Ministry of Petroleum and Natural Gas
The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993, was enacted to provide for the transfer and vesting of the undertaking of the Oil and Natural Gas Commission (ONGC) to the Oil and Natural Gas Corporation Limited (ONGC Ltd). This act aims to facilitate the transition of ONGC from a statutory commission to a company incorporated under the Companies Act, 1956. While the Act does not specify a particular ministry, it falls under the purview of the Ministry of Petroleum and Natural Gas in India.
Enactment Date, Number of Chapters, Number of Sections:
The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993, was enacted on September 4, 1993. The Act is structured into 12 sections, without specific chapters. These sections cover the short title, definitions, transfer of undertaking, effect of vesting, licenses, tax exemptions, guarantees, provisions for employees, powers of entry, rule-making powers, and repeal and saving provisions.
Act Governed By:
The Act is primarily governed by the provisions outlined within its sections. It establishes the framework for the transfer of the ONGC’s undertaking to ONGC Ltd, the vesting of assets and liabilities, and the continuity of existing contracts and agreements. The Act also outlines the provisions related to licenses, tax exemptions, and guarantees.
On Whom It Is Applicable:
The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993, is applicable to the Oil and Natural Gas Commission (ONGC) and the Oil and Natural Gas Corporation Limited (ONGC Ltd). It also applies to all individuals and entities that had dealings with ONGC before the transfer.
Penalties/Punishments:
The Act does not specify any penalties or punishments for non-compliance. However, it outlines the conditions under which the transfer of the undertaking takes place and the effects of such transfer.
Important Pointers:
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The Act transfers the undertaking of the Oil and Natural Gas Commission (ONGC) to the Oil and Natural Gas Corporation Limited (ONGC Ltd).
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It vests all assets, rights, powers, and liabilities of ONGC in ONGC Ltd.
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Existing contracts, agreements, and guarantees related to ONGC are transferred to ONGC Ltd.
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The Act ensures that existing licenses, leases, concessions, permits, and exemptions granted to ONGC are deemed to have been granted to ONGC Ltd.
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It provides for the continuation of tax exemptions and benefits for ONGC Ltd.
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The Act outlines the provisions for the transfer of employees of ONGC to ONGC Ltd.
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It empowers the Central Government to make rules for carrying out the provisions of the Act.
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The Act repeals the Oil and Natural Gas Commission Act, 1959.
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The Act ensures that the transition from ONGC to ONGC Ltd is smooth and legally sound.
Act Copy: