{"id":4651,"date":"2025-01-10T13:19:12","date_gmt":"2025-01-10T07:49:12","guid":{"rendered":"https:\/\/indianlawsociety.com\/?p=4651"},"modified":"2025-01-12T14:24:22","modified_gmt":"2025-01-12T08:54:22","slug":"the-parel-investments-and-trading-private-limited-and-domestic-gas-private-limited-taking-over-of-management-repeal-act-2005","status":"publish","type":"post","link":"https:\/\/karma.law\/insights\/law-library\/the-parel-investments-and-trading-private-limited-and-domestic-gas-private-limited-taking-over-of-management-repeal-act-2005\/","title":{"rendered":"The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005"},"content":{"rendered":"\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button cs-button-animated\" href=\"https:\/\/www.indiacode.nic.in\/handle\/123456789\/18939?view_type=browse\" target=\"_blank\" rel=\"noreferrer noopener\"><span><span>Download Act<\/span><span>Download Act<\/span><\/span><\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>Ministry of Petroleum and Natural Gas<\/p><\/blockquote><\/figure>\n\n\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><span class=\"ng-star-inserted\">The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005, was enacted to repeal the Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979. This act aims to reverse the takeover of management of these companies by the Central Government, following a settlement. The Act does not specify a particular ministry; however, it falls under the purview of the Ministry of Petroleum and Natural Gas in India, as it deals with matters related to the oil and gas sector.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Enactment Date, Number of Chapters, Number of Sections:<\/span><\/strong><br class=\"ng-star-inserted\" \/><span class=\"ng-star-inserted\">The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005, was enacted on March 31, 2005. The Act is structured into 2 sections, without specific chapters. These sections cover the short title and the repeal and saving provisions.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Act Governed By:<\/span><\/strong><br class=\"ng-star-inserted\" \/><span class=\"ng-star-inserted\">The Act is primarily governed by the provisions outlined within its sections. It repeals the 1979 Act, revests the management of the companies in their respective boards of directors, and provides for the continuation of actions taken under the repealed Act.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">On Whom It Is Applicable:<\/span><\/strong><br class=\"ng-star-inserted\" \/><span class=\"ng-star-inserted\">The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005, is applicable to the Parel Investments and Trading Private Limited (PITCL) and Domestic Gas Private Limited (DGPL), their respective boards of directors, and the Central Government.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Penalties\/Punishments:<\/span><\/strong><br class=\"ng-star-inserted\" \/><span class=\"ng-star-inserted\">The Act does not specify any penalties or punishments for non-compliance. However, it outlines the conditions under which the management of the companies is revested in their boards of directors.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Important Pointers:<\/span><\/strong><\/p>\n<ul class=\"ng-star-inserted\" style=\"text-align: justify;\">\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The Act repeals the Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">It revests the management of PITCL and DGPL in their respective boards of directors.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The Act ensures that the transfer of management is done in accordance with the law.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">It provides for the continuation of actions taken under the repealed Act.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The Act aims to restore the autonomy of the companies after the takeover of management.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The Act emphasizes the importance of adhering to the settlement agreements.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The Act has been enacted to reverse the takeover of management of the companies.<\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Act Copy:<\/span><\/strong><\/p>\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/karma.law\/insights\/wp-content\/uploads\/2025\/01\/The-Parel-Investments-and-Trading-Private-Limited-and-Domestic-Gas-Private-Limited-Taking-Over-of-Management-Repeal-Act-2005.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005.\"><\/object><a id=\"wp-block-file--media-0840a228-162f-49cb-8605-ec4ad5343e7e\" href=\"https:\/\/karma.law\/insights\/wp-content\/uploads\/2025\/01\/The-Parel-Investments-and-Trading-Private-Limited-and-Domestic-Gas-Private-Limited-Taking-Over-of-Management-Repeal-Act-2005.pdf\">The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Repeal 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companies.","protected":false},"author":1,"featured_media":5777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[25,957],"tags":[1282,1800,1278,532,1801,1802,1803],"class_list":{"0":"post-4651","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-law-library","8":"category-ministry-of-petroleum-and-natural-gas","9":"tag-central-government","10":"tag-domestic-gas-private-limited-act","11":"tag-government-acts","12":"tag-indian-law","13":"tag-parel-investments-and-trading-private-limited-act","14":"tag-repeal-act","15":"tag-taking-over-of-management","16":"cs-entry","17":"cs-video-wrap"},"yoast_head":"<!-- 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