The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980

THE FIRST SCHEDULE

[See sections 4(4), 7, 8(3) and 16(1)(a)]

Sl. No Name of the Company  Amount (Rupees in

lakhs )

1. Hind Cycles Limited 241.47

2. Sen-Raleigh Limited 708.00

3. Sen and Pandit Industries Limited 23.96

4. Ancillary Industries (Lugs) Private Limited 1.31

5. Ancillary Industries (Forgings) Private Limited 1.44

6. Ancillary Industries (Cranks) Private Limited 2.33

7. Naokhali Machine Tools Limited 2.87

THE SECOND SCHEDULE

[See sections 8(1) ]

Sl. No Name of the Company Rate per annum

(Rupees)

1. Hind Cycles Limited 8,000

2. Sen-Raleigh Limited 8,000

3. Sen and Pandit Industries Limited 500

4. Ancillary Industries (Lugs) Private Limited 500

5. Ancillary Industries (Forgings) Private Limited 500

6. Ancillary Industries (Cranks) Private Limited 500

THE THIRD SCHEDULE

[See sections 18, 20 (1), 21(1) and 23 (1)]

ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE TWO COMPANIES

Post-take-over management period

Category I—

(a) Wages, salaries and other dues payable to the employees of the companies.

(b) Deductions made from the salaries and wages of the employees for provident fund, the

Employees‟ State Insurance Fund, premium relating to the Life Insurance Corporation of India or for

any other purpose.

Category II—

Principal amount of loans advanced by—

(i) the Central Government;

(ii) a State Government;

(iii) Banks and financial institutions:

(iv) any other sources.

Category III—

(a) Arrears in relation to contributions to be made by the companies to provident fund, the

Employees‟ State Insurance Fund or under any other law for the time being in force providing for

such contributions.

(b) Any credits availed of by the companies for the purpose of carrying on any trading or

manufacturing operations, other than those specified in sub-section (2) of section 5.

(c) Any dues of State Electricity Boards or other Government or semi-Government institutions

against supply of goods or services, other than those specified in sub-section (2) of section 5.

(d) Arrears of interest on loans and advances .

Category IV—

(a) Revenue, taxes, cesses, rates or other dues to Central Government, a State Government or any

local authority.

(b) Any other dues.

Pre-take-over management period

Category V—

(a) Wages, salaries and other dues payable to the employees of the companies.

(b) Deductions made from the salaries and wages of the employees for provident fund, the

Employees‟ State Insurance Fund, premium relating to the Life Insurance Corporation of India or for

any other purpose.

Category VI—

(a) Principal amount of secured loans advanced by—

(i) the Central Government;

(ii) a State Government;

(iii) Banks and financial institutions.

(b) Arrears in relation to contributions to be made by the companies to provident fund, the

Employees‟ State Insurance Fund or under any other law for the time being in force providing for

such contributions.

Category VII—

Principal amount of unsecured loans advanced by—

(i) the Central Government;

(ii) a State Government;

(iii) Banks and financial institutions.

Category VIII—

(a) Any credits availed of by the companies for the purpose of carrying on any trading or

manufacturing operations.

(b) Any dues of State Electricity Boards or other Government and semi-Government institutions

against supply of goods or services.

(c) Arrears of interest on loans and advances.

(d) Revenue, taxes, cesses, rates or other dues to the Central Government, a State Government or

any local authority.

(e) Any other loans or dues