 as introduced in lok: sabra on if 8 augf!i) bill no 185 of 1981 the burmah oil company [acquisition of shares of oil india limited and of the undertakings in india of assam oil company limited and the burmah oil company (india trading) llmited] bill, 198r  a billto provide in the public interest for the acquisition of the shares of oil india limited held by "the burmah oil company limited" and for the acquisition a·nd transfer of the right, title and interest of the assam oil company limited and "the burmah oil company (india trading) limited" in relation to their undertakings in india and thereby to secure that the ownership and control of crude qil and gas produced by oil india limited, and of crude oil, gas and petroleum products prrioduced by the undertakings in india of the assam oil company limited and of petroleum products marketed and distributed by the said undertakings and the undertakings m lndia of "the burmah oil company (india trading) limited" are so distributed as best to subserve the cdm'l'lwn good whereas "the burmah oil company limited" (a foreign company) ha~ at present the ownership of, and control over, a significant portion of crude oil, gas and petroleum products produced, marketed and distributed ;n india by reason of the fact that oil india limited, wherein it nolds ftftyper cent • of the shares, and one of its subsidiaries, namely, the assam oil company limited are (:arrying on the business of exploration and production of crude oil, gas and petroleum products, and the said assam oil company limited is also carrying on through its undertakings in india and through the undertakings in india of "the burmah oil company s (lldia trading) limited", another of the subsidiaries of "the burmab oil company limited", the business of marketing and distribution of petroleum products; ann whereas it is expedient in the public interest that the shares of the said oil india limited held by "the burmah oil company limited" 10 and the undertakings in india of the said assam oil company limited and "the burmah oil company (india trading) limited" should be acquired; and whereas such acquisition is for giving effect to the policy of the state towards securing the principle specified in clause (b) of article 39 15 of 'the constitution as the ownership and control of the material resources of the community, to wit, crude oil, gas and petroleum products produced by the saif\ oil india limited and by the undertakings in india of the assam oil  company limited and marketed and distributed by the undertakings in india of the said assam oil company limited and "the lzo burmah oil company (india trading) limited", would by reason of such acquisitibn become vested in the state and thereby so distributed as belt to sub serve the common good; be it enacted by parliament in the thirty-second year of  the republic of india as follows:-115  chapter i preliminaryshoruit1e, 1 this 'act may be called the burmah oil company [acquisition of  shares of oil india limited and of the undertakings in india of assam oil company limited and the burmah oil company (india trading) 'lo limited] act, 1981 i)eftni-; in this act, unless the (:ontext otherwise requires,-tmmi (4) "appointed day" means such date as the central govemment may, by notification, appoint; (b) "bunnah oil company" means "the burmah oil company 35 limited", a company incorpora~d in scotland and having its registered office at 48, st vincent street, glasgow, scotland; (c) "government company" means a company as deftned in section 617 of the companies act, 1956; 1 of 1958 «(i) "notification" means a notification published in the ofticial40 gazette; (e) "oil india" means the oil india limited, being a company as defined in the companies act, 1956, and having its regi&te~ office 1 of 1958   at duliajan, district dibrugarh; (1) "prescribed" means prescribed by rules made under this act; 45 (g) "specified company" means a company specified in clause (a):  e '' i ("> "two companies" means,-(i) the assam oil company limited, a company incorporated in the united kingdom and having its registered office at' burmah house, pipers way, swindon, engl~nd; and 5 (ii) "the burmah oil ,company (india trading) lmuted", a company incorporated in scotland and having its regjstered office at 48, st vincent street, glasgow scotland, 1 of 1958 being foreign companies within the meaning of section 591 of the companies act, 1956; jo 1 of 195(1 (i) words and expressions used herein and not defined but deftned in th~ companies act, 1956, have the meanings respectively ass~gned to them in that act   chapter ii acquisition 0, the shares of oil india held by burmah oil companyis 3 (l) on the appointed day, all the shares in the cap~tal of oil fndia held by bunnah oil company shau, by virtue of this act, "'nd transferred to, and vested in, the central government (2) all the shares which have vested in the central government ~er sub-section (1) shall, by force of such vesting, be freed and discharged of 20 all trusts, liabilities, obligations, mortgages, charges, liens and otber encumbrances affecting them transfer and vesting at certain h-ares of oil india in the central government (3) any dividend payable by oil india to the shares which hay vested in th,e central government under sub-section (1) in respect of any; period beginning fi"qm the 1st day of january, 1977, shan be payable to the 2 s central government management of oil india 4 _ (1) for the purpose- of enabling oil india to function as a gov,rnrnent company, the central government may, by notift~tiqn, make such 81mnrlmenta in the memorandwn and articles of association of that com  pany and such other provisions as it may consider necessary 30 (2) any amendments in the memorandum and articles of association of oil india and any other provisions made under sub-section (1) shall have- effect notwithstanding anything contained in the companies act, i of le8 1956  chapter'iii 3s aoqt1isl'l'ion oi! tiib undertakings of the two companies s oil the appoidted day, the right, title and interest of each of the two'-eolllp8llies in relation to- its undertakings in india shall, by virtue- of tms act, at_d, transferred to, and vested in, the central government transfer and vest  ing in the central government ot the undertakings in india of the two companies t (l) subject to the provisions of sub-section (z), the undertakinas of each specified company shall be deemed to incllolde all assets, rights, powers, authorities and privileges and all property, mov'!ble and immovable, including any designs, trade marks, trade names, styles of labelling, station decor or any distinctive colour schemes, cash balances, reserve 5 funds, bok debts, investments and all other rights and interests in, or alisblg out of, such property as were, immediately before the appointed day, in the ownership, possession, power or control of the specified company, in relation to 1ts undertakings in india, and all books of account, registers, records and all other docu,ments of whatever nature 10 relating thereto and shall also be deemed to include au borrowings, liabilities (including the liability for the payment of taxes, if any, and for the payment of any pension and other pensionary benefits to the persons employed in relation to its undertakings in india) and obligations of whatever kind of the specified company in relation to its undertakings 15 in india; provided that remittances outside india of any mone~ for the payment of pension or other pensionary benefits shall be subject to the rules and regulations for the time being in force in relation to such remittances (2) the undertakings in india of ''the burmah oil company (india 20 trading) limited" shall not include the shares held by the said company in the tin plate company of india lirni~d, a companx as defined in the companies act, 1956, and having its registered office at 4, bankshall 1 ot 1958 street, calcutta-700001   (3) the profiti earned, or the losses suffe'1"ed, as the case may be, by 2 5 each specified company in relation to its undertakings in india from the 1st day of january, 1977, shall be payable to, or, as the case may be, borne by, the central government '4) unless otherwise expressly provided by this act, all deeds, bonds, aereements, powers of attorney, grants of legal representation and other 30 instruments of whatever nature in relation to the undertakiogs in india of a specified company subsisting or having effect immediately defore the appointed day, and to which the specifted company is a party 01'1 which are in favour of the specified company sball be of as full force and effect against or in favour of the central government and may be 35 enforced or acted as fully and effectively as if ion the place of the specifled company, the central government had been a party thereto or as if they had been issued in favour of the central government (5) if, on the appointed r\ay, any buit, appeal or other proceed~ng of whatever nature (including proceeding before any authority) in rela- 40 tion to the undertakings in india of a specified company which have been transferred to, and vested in, the central government under sectiqn 5, is pending by or against that specified company, the same shall not abate, be discontinued 'or be, in any way, prejudicially affected by reason of the transfer of the undertakings in india of the specified 45 company or of anything contained in this act but the suit, appeal or other proceeding may be continued, pro~uted 'lnd enforced by or against the central gov~rnment (6) the promotion agreement and supplemental agreement entered into on the 14th day of january, 1p58 add ithe 16th day of j'ebl'u8l'j", 0 1959, respectively, to which the central government, the burmah on 5 company ·ilhd the assam oil company limited were parties, and th~ adopting agreement and the second supplemental agreement entered into on the 14th day of march, 1959 and the 27th day of july, 1961, respectively, to which the c~ntral government, the burmah oil com) my, !; the assam oil company limited an:d oil india limited, were parties shall be deemed to have been terminated with effect from the 1st day of january, 1977, and accordingly the 'rights, liabuities and obligations arising out of such agreements shall be deemed to have been extinguished on and from that date: 10 provided that clause 12 of the said second supplemental agreement shall, in so far as it relates to the rights, liabilities and obligations of oil india limited, continue in force up to and inclusive of the financial year of that company ending on the 31st day of march, 1982 l 7 (1) every right or interest in respect of any property in india special '5 (including a right under any lease or under any right of tenancy or proviany right under any arrangement to secure any premises for any pur- sions as pose), which a specified company held, immediately before the t~ hertain appointed day, shall, notwithstanding anything contained in any other :~d t6inte_ law or in any agreement or instrument relating to such right or in- rests :20 terest, vest in, and be held by, the central government on ami after held by that day on the same terms and conditions on which the specified com~ the spedpany would hav~ held it, if no negotiations had taken place for fled comthe acquisition by the central government )f the undertakings in india ~:;le:h=e­of the specified company or, as the case may be, if this act had not ap;'inted !:is been passed  day (2) if at any time ::lfter the 2nd day of february, 1974 (being the date (m which the central government's policy for acquiring iundertakings engaged in the production, marketing or distribution of petroleum products was made known) and before the appointed r\ay a 30 specified company surrendered or otherwise relinquished any right or interest in respect of any property in india (including a right under any lease or under any right of tenancy or a right under any arrangement to secure any premises for any purposes), then, for the purposes 3 of this act, notwithstanding anything oontained in any other law or 5 in any ilgreement or instrument relating to such righ~ or interest, the central government shall, on and after the appointed day, be entitled to such right or interest on the same terms and conditions on which the specified company would have been entitled to such right or 40 interest if it had not surrendered or otherwise relinquished such right or interest and this act had not been passed: provided that nothing in this sub-section shall apply to any right or interest surrendered or otherwise relinquished by the specified company: before the appointed day for sufficient monetary consideration (3) on the expiry of the term of any lease, tenancy or arrangement 45 referred to in sub-section (1) or sub-section (2), such lease or tenancy or arrangement shall, if so desired by the central government, be re- newed or continued, so far as may be, on the same terms and conditions on which the lease or tenancy or arrangement was originally granted 50 or entered into 8 (1) for the removal of doubts, it is hereby declared that the prod ha removal visions of sections 5, 6 an 7 s 11 apply to the extent to which any of doubts property  appertains to the bustnesa carried on by each specifled ~ompany in india; and to the rigjlts and powers acquired, and to deb, liabilities and obligations incuned, and to c<mtracts, agreements and other instruments made, by the specified company in india, and to proceedings relating to those matters pendini, in any court 01" tribuaal s or before any other authority, in india (2) if any question arises as to whether any pl'operty appertained, imlnqdiately before the appointed day, to any business of a specified company in india or whether any rights, powers, debts, liabilities or obligations were acquired or incurred or any contract, agreement or 10 other instrument was made by a specifien company for the purpuses of its business in india, or whether any documents relate to those purposes, or whether the provisions of section 7 apply in relation to any property, the question shall be referred to the central government which shall, after &iving a reasonable opportunity of being heard to the persons i s interested in the matter, decide it in such manner as it may think fit 9 (1) notwithstanding anything contained in sections 6, 6 and 7, the central government may, subject to such terms and con"ditions as it may think fit to impose, direct, by notification, that the right, title and-intetpst and the liabilities of each specilied ccmpclny i~ rejattoll to tts slo undertakings in india which have vested in that government under section 5 shall, instead of continuing to vest in the central government, vest in one or more government companies either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification "5 power of celttral government to direct vesting of the undertakings of specified companies in one or more government companies (2) when the right, title and interest and the liabilities of a specified company in relation to its undertakings in india vest in one or more government companies under sub-section (1), all the rights ann liabilities of the central govenunent in relation to such underta1dngs shall, on and from the date of such vesting, be deemed to have become the 30 rights and liabilities, respectively, of the government company or companies (3~ the provisions of sections 5, 6 and 7 shall, so far as may be, apply in relation to such government company or companies as they apply in relation to the central government and for this purpose references 35 therein to the "central government" shall be construed as references to such government company or companies - " chapi'er iv  payment of amountl'aymen\ of amount to burmah oil company 10 (1) for the tr8dlfer to, and vesting in, the central gover'lmlent 40 under sediod 3 of the shares of oil india, and for the ~sfer to, _d vesting in, the central governmedt ujiaier seetion 5, of the ript, title and intermt of eaeh· ~peei&ed company in relation to its undertakinp in iadla, there shall be paid by the central government an aurepte amount of rupees twenty-one crores il'i1d ftfty·six lakha, free of tax, to 45 the burmah oil company and such amount shall be allowed to be remitted' that company in one instalment in pound sterling calculated at the rate of exchange in force on the date of such remitt:adee (2) where the amount speeifled in sub-section () is not paid on or beforetta·15th day of oetoher, 1981, it shall eory ample lntel'f'alt, flee of so wtes, attm· rate of «debt per cent 1p"'anaum bam that tate, till the date of itl ,ment ••  chapl'er v provisions relating to employees11 (1) every whole-time officer or other employee of a specified company who was, immedfately - before the appointed day, employed 5 by that company in connection with its undertakings in india, and every whole-time officer or other employee of a specified company who was, immediately before the appointed day, temporarily holding any assignment outside india shall, on the appointed day, become an ,ofticer or other employee, as the case may be, of the transfer of service of existing employees of the specified com_ panies 10 central government or the concerned government company (hereinafter referred to as -the successor government company) in which the right, title and interest of the specified company in relation to its undertakings in india· have vested under this act and shall hold office or service under the central govemment, or the successor government company, as the j 5 case maybe, on the same terms and conditions and with the same rights to pensi'on, gratuity and other matters as would have been admissible to him if there had been no such vesting and shall continue to do '0 unless and until his employment under the central government or the successor government company is duly termi'nated or until his 20 remunerati<m and conditions of service are duly altered by the central government or the successor government company, (2) subject to rules made in this behalf under section -22, every whole-time officer or other employee of oil india who was, immediately before the appointed day, employed by it in india, and every 25 whole-time officer or other employee of on india w:ho was, immediately before the appointed day, temporarily holding any assignment outside india shall, on and from that day, continue to be an officer or ouler employee of on indfa on the same terms and conditions and with the same rights to pension, gratuity and other matters as are admissible to 30 him immediately before that day and shall contmue to hold such oftlce unless and until his employme'nt 'ujlder oil india is duly terminated or -until ,his remuneration and conditions of service -are duly altered by ulat company (3) if any question arises as to whether any person was a whole-time 35 officer or other employee of a specified company, or as to whether any ofticer or other employee was employed wholly or mainly in connection with the ,undertakings of that company in india immediately oelore the appointoo day, or whether any whole-time officer or other employee of a specified company was temporarily hold-40mg' any 881ignment outslde india; the question shall be referred, within a period of two years from the appointed day, to the central government whicb shall, after giving an opportunity of being heard to the person concerned in the matter, decide i't in such manner as it thinks fit and such decision shall be final 45 (4) notwithstanding anything contained in tfre industri'al disputes !lit? act, 1947, the payment of gratuity act, 1972, or in any other law fot ! 1972 the time 'being in force, the transfer of the services of any 'officer or otberemployee, \ under sub-section (1), shall not entitle any such officer or otneremployee to any compensation or gratuity under those acts or 50 81leh other law and no such claim shall be entertained by any court, ' tribunal or other authority 12 (1) where a provident, superannuation, welfare or other fund has been established by a specified company for the beneftt of the persons employed by it in connection with its undertakings in india, or for the benefit of such persons and persons employed by oil india, the moneys relatable to the employees--provident, superannuation, welfare fund, etc (a) whose services are transferred by or under this act to the central government or the successor government company, or as the case may be, continued with oil india, or (b) who are in receipt of pension or other pensionary benefits 'mmediately before the appointed day,  10 shall, out of the moneys standing, on that day, to the credit of such provident, superannuation welfare or other fund, stand transferred to, and vested in, the central government or the successor government company or oil india, as the case may be free from any trust that may have been constituted by the specified company in respect thereof 15 (2) the moneys whlch stand transferred, under sub-section (1), to the central government or the successor government company or 011 india shall be dealt with by the central government or that company, or oil india, as the case/may be, in such manner as may be prescribed (3) the successor government company or oil india, as the case ~o may be, shall as soon as may be after the'8ppointed day, 'constitute, in respect of the moneys and other assets which are transferred to, and vesten in, it under this section, one or more trusts having objects  88 similar to the objects of the existing trust, as in the circumstances may be· practicable; so 110wever that the rights and interests of the beneft- 2s ciaries of the trust referred to in, sub-secti'on (1) are not, in any way, prejudiced or diminisned (4) where all the monpvs and other assets belon~ng to an existing trust are transferred to, and vested in the central government, or the succ~ssor government company or oil, india under this section, the 30 trustees of such-trust shall as from the date of such vesting stand discharged from the trust except as respects things done of omitted to be done before the date of such vesting  chapl'er vimiscellaneous 35 meet of act on other  law • 13 the provisions of this act shall have effect notwithstanding anything inconsistent therewith contained in anv other law for the time being in force or in any instrument havinsz effect by virtue of any law other than this act or ir any decree or order of any court, tribunal or other authority 40 14 (1) where any property appertaining to any undertaking fn india of a specified company has been transferred to, and vested in, the central government 01" the successor government company under this act,-duty to deliver possession of properties, etc (4) every person in whose possession, custody or control any 4s sucll property may be, shall on a demand by the central govemment or the successor government company, as the case may be, deliver the property to the cent;al government ot thg' successor   / government company, as the cf!se may be, forthwith; (b) &iu' penon who immediately before such vesting, hal fd ~ ~ion, ~tody or control any books, documents or other papers relating to the undertakings in india of the speci1led company, shall be liable to account for the said books, documents and 5 papent,o the central government or the successor government company, as the cue may be, and shall deliver them up to the central g<wemment or that company or to such person as the central govemmejlt or that company may authorise in this behalf (2) without prejudice to the other, provisions contained in this to section it shall be lawful for the central government or the successor government company to take all necessary steps for taking possession of·all propiefties, which have been transferred to, and vested in, it under 'jthts act 15 (1) every contraot, other than an agreement referred to jn sub-j s section (6) of section 6, entered into by a specified company for fjly ~ce, sale or supply in india, and in force immediately before t,he ~p»ointed day, shall, unless terminated under sub-section (2), within a ~ of two years from the appointed day, continue to be of full f~rce and ~ect against or in favour of the central government or, as 20 the case may be, the successor government company contrac\t to cod_ tinue unleu termldate;dby central government «s) the central government may, if it is satisfied that any contract· reftmnd ,to in sub-section (1) is uncluly onerous or has been entered into in bad faith or is detrimental to the interests of that governmellt or the successor government company, as the case may be, by order in writing, 85 either terminate such contract or make such alterations or modifications ,thwein as it may think fit: provided that the central government shall not terminate any contract or make any alteration or modification therein except after giving to the parties to the contract, a reasonable opportunity of being heard 30 and except after recording in writing, its reasons for such termination, alteration or modification, as the case may be 35 16 any pe~n who,-(a) having in his l>o'8e8sion, custody or control any property forming part of any undertaking in india of a specified company; or ~uy withl101ds such property from the central government or the t;uccessor gov~t company; or , (b) ,wrongfully obtains possession of or retains any property ~~g part of any undertaking in india of a specified company; or jc) wilfully w~thholds or fails to furnish to the central govern-~ntor tbe' succ~ssor p9ver~~t ~ompany or any person specified  by thecentfal goyernment or that company, any books, documents or other papers re'!-ating to any undertaking in india of a -speeffted company which may be in his posses$ion, custody or control; or  (d) fails to deliver to the central government or the successor 45 ,gpv~~qlel;lt,:co~any, any assets, books of account, registers or o~  ~~~ts ,in his possession, custody or control relating to any undertaking in india of a specifted company; or (e) wrongfully ~moves or destroys, any property forming part qf any·· uadeptajdng in tndi~ of a sve,cified com~ny shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to ten thousand rupees, or with both s offences by com panies 17 (1) where an offence under this act has been committed by a comp~y, every person who at the time the offence was commi~ cr: in charge of and was responsible to, the company for the co u eo the business 'of the company, as well as thecompany, shall be deem to be guilty of the offence and shall be liable to be proceeded agamst and punished accordingly: provided that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence wsi 10 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 any offence under this act has been committed by a company and it is proved that the offence has been committed with the consent or coil-15 nivance of, or 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 and shall be liable to be proceeded against and punished accordingly 20 explanation-for the purposes of this section-(a) "company" means any body corporate and includes a firm or other' association of individuals; and (b) "director", in relation to a firm, means a partner in the firm 18 no suit, prose;;ution or other legal proceeding shall lie against the central government or the successor government company or any 25 of its officers or other employees for anything which is in good faith done or intended to be done under this act protection of action taken' in good faith cognizance of offences, _ 19 notwithstanding anything contained in the code of· criminal procedure, 1973, no court shalf take cognizance of any offence against this act except on a complaint, in writing, made by the central govern- 30 ment or any officer authorised in this behalf by that government indemnity, 20 every officer of the central government and every ofticer or other employee of the successor government company shall be indem  nified by the central government or the $uccessor government company, as the case may be, against all losses and expenses incurred by 3s him in, or in relation to, the discharge ot his duties under this act excep~ such as have been caused by his own wilful act ql' default  ~'" " power to remove dlfftculties 21 if any difficulty arises in giving effect to the provisions of this act, the central government may, by order, not inconsistent with the provisions of this act, remove the diftlculty: ' pro\'ided that no such order shall be made ·after the expiry of ' period of two years from the 'appointed day zz (1) the central government may, by notification, make rules to carry out the provisions of this act power to make rules (2) every rule made by the central government under this act shall be laid, as soon as may be after it is made, before each house of s parliament, while it is in session, for a total period of thirty days which may be comprised in o,ne session or· in two or more successive sessions, and if, before the expiry of the session immediately following the session or the·· successive sessions aforesaid, both houses agree in making any modification in the rule or both houses agree that the rule should 10 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 ~ne under that rule the bul'mah oil company limited, a foreign company, has at present the ownership of, and control over, a significant portion of the petroleum "products produced, marketed and distributed in india the said company bolds 50% of the shares of oil india limited an indian company, engaged in the exploration and production of crude oil and gas on~ of the subsidiaries of the bunnah oil company limited, namely, the assam oil company limited, a company incorporated in england, is engaged in the production of crude oil and gas, refining of crude oil and marketmg and custribution of petroleum products another of its subsidiaries, the burmah oil company (india trading) limited, a company, incorporated in scotland, was engaged in the marketing of petroleum products up to 1965 and thereafter its marketing activities were transferred to the assam· oil company ami the marketing assets of the burmah oil company (india trading) limited are now being utilised by the assam oil company limited on a rental basis in implementation of the policy for progressiv'ely securing that the ownership and control of the products of the nation's petroleum resources are vested in the state and thereby so distributed as best to subserve the common good, government entered into negotiations with the bunnah oil company limited with a view to acquiring 50% of the shares of oil india limited held by it and the undertakings in india of the assam oil company limited with a view to acquiring 50 per cent of the shares limited after d,t-tailed negotiations, it was agreed, inter alia, that the acquisition of the aforementioned shares and undertakings should be effected by an act of parliament the bill provides for the following matters, namely:-(i) acquisition of all the shares of oil india held by the dunnah oil company limited and of the undertakings in india of the assam oil company and the bunnah oil company (india trading) limited although the physical transfer of the aforementioned sbares and undertakings shall take place on the date to be notified by the government when the amount for the acquisition will also be paid, the transfer shall be deemed to be effective from 1st january, 1977, for the purpose of payment of dividends on the said shares of oil india to the central gcvernment and for the taking over of the profits and losses of the undertakings of the assam oil company limited and the burmah oil company (india trading) limited by the central government " (ii) empowering the central government to direct the vest-" ing of the undertakings in india of the assam oil company limited and the burmah oil company (india trading) umited so acquired in a government company or government companies by notification (iii) transfer of the services of the existing employees of the assam oil company limited and the burmah oil company (india trading) limited to the central ~vernment or the said government company or companies (iv) continuance c'f the contracts entered into by the assam oil company limited and the burmah oil company (india trading) limited for any service, sale or supply in india the bill seeks to achieve the above objects ni'w delhi; the 21st august, 1981 p c sethl  president's recommendation under articles 117 and 2'74 of the constitution of india[copy of letter no js,(p) /7175-vol 18, dated the 22nd augwtt, 1981 £rom shri pe sethi, minister of petroleum, chemicals ancieef~ to the! secretary, lok sa bha] the president, having been informed of the subject matter filf tl1e bill to provide for the acqtlisition of the shares of oil india limited beld -by the burmah oil company 'rimited, and for the apquisition and transfer of the right, title and ,interest of the ass~ oil company ,limited, anci the bunnab oil company (india trading) limited in l'ell\tlojl to their undertakings in india and thereby to secure that the ownership and control of crucie oil and gas produced by oil india limited arv:i of crude oil, (gas and petroleumprociucte produced by the undertakings in india of the assam oil company limited and of the petroleum products marketed and rustributed by the said undertakings and the undertakings in india of the burmah oil company (india trading) limiteo, recommends under articles 117(1) and 274(1) of the constitution of india, the introduction of the bill in lok sabha, and also recommends unner article 117 (3) of the constitution of india, the consideration of the bill by lok sabba  financial memorandumclause 3 of the bill provicles that on the appointed day, all the shares in the capital of oil india limited held by the burmah oil company limited shall stand transferred to, and vested in, the central government these shares shall be freed and discharged of all trusts, liabilities, obligations, mortgages, charges, liens and other encumbrances affecting them any dividend payable by oil india limited in respect of any period beginning from the 1st of january, 1977, shall also be payable to the central government clause 5 of the bill provides that, on the appointed day, the right, title and interest of the assam oil company limited and the burmah oil company (india trading) limited in relation to their undertakings in india shall stand transferred to, and vested in, the central government the profits earned or the losses suffered by each of the aforesaid two companies in! relation to its undertakings in india from the 1st of january, 1977, shall be payable to, or, as the case may be, borne by the central government clause 10(1) of the bill provides that for the transfer to, and vesting in, the central government under section 3 of the shares of oil tndia, and for the transfer to, and vesting in, the central government under section 5, of the right, title and interest of the assam oil company limited and the burmah oil company (india trading) limited in relation to their undertakings in india, there shall be paid by the central government an aggregate amount of rs 2156 crores, free of taxes, to the burmah on company limited sub-clause (2) of clause 10 of the bill provides that if the said amount is not paid on or before the 15th of octo~r, 1981, it will ca'l'ty simple interest at the rate of 8 per cent per annum from that date till the date of payment it is proposed to pay the said amount to the burmah oil company limited, before the 15th of october, 1981 the bill would, therefo'l'e, involve a total non-recurring expenditure of rs 2156 crores, free of taxes 2 the bill, if enacted, wul not involve any other recurring or nonrecurring expenditure  memorandum regarding delegated l1!xlislationclause 22 of the bill seeks to confer on the central government the general rule making power for carrying out the provisions of the bill when enacted the power of making rules would be confined only to matters of detail and procedure !! the delegation of legislative power is, therefore, of a normal character /i bill to provide in the public interest for the a::quisition of the shares of oil india limited held by "the burmah oil company limited" and for the acquisition and transfer of the right, title anrt interest of the assam oil company limited and "the burmah oil· company (india trading) limited" in r~lation to their undertakings in india and thereby to secure that the ownership and control of crude oil anrt gas produced by oil india limited, and of crude oil, gas and petroleum products producen by the undertakings in india of the assam oil company limited and of petroieum products marketed and distributed by the said undertakings anrt the undertakings in india of "the burmah oil company (incua trading) limited" are so distributed as best to subserve the common good (shri p c sethi, minieter of petto~m, chemifcals and fertilizer • ) 