The parel investments and trading private limited and domestic gas private limited (taking over of management) repeal act, 2005
THE PAREL INVESTMENTS AND TRADING PRIVATE LIMITED AND DOMESTIC GAS

PRIVATE LIMITED (TAKING OVER OF MANAGEMENT) REPEAL ACT, 2005

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ARRANGEMENT OF SECTION

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SECTIONS

1. Short Title.
2. Repeal and saving.


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THE PAREL INVESTMENTS AND TRADING PRIVATE LIMITED AND DOMESTIC GAS

PRIVATE LIMITED (TAKING OVER OF MANAGEMENT) REPEAL ACT, 2005

ACT NO. 14 OF 2005

[31st March, 2005.]

An Act to repeal the Parel Investments and Trading Private Limited and Domestic Gas Private

Limited (Taking Over of Management) Act, 1979.

WHEREAS for giving effect to the policy of the State towards securing the principle specified in

clause (b) of article 39 of the Constitution, it was proposed to acquire the undertakings of the Parel
Investments and Trading Private Limited (hereinafter referred to as “PITCL”) as well as Domestic Gas
Private Limited (hereinafter referred to as “DGPL”) and collectively referred to as “the said Companies”
so that the means and resources as to bottling, transporting, marketing and distribution of liquefied
petroleum gas of the said Companies become vested in the State and thereby, are so distributed as best to
sub-serve the common good;

AND WHEREAS pending the acquisition of the undertakings of the said Companies for the purpose of

nationalisation of the business of bottling, transporting, marketing and distribution of liquid petroleum gas
carried on by them, the management of the undertakings of the said Companies was taken over by the
Central Government by the Parel Investments and Trading Private Limited and Domestic Gas Private
Limited (Taking Over of Management) Act, 1979 (29 of 1979), and the Hindustan Petroleum Corporation
Limited was appointed as the Custodian of the said undertakings;

And whereas in terms of a Memorandum of Compromise entered into on the 11th April, 2002 by the

said Companies and its certain shareholders on the one part and the Central Government and the
Custodian on the other part, two separate Deeds of Assignment both dated the 2nd April, 2004 were
executed between PITCL and DGPL respectively through the Custodian as the Assignors and the Central
Government as the Assignee and registered with the Sub- Registrar of Assurances at Mumbai on the 2nd
August, 2004, to assign, transfer and vest in the Central Government, the undertakings and business of the
said Companies together with their assets and properties and more particularly described in
sub- section (2) of section 3 of the said Act and in the manner set out in the said Memorandum of
Compromise, but excluding the assets not to be taken over and to be handed over back to PITCL and
DGPL respectively for the consideration and in the manner set out in the said Deeds;

And whereas in terms of the said Memorandum of Compromise two other separate Deeds of

Assignment both dated the 2nd April, 2004 were executed between the Central Government and the
Hindustan Petroleum Corporation Limited and registered with the Sub- Registrar of Assurances at
Mumbai on the 2nd August, 2004, to assign, transfer and vest in the Hindustan Petroleum Corporation
Limited the undertakings and business of the said Companies together with their assets and properties
excluding the assets not to be taken over and to be handed over back to PITCL and DGPL respectively for
the consideration and in the manner set out in the said Deeds;

AND WHEREAS in pursuance of the execution of the aforesaid Deeds of Assignment and acquisition

of undertakings of the said Companies by the Central Government and thereafter by the Hindustan
Petroleum Corporation Limited, it has become necessary to repeal the said Act and to revest the
management of the said Companies in respect of their business and assets other than those relating to
liquefied petroleum gas through their respective board of directors, as may be appointed in accordance
with the law for the time being in force.

BE it enacted by Parliament in the Fifty-sixth Year of the Republic of India as follows:—

**1. Short title.— This Act may be called the Parel Investments and Trading Private Limited and**

Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005.

**2. Repeal and saving.— (1) The Parel Investments and Trading Private Limited and Domestic Gas**

Private Limited (Taking Over of Management) Act, 1979 (29 of 1979) is hereby repealed.;

(2) On the repeal of the Parel Investments and Trading Private Limited and Domestic Gas Private

Limited (Taking Over of Management) Act, 1979 (29 of 1979) the management of the Parel Investments
and Trading Private Limited and Domestic Gas Private Limited shall be vested and deemed to have been


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vested in the respective board of directors of the said Companies to be appointed after such repeal and
possession of the assets of the said Companies relating to their business other than the business relating to
liquefied petroleum gas and not taken over by the Central Government by the Act so repealed shall be
deemed to have been taken over by, and continued with, the said Companies through their respective
board of directors, as may be appointed in accordance with the law for the time being in force.

(3) Notwithstanding such repeal and without prejudice to the provisions contained in the General

Clauses Act, 1897 (10 of 1897) with respect to repeals, anything done or action taken including any
agreement entered into under any provision of the Parel Investments and Trading Private Limited and
Domestic Gas Private Limited (Taking Over of Management) Act, 1979 (29 of 1979), by the Central
Government or the Custodian appointed by it shall continue to be in force and have effect as if this Act
had not been passed.


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