits) surtax act shall have the meanings respectively~ed to them in the said acts   z2 for the removal of doubts, it is hereby declared that no taxes, duties, fees or other chhges of whatever nature (including legistration charges), shall be payable in respect of any transfer of shares or u-ansfer of any undertakings or transfer of luly ililulovable pro~yuuder the provisions of this act taxes, fees and other charges not payable  chapter vi ~u8saving of contracts, etc, 23 (1) all contracts, deeds, bonds, agreements anel other instrume}),ts of whatever nature to which the dissolvecl company is a party subsisting or having effect immediately before the appointed day, shall, as from 35 that day, be· of full force and effect against, or in favour of the integral  company or other transferee company, as the case may tie, and may be enforced as f,ullyand effectually as if, instead of the dissolved company, the integral company 01' other transferee company had been a party thereto 40 (2) all co~tracts, deeds, bonc\s, agreements and ot~r instr~nts 9f whatever nature to which the company in respect of a trans(erred unit is a p8li'ty if and in so far as it relates to matters pertainil)g to qle u,nc:\ertaldd8s of the transferred unit, subsisting or having effect imme~:ua~dy before the appointed day, shall, as from that day, be of tuuf~e an4 45 effect against, or in favour of the integral company or other ~s~ee company, as the case may be, and may be enforced as fully and effectually as if, mstead of 8ucb company, the integnl company or ott tralefilree company bact been 8 party thereto "vingoi legal proceedings m if, od the appointed day, there is pending any suit, arbitration, 5 appeal or other legal proceeding of whatever nature by or against a diss01ved company, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer under the provisions of this ~d to the 'integral company or any other tral1sferee company, as tire case may be, of the undertakings of the dissolved company or of 1 anything contained in this act, hut the suit, arbitration, appeal or other prqceeding may be continued, prosecuted and enfoned by or against the integral company or other transferee company, as the case may be, bl the same manner and to the same extent as it would or might have been continued, prosecuted and enforced by or against the dissolved company 1 s if this act liad not been passed 15 if any difficulty arises in ~ivin'! effect to the provisions of this act, the central government mav, by ordet' published in the official gllzetae, make such provisions not inconsistent 'with the provisions f1f thts act, as appears to it t-o be neeessaty, for the removal ()f the diftleulty: power to remove difflculties 20 provtdetf that no such order shall be made after the expiry of a !period of three years ~om tlie appointed day | act      ||----------|| override || the pro- || visions  || of other || laws    |• the provisions' of this act or of any oraer made there1dlder ehall liave effect notwithstanding anvthin~ contained in the companies act or in any other law for the time -bein(t in force (lr in any contract, express 25 or 'implied, or fn any rules or regulations having effect by virtue of 8i1y law other than this act 2'1 (1\ for the putflnse "f m'7in~ pffect to the proviaions (if thfs act, the central govf'~rnment mllv, h" notification in the omclal gazette, make ·such amendment!'! ;n th!'! memoranrjum or articles of association, or 30 bot~, of the tnte'~al comp'lny 0" other trnnsferee company power to amend memo· randum and rtlcletr of assocla~ tion, (2) any amendments in the memorandum or articles of association of the lntel!ral companv or othel" transfpree company made in pursuance of sub-section (1) shan hrve pff~t mtwithstan"'ng anything contained ~n the companies act  the first schedule3s [see sections 2 (d) and 4j ~ bhilai lspat limited, a companv formed and registered under the companies act havin~ its re~fsterpd office at bhilai in the state of madhya pradesh, -40 2 bokaro steel limited a comnlmv fn"med and il"ellistered under the companfer act hwing its "e'mstel'ed offici> at bohrn steel citv in the state of bfhar, , uul'i1rnul' mlli!hrll tsnnt v,"ttp~ a ""mnan', fc"rmm and re~stered under the comnanieq al't hrvin~ its :rpf7i"~"red offil"e at dwrj!apur in the 4' shte of west bed/~al 4 hindustan steel limited, a company formed and registered udder the companies act having its registered office at ranch! in the state of bihaj 5 rourkela ispat limited, a company formed and registered under 5 the companies act having its !registered office at rourkela in the state of orissa 6 sail international limiterl, a company formed and registered under the companies act having its registered office at calcutta in the state of west bengal 10 7 salem steel limited, a company formed and registered under the companies act having its registered office at salem in the state of tamu nadu  the second schedule(see section 9) is 1 metallurgical and engineering consultants (india) limited, a company formed and registered unr\er the companies act having its registered office at ranchi in the state of bihar 2 hindustan steelworks construction limited, a company formed and registered under the companies act having its registered office at 20 calcutta in the state of west bengal 3 national mineral development corporation limited, a company formed and registered unrler the companies act having its registered office at hyderabad in the state of andhra pradesh 4 manganese ore (india) limited, a company formed and registered under the companies act havin'g its registered office at nagpur in the 2s state of maharashtra 5 mandovi pellets limiterl, a company formed and registered under the companies act having its registered office at mormugao harbour in the union territory of goa, daman and dill  btatement of objects and reasonsthere ate at present six integrated steel plants in the countlry 1ii:lth a total installed capacity of 106 million toddes of ingot steel of these, five steel plants with an aggregate capacity of 86 million tonnes ate in the public sector the plants at bhuai, durgapur and rourkela are owned and managed by hindustan steel limited and the plant at bokaro by bokaro steel limited, both the companies being wholly-owned subsidiaries of steel authority of inttia limited the ftfth plant at bumpur is under the indian iron and steel company limited whose majority shares were acquired by government in july, 1976 bhilai and bokaro steel plants are befn'g expanded and this will raise the total steel production capacity in the public sector to 124 million tonnes steel authority of india limited also has a number of other subsidiaries concerned with activities allied to steel production such as 'provision of consultancy, design and engineerin'g services for ferrous and ilon-ferroul enterprises, heavy construction/erection '\york connectec1 with steel and other sectors, development and operation of major mechanised iron ore mines to meet the demands for export and from steel plants, etc 2 it is essential for proper development of the steel industry that public sector steel plants achieve maximum production and are managetl with the greatest efficiency for this purpose, it would be advisable to bring these plants under the overall control of an integral company which should function, to the maximum extent possible, as an integrated steel complex and all activities which are not dill'ectly related to steel production are kept outside its purview havin~ regard to the present nature of these activities and potentialities for the future, it would also be greatly atlvantageous if the units/companies concerned therewith function directly under government accordingly the present set-up fs being reorganised broadly as under:-or hindustan steel limited, bokaro steel limited, salem steel limited, sail international limited, bhilai ispat limited, rourkela ispat limited ann dur(1anur mishra isnat lfm1ted, whollvowned subsidiarier of steel authority of india limited (,c:;atl), will lie merged in sail and will function as units of sail (if)' the shal1'es presently held bv government in indian iron and steel company limited will be transferred to sail and it will become a subsldiary of sail (hi) metallurl!ical and enl!ineerin(1 consultants (india\ limited hindubtan steplworks construction lfmued and national mineral development c"rnoration limited, whollv-owned !'iubsjdiaries of sail will hpcom~ independent rnmnanip!'i nnttpr the dfrpct administrative control of denartment of steel, 'kfrlhuru and mermahatulmru iron ores 'minelli of national mlner,,1 newlnnmpnt ~ornoratfon limited will he tr8n!llferte~ to ~ai[t to sp!'v" ilq clintivp units of ~okal'o steel plant " ' n , (tv) bharat refractories limited, a wholly-owned sub&alary of bokaro steel limited will become an: independent company directly unr\er the ~edt 91 steel and 'oltler r'~clory units will also come unde1' it 8 restructu:ridg as aforesaid is uddertabn to secure bettjei' management of, and greater dcleney in, the wor'king ofptlblic sector steel plants the fetmi and conditions appltcdle to b employees  oum rem81ft unaltered 4 'tite 'bill seeks to achieve the above objects bw patnaik new nam; the 14thlyeeefhb'flt, 1977  a billto provine for restructuring of the iron and steel companies in the public sector so as to secure better management and greater efficiency in t:heir working and for matters connected therewith or incidental thereto (shri bi;u patmik, minister of steel and mines) 