 tothe bolani ores limltiill ('icquisition of shares) and miocellaneous provisioi~s bill, 1978 do ~as introduced in lok sabha 7 1 page 3, line 37,-"e quipmen t s " read -''e quipmen t" 2 page 6, line 1,'" 3 page 7, line 21,-omi t "the" 4 page 8, in the marginal heading to clause 20,-for 'co gni zence ii £€~~ 'co gni zanc e " 5 page 8, in the marginal heading to clau se 23,-for "dissolve" read "di s sol v eel " -6 page 9, line 22,-omi t "published" 7 - :page 9, in the marginal heading to clau se 28,-for "made" re ad ''make'' ",,-new delhi; (saka) ~st 30, 1~w bliadra 8, 1  bill woo ld"'~'l'" - ?ii  , •• the bolani ores limiter> (acquisition of s~) and miscellaneous provisions bill, 1978 arrangement of clauses clauses1 short title and commencement 2 debntthms  chapter ii acqulsltlon and transfer of shares of bolani ora limrrm3 vesting in the central government of the shares held by the company 4 payment of amount to the company 5 allocation of shares to the steel authority of india  chapter iii vesting of undertakings in the steel authority of india and dissolution of bolani ore's limitb:d6 vesting of undertakings in the steel authority of india and dissolution of bolani ores limited 7 "undertaking"-meanin~ of  chapter iv provisions relating to officers and eml'ldyei!:s8 provisions relating to officers and other employees of dissolved company 9 provisions relating to directors 10 provision relating to auditors 11 directors, etc, not entitled to compensation 12 provident fund l 13 gratuity welfare fund and other funds  chapter v financial provisions14 provisions with respect to income-tax and surtax 1~ taxes, fees and other charges not payable  chapter vi mlscl!uaniioushi duty to deliver possession of propertt- etc 17 penalties 18 offences by companies 19 protection of action taken in ,ood faith 20 cognizance of offences 21 saving of contracts, etc 22 saving of legal proceedings 23 board of directors of the steel authority of india to adopt accounts of dissolved company 24 transfer of documents relating to the dissolved company 25 power to remove difficulties 26 act to override the provisions of other laws 27 power to amend memorandum and articlei of auociation 28 power to make rules  the bolani ores limited (acquisition oj' shares) and miscellaneous provisions bill 1978 'r billto provide few the acquisition of ,hares tyf the bolani ores limited in public interest in order to serve "etter the needs of the 714ticm land to igcilit4te the promotion and development i-n the inferist,' 0tj the genercu public, of 7l4tioncil stftl indurtry cmd fcjtr menter, cmmected therewith or incidental tmnto ' whj!:reas bolani ores limited' was incorporated as a private umtted company in june, lm57 for supplying ores mainly to the durgapull' steel plant; " wheriias 505 per cent shares in the share capital 01 the said bolani s ores limited are held by the steel authority of india limited, a wholly owned government company and the remaining 495 per cent share are held by the orissa mmeral development company liml~d; wm:rl!:as cumulative losses suffered by' the said bolan! ores' li!ntted at the end of 1977-78 were to the extent of owl' rs 270 lakhsiand the to said bolani· ores limited is in need of urgent funds w carry on the operations of its undertakings; and whiitilas the orissa mineral development company il not willing to contribute any further amount towards the share capital of the bolani ores limited; alm whereas the bolani ores limited is the main source of supply of iron ores to the durgapur steel plant and without further substan- s tial investments by way of capital outlay and otherwise the supply of iron ores to the said plant cannot be maintained; alm whereas it is expedient in the public interest that the shares of the said bolani ores limited should be acquired; be it enacted by parliament in the twenty-ninth year of the republic 10 of india as follows:-chapter i  prelimtnary1 (1) this act may be called the bolani ores limited of shares) and miscellaneous provisions act, 1978 (acquisition i,s shorttltle and commencement, (2) it shall come into foree on such date as the central government may, by notification in the official gazette, appoint % (1) in this act, unless the context otherwise requires,-deftni-uoaa (a) "appointed day" means the date on which this act comes into force; :ao (b) "bolani ores limited" means the bolani ores company liinited, a company formed and registered under the companies act : ': : 't~ha~6:~ registered office at chartered bank buildings in cal-~~"~, lbe,state of west bengal; (e) "companies act" menns the companies act, 1956; 25 lof 1e (d) "dissolved company" means the bolani ores limited dissolved by virtue of section 6; , (i'  -46) l'-r!the ~ompany" means the qri_ mineral development companv lfmfteq, '-c~y:'tenn@d(-and~~tketf'ttnder the companies act and havinr its ~stered office at chartered bank bun- 30 dings, calcutta in the state ofcwest bengal; (f) "steel authontv of 'itidia" means the steel authority of ~ liplite4" ~ ~pluly f~eci and regi,s~ite4 udd~tm cam-~s ~\ajl4, ,~vimt us, registqji~ ~ce at ,!i'~ delhi '  '~l :8n'e asjjrovideti in section 1' the wonisarid ~resillofts used 35 ;  n '9!lq net de6neal but·cieftned in the companies act' bae'1he mean-in~ tespecilvely assigned to them inttrat aet   '  , ' : - r   ',·acqojii'liiow i i\!at 'l'rambi'bit 01' bjjajtiz· of eolam ods l'mit'i'dveiun, 3 (1) on the appointed day, all the shares held by the' ~~panyfn 40 ~~ "r!, 9 !!,r'c;~'~ c~tal e~,' tj1~ ~oll\ili 9re~ li~h~d sl}~n, by \1ftu;," 9, t t~j' act, govern-: (tt~~ ~~e~~,d, ~~, ,n~ s~a11 v~~ in\th~ cent1'al gqvemj1l~t  ment - • ;(2) all the sjam~ w~p ha,!e v~ted in , the ~n~ai oovt!rnment ot the under ~~e;ctipn (n sh~ij ~,forc~fof ,such ye$t~g; befl'~cj and dill-~::es charged' of all trusts, liabilities obligations, mortllalles, charges, liens 4s by the ,",f~~c1;u'nbraftces fl~ctmt4bem ami· arty' attacbmentror'li'1jiinction compeny  -q1' a_748c!1d8e ar-me!' oi11lly ,cmlrt, -tribunal or other 'atithcwlfy 'n!ttrtctjng -" u,e q!, su41\ ib'-elin any ~an~ bhall be deemed ~to hi ,been :wttlf~ drawn ' -,   ~ payment of amount to the company - (1) for the transfer tel, iw val'" in, the central government under section 3 of the shares held by the company in the bolani ores limited, the central government shall, within thirty c1ays from the appointed day, pay to the company in cash an amount of forty-me thou-s ,  fty~ bjllldl;ecl ·rapees (z~ wbenthe ceo  l govel'lldlent fails to pay to the coaqnuly  amount apeci8ed in ,b-mdion (1) withol the perin ~iftea in tlaat sub-section, tile central government shall pay on the said amo1ll1t  _pie interest at -the rate of six per tedt per 8ddum from ute appointed 10  , tti1 the date of payment al1qca,-ti~of shares to the steel authority of india 5 (1) all the fthares held by the comp~ny -in the bolqni ores lim,i-ted which have vested in the central government by virtue of section 3 shall, immediately atter they have so ves~ed, stand transferred to and shall vest in the steel authority of india is (2) the amount paid hy the centrlll government for the shares which ,tanci trans:fenocd to, and vested in, the steel authority of incilia under ub-section (n shall be deemed to be the contrihution by the central crovernment to the equity capital of the steel authority of india and the s~l authority of india shall issue (if necessary, after amending its ~o :memorandum and articles of association) to the central government forty!-nine fully paid-up shares of the face value of one thousand rupee each and pay to that government five hundred rupees in cash  chapter iii vesting 0  undertakings in the &reel authority' 0 india and2$  drssojutjon of bolani ores limitedg on the appqi~ted day-]0 (a) all the undertakings of the bolani ores limited the share~~ of which have vested in the steel authority of india by virtue of section 5 shall ·stand transferred to, afjd ~ll veat in, the steel authority of india; (b) the bolani ores limited shall stand dissolved vestin, -of undertakinls in the steel authority of india and dissolu_ tion of bolan! ores limited "undertaking"-meanfn, of ~ " '7 j'or the purposes of this act, the undertakings of the dissolved coin-, palily shall be deemed to include all assets, rights, lease-bolds (including ~ lemes) industrial or other l~cences, powers authorities and prtvi-35 jejl~ a~dall property movable and immovable, including land" buildings, works, mines, works~ops projects, stores instruments, machinery automobiles and other vehicles, equipments, cash or bank balances cash in b~d ,r~serve funds investments nnd book debts and all ot);aer rights :nd interests in or arising out of, such property as were immediat~y 040 b,efqte tbe lip-pointed day in the owllr,rship, p<lssesiion powj;lr or control ()t th~ di:lsolv~~ companyoand all boob; of ac::cqunt, ~gi~ters, m&ps, draw-ir}e:s, j;e!;ords qf $urv~y and all qther documents of whatever nature ""atin,g tllereto, and ~h!lll ~lso be deejded to inc],ude  all borrowi!1g1j liabilities and obligations of whatever kind of the dissolved com~py·  chapter iv proivrsrons rillating 'l'o ollticers and employdsprovisions relating to officers and other employees of dissolved company 8 (1) every officer (not being a director) or other employee holdhig oibce immediately before the appointed day in the diss()1ved company in relation to any undertaking of such ct'impany, shall, as from tm appoin- s ted day, continue to hold office as such in respect of the undel"taking vested in the steel authority of india by virtue of section 6, by the same tenure and upon the same terms and conditions of service and with the, same rights and privileges as to retirement benefits as would have been admissible to him if the company in which he was holding office had 10 not been dissolved and shall continue to do so unless and until such tenure and tenns and conditions are duly altered by the steel authority of india  ", (2) notwithstanding anyth1n,~ contained in sub-section (1), rulel!11 relating to the conditions of service and standing orders applicable to 15 the officers or other employees referred to in sub-section (1), as immediately before the ~ppointed day, shall continue to apply unless and until they are duly altered by the steel anthority of india 9 every person holding office as a director of the dissolved company immediately before the appointed day shall, on that day, cease to hold 20 office as such director provisiodi relating to directors provision relating to auditors 10 every person appointed under section 619 of the compani~ act as an auditor of the dissolved company holdin~ office immediately before the appointed day, msy continue to hom office as such auditor in relation til the undertakings of the dissolved company which stand vested· in 25 the steel authority of india by virtue t')f section 6, for the duration for which he was so appointed, on the same terms and conditions as were ap,plicable to him immediately before the appointed day director, etc, not entitled to compensation 11 (1) notwithstanding pnything contained in any law for the time being in force, no director or managerial personnel specified in section 30 197a of the companies act or other person entitled to mana~e the whole or a substantial part of the business and affairs of the undertakings of the dissolved company under a special agreement or otherwiseshall be entitle-d to any compensation aez:ain~t the dissolved company or the central government or the steel authority of india for the loss of 3s office or for the premature tennfnation of any contract of management entered into by him with the dissolved company whether sueh loss or termination was due to the provisions of this act (2) notwithstandin~ anything contained in the industrial disputes act, 1947, or in any other law for the time beinq in force, the provisions~ 141 at 1 of sub-section (1) of section 8 shall not entitle bny oftlcer or othet: ,eplployee referred to in that sub-section to any compensation under that act or under any other law for the time befng in force and no claim for such compensation shall be entertained by any court, tribunal or other  , authority u where a provident fund has been established by the dissolved provlcompany for the 'benefit of the employees and the same stands vested in dent a trust, the monies and other assets standing to the credit of such provifund dent fund !!hall continue to be held in trust with the same objects as were  , applicable before the appointed day and the trustees of such trusts functioning il'l'lmediately bef<>re the appointed day shall, subject to the provisions of the trust deeds and the rules relating to such trusts, continue to function as trustees m respect of such provident fund maintained in relation to the undertakings of the dissolved company which stand vested in 10 the steel authority of india by virtue of section 6, as if this act had not be~  passed: provided that the right to nominate trustees and other rights relating to the trust vested in the dissolved company shall vest in the steel authori ty of india gratuity welfare fund and other funda is 13 where any gratuity, welfare fund or other fund has been established by the dissolved company for the benefit of its employees and is in existence immediately before the appointed day, all monies arid other assets standing to the credit of or relatable to such gratuity, welfare f~d or other fund shall vest in the steel authority of india  chapter v financial provisions14 (1) the steel authority of india shall be liable to pay any swn under the provisions of the income-tax act or the com~~ldies (profits) surtax act which the dissolved company would have been liable to pay 2s if the dissolution had not taken place, in the like manner and to the same extent as the dissolved company p~ visiodi with respect to incometax and luryax (2) for the purpose of making an assessment of the income or, as the case may be, the chargeable profits of the dissolved company and for the purpose of levying any sum in accordance with the provisions of sub-30 section (1 ~,-(a) any proceeding taken against the dissolved company before the appointed day sha1l be deemed to have been taken against the steel authority of india and may be continued against the steel authority of india from the stage at which it stood immediately be-3s fore the appointed day; (b) any proceeding which could have been talten against the dissolved company, if the dissolution had not taken place, may ~ taken ,~ainst the steel authority of india; and (c) all the wovaions of the income-tax act or, as the case may be, the companies (profits) surtax act shall apply accordingly (3) the assessme~t of the income or, as the case may be, the chargeable profits of the previous year of, the dissolved company up to the appointed day shall be made as if such dissolution had not taken place and all the provisions of the income-tax act or as the case may b~ the 045 companies (profits) surtax act shall, so far as may be, apply accordingly (4) the transfer and vesting the undertakings of the diuol~ company in the steel authority of india under the pl'ovisiods of tbi& &:t shall be deemed to be an amalgamation in relation to the dissolved company and the steel authority of india and the provisions of the ldc:0metax act shall, so far as may be, apply accordingly as if references in the , said act to the amalgamating company and the amalgamated com~ were references to the dissolved company and the steel authori~ of india respectively (5) the accumulated loss add the unabsorbed depreciation, if ally, of the dissolved company shall be deemed to be the loss or, as the ca18 may to be, allowance for depreciation of the steel authority of india for the previous year in which the amalgamation referred to in sub-section (4) has taken place and the provisions of the income-tax act relating to iutt-off and carry forward of loss and allowance for depreciation shalj apply accordingly is (6) the provisions of sub-sections (1) to (5) shall have effect notwithatahding anything to the contrary contained in the inoome-tax act or the companies (proths) surtax act e:tpt'4ncttion-for the purposes of this section,-(a) "income-tax act" means the income-tax act, 1961; 30 43 of 1881 (b) "complbnies (profits) 5tlrta"lt act" means the companies (profits) surtax act, 1964; (c) words and expressions used in this section and not defined in this act but defined in the income-tax at't or the cotnpai!1es  (profits) surtax aet shall have the meanings respectively dsigned is to them in the said acts taxes, fees andotber char~ea not payable 15 for the removal of doubts, it is hereby declhetl that nl) taxes, duties, fees or other charges of whatever nature (including registration chargeel), shall be pdyab~ in respect of anyttajud,er of shar1!l or transfer of undertakift'gs o!" transfer of any immovable property,· under -the 30 provisions of this acrt  chaptilr vi16 (1) where any property appertaining to any of the undertakings of the dissolved company has been transferred to, and vested in, the steel 35 a~rity of india;  ties, etc (a) every persod in whose posse_em, eu&tody or coftttolmy such property may be shall, on demand by the st~el authority of mdja, forthwith deliver the property to the steel authority of india  or to such person as the steel authority of india may authorise in 40 i this bellalf j (b) any person who, immediately before such vesting, bas, ij1 'bis"possession, custody or control, anybooks, documents or other p~ relating to any o~ the undertakings of the dissolved companymj,l be liable to8ccount for the aid books, documents and papers to the 4s  steel authority of india and shall deliver them to tme steel authority of india or to such person as the steel authority of india may authorise in this behalf (2) without prejudice to the other provisions contained in this sec-s tion, it shall be lawful for the steel authority ot india to take all necessary steps for taking possession of all properties, which have been transferred to, and vested in, it under this act | 17                               | any                           | person                  | who-         ||-----------------------------------|-------------------------------|-------------------------|---------------|| penaltie&                         |                               |                         |               || (a)                               |                               |                         |               || having                            | in                            | his possession, custody | or            || 10                                |                               |                         |               || forming                           | part                          | of                      | the           || property                          | from                          | the                     | steel         || (b)                               |                               |                         |               || wrongfully obtains possession of, | or                            | retains,                | any           || forming                           | part                          | of                      | any           || or                                |                               |                         |               || (c)                               |                               |                         |               || wilfully withholds                | or                            | fails to furnish        |               || to                                |                               |                         |               || the                               | steel                         | autho-                  |               || is                                |                               |                         |               || rity                              |                               |                         |               || of                                | india                         | or                      | any           || or                                |                               |                         |               || other                             | papers                        | relating                |               || to                                |                               |                         |               || any                               |                               |                         |               || of                                |                               |                         |               || the                               | undertakings                  | 'of                     | the           || company which                     |                               |                         |               || may                               | be in his possession, custody | or                      | control;      || or                                |                               |                         |               || (d)                               |                               |                         |               || fails                             |                               |                         |               || to                                |                               |                         |               || deliver                           |                               |                         |               || to                                |                               |                         |               || the                               | steel authority of            | india                   | or            || authorised                        |                               |                         |               || by                                | it,                           | any                     | assets, books || or                                |                               |                         |               || other                             |                               |                         |               || docu-                             |                               |                         |               || 20                                |                               |                         |               || ments                             | in                            | his possession, custody | or            || undertakings of                   | the                           | dissolved company;      | or            || (e)                               |                               |                         |               || wrongfully removes               | or                            | destroys any            | property      || of                                | any                           | of                      | the           |<f) wrongfully uses any property forming part of any of the 2s undertakings of the dissolved company, shall be punishable with imprisonment for a term which may extend to two years, or with the fine which may extend to ten thousand rupees, or with both offences by compani_ 18 (1) where an offence under this act has been committed by a 30 company, every person who, at the time the offence was committed was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: 3s provided that nothing contained in this sub-sedion shall render any such person liable to any punishment if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence (2) notwithstanding anything contained in sub-section (1) where 40 any offence under this act has been committed by a company ana it is proved that the offence has been committed with the consent or connivance of, is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall be deemed ,to be guilty of that offence 4s and shall be liable to be proceeded against and punished accordingly erplanatioo-for the purposes 011 this sectton-(4) "company" means any body corporate and includes a firm or other association of individuals; and  (b) "~ctor", in relation k a finn, means a partner in the firmprotection of action taken in good faith 19 no suit, prosecution or other legal proeeecling shall lie against the central government or the steel authority at rndia or any of its officers or other employees for anything which is in good faith done or intenaed to be done under this act 5 coenizence of offences 20 notwithstanding anything contained in the code of criminal procedure, 1973, no court shall take cognizance of any offence under this 2 of 1974 act except on a complaint, in writing, made by the central government or any officer authorised in this behalf by that government saving of contracts etc ·zl all contracts, deeds bonds, agreements and other instruments of 10 whatever nature to which the dissolved company is a parfy subsisting or having effect immedia~ly before the appointed day, shall, as kom that day ,be of full torce and effect against, or, as the case may be, in favour of, the steel authority of india and may be ·enforced as fully and effectually as it, instead of the dissolved company, the steel autho- is rity of india had been a party thereto savlng of legal proceedings 22 if on the appointed day, there is pending any suit, arbitration, appeal or other legal proceeding of whatever nature by or against the dissofved company, the same shan not abate, be discontinued or be in any way prejudicially affected by reason of the transfer of the undertakings 20 of the dissolved company or of anything contained in this act, but toe suit, arbitration, appeal or other proceeding may be continued, prosecuted and enforced by or against the steel authority of india in the same manner and to toe same extent as it would or might have been continued, prosecuted and enforced by or against the dissolvea company if this act 25 had not been passed 23 (1) the accounts of the dissolved company shall stand closed on the appointed day and the balance-sheet and the profit and loss accounts for the current financial year up to the appointed day shall be prepared and audited in accordance with the provisions of the companies act 30 board of directors of steel authority of india to adopt accounts of dissolve company (2) notwithstanding the provisions in the companies act the board of directors of the steel authority of india shall be deemed to be the board of directors of the dissolved company and the shareholders of the steel authority of india shall be deemed to be the shareholders of the dissolved company for the purpose of adoption of the accounts, directors' 35 report and completion of other formalities in accordance with the provisions of the companies act in this regard 24 (1) the registrar o~ companies with whom the dissolved company is registered shall, as boon as may be after the appointed day, transfer all documents relating to the dissolved company to the regls- 40 trar of companies new delhi transfer of documentl relating to the dissolved company -(2) the registrar of companies, new delhi, on receipt of the documents relating to the dissolved company, shall add those documents to the file maintained by him in relation to the steel authority of india, and shall consolidate the files relating to the dissolved company and the steel 45 authority of india and the documents filed by the dissolved company shall, for the purposes of the companies act, be deemed to have been flled by the steel authority of india in relation to the busm,ess of, the undertakb!lgs of the dissolved compaa, which, stamls 1iransferred to and vestecl in the steel authority of lddia by virtue of sectioll 6~ power to remove difficulties 25 if any difreulty arises in giving effect to the provisions of this ad, the cemral government may, by order, published in the ofjicial 5 gazette, make such provisions not inconsistent with the provisions of this act, sa appears to it to be necessary, for the removal of the difleulty: provided that no such order shall be made after the expiry of a period of three years from the appointed day, 218 the provisions of this act or of any order made thereunder shall 10 have effect notwithstanding anything contained in the companies act or in any other law for the time being in force or in any contract, express or implied, or in any rules or regulations having effect by virtue of any law other than this act act to override the provisions of other laws, 27, (1) for the purpose of giving effect t:> the provisions of this act, is the central government may, by notification in the official gazette, make amendments in the memorandum or articles of association, or both, of the steel authority of india power to amend memorandum and articles of association (2) any amendments in the memorandum or articles ()f association of the steel authority of india made in pursuance of sub-section (1) 20 shall have effect notwitr!tanding anything containea in the companies act 28, (1) the central government may, by notification published in the official gazette, make rules to carry out the provisions of this act power to tnade rules (2) every rule made by the central government under this act 25 shall be laid, as soon as may be after it is made, before each house of parliament while it is in session for a total period of thirty days which may be comprised in one session or i1l1 two or more successive sessions, and it, before the expiry of the session immediately following the session or the successive sessions af\gresaid, both houses agree in making any 30 modification in the rule or both houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule,  statement of objects and reasonsbolani ores limited was incorporated as a private limited company in june, 196'1 for supplying iron ore mainly to the durgapur steel plant the capital of the company was contributed by the government of india to the extent of 505 per cent, the remaining 495 per cent being contributed by the orissa mineral development company limited (omdc) , a company of the bird group in february, 1973, the sb-ares of the central government in the company were transferred to the steel authority of india limited (sail) 2 the present financfal position of the company is far from batis~ factory the accumulated losses suffered by the company till the end of 1977-78 is over rs 270 lakhs against the paid-up capital of rs 100 lakhs the company is in immediate need of funds to the extent of about rs 250 lakhs to complete the capital schemes in hand and for providing balancing facilities and to replace some of the worn out earth movmg machinery, failing which the regular supply of iron ore of rdequate quality to the durgapur steel plant cannot be ensured bolani ores limited is the main source of supply of iron ore to the durgapur steel plant which has no other alternative economic source of bulk supply and closure or inefficient working of the mine by the bolani ores limited will seriously affect the interests of the steel plant the orissa mineral deve-10pment company is not interested in making any further investment in the bolani ores limited in order to ensure the regular supply of adequate quality of iron ore to the durgapur steel plant, it is necessary that substantial investments are made in the bolani ores limited by the central government it is therefore necessary in the public interec;t to take over the company the bill proposes to acquire the shares held by the omdc in the bolani ores limited to facilitate the efficient mana~ement of the bolani ores limited it ic; proposed to transfer the undertakin~ o~ that company to the steel authority of india limited which is the apex body for all steel plants 3 the present !!tate of affairs of the bolatli ores limited has revealed that the shares of the company do not have any value under the cod"entional methods of valuation namely, net worth and profit earning capacity it is however proposed to make a payment of an amount of rs 49,500 at +he rate d mlpef' onc fot' each share of the face value of rs 100 for the acauit!lition of the shares 4 the bill seeks to achieve the above objects new delm; biju patnaik the 17th august, 1978 president's recommendation under articles 117 and 2'74 of the constitution of india [copy of letter no 1 0-6 178-dur, dated the 18th august, 1978 from shrl biju patnaik, minister of steel and mines to the secretary, lok sabha] the president, having been informed of the subject matter of the bolani ores limited (acquisition of shares) and miscellaneous provisions bill i978 to provide for the acquisition 'of certain shares of bolani ores limited and for matters connected therewith or inci<ientri thereto has recommended under clal1ses (1) and (3) ot article 117 and clause (t) of article 274 of the constitutioy'l of india, the introduction and consideration by lok sabha of the said bill ~~'}jt1 ~(,:,::! q,"u"i; '';  '!::,,/, " the bill seeks to provide for the acquisit'ion by the central'govern-~t ~f  r~pe,~af~ ffi, ~lani ores ~+mited, presen~y held by the orissa mider,l};~ov~lpp)jll~~~ ~oidp4ny,~~i~ed,(, qmdc) , and transf~ of the <;wn~': tp the ,&~l ~q~~ori~ of indi~ ltimited ($ail) 2 clause 4 of the bill provides for paythbnt by the centrat govern me:q~ r~ q~, j,q cm~t of ~an rmo~t, o~/fy:~~es ,for,ty-nine thousand and five hund'red, for the transfer to, and vesting in it, of the shares of the company held by omoc the said amount will carry simple interest at the rate of six per cent per annum for the period commenciong from the appointed day, the date on which the act would take effect, and ending on the date on which payment of such amount is made by the central government to omoc interest at the said rate is likely to be of the order of rupees one thousand 3 thus, the total estimated non-recurring expenditure involved if the bill is enacted, wijl be of the order of rupees fifty thousand and five hundred 4 the purpose of acquisition by the central government o~ the shares of bolani ores limited, presently held by omdc is to ensure proper functioning through sail, so as to enable it to maintain a high level at production and maintain regular supply of iron ore to the durgapur steel plant as presently foreseen, estimated additional investment for this purpose by government will be of the order of about rs 250 lakhs such expenditure will, however, be incurred after due appropriation by parliament by law ' -5 the bill, if enacted, is not likely to involve any other recurring or non-recurring expenditure clause 28 of the bill seeks to confer on the central government the general rule maldt1g power for irnplementatffjn of the p~viakma of the bill when enacted the power of making rules will be ccmftaed to matters of detail add procedure 2 the delegation of legislauve power ii, therefore, of normal character  a billto provide for the acquisition of shares of the bolani ores limited in public interest in order to serve better the needs of the nation and to facilitate the promotion and development in the interests of the general public, of national steel industry and for matters connected therewith or incidental thereto (shlri bftju patn4i1e, mitlibter of steel and mines) 