Section 2 in The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993
In this Act, unless the context otherwise requires,--
(a) "appointed day" means such date as the Central Government may, by notification in the Official Gazette, appoint under section 3;
(b) "Corporation" means the Oil and Natural Gas Corporation Limited, a company registered under the Companies Act, 1956 (1 of 1956);
(c) "Commission" means the Oil and Natural Gas Commission established under sub-section (1) of section 3 of the Oil and Natural Gas Commission Act, 1959 (43 of 1959);
(d) "prescribed" means prescribed by rules made under this Act
Title: Undertaking of Commission to vest in Corporation
On such date1 as the Central Government may, by notification in the Official Gazette, appoint, the undertaking of the Commission shall stand transferred to, and vest in, the Corporation.
1. 1st February, 1994, vide notification No. G.S.R. 44(E), dated 28th January 1994, see Gazette of India, Extraordinary, Part I, sec. 3(i)
Title: General effect of vesting of undertaking in Corporation
(1) On and from the appointed day, the entire capital of the Commission shall, by virtue of this Act, stand vested in the Corporation.
(2) The undertaking of the Commission which is transferred to, and which vests in, the Corporation under section 3 shall be deemed to include all assets, rights, powers, authorities and privileges and all properties, movable and immovable, real and personal, corporeal or incorporeal, in possession or reservation, present or contingent of whatever nature and wheresoever situate including lands, buildings, works, workshops, vehicles, oil rigs, oil platforms, cash balances, deposits, foreign currencies, reserves, reserve funds or any other investments, securities, tenancies, leases and book debts and all other rights and interests arising out of such properties as were immediately before the appointed day in the ownership, possession or power of the Commission in relation to its undertaking, whether within or outside India, all books of account and registers, records and documents relating thereto and shall also be deemed to include all liabilities and obligations of whatever kind, within or outside India, of the Commission in relation to its undertaking subsisting immediately before the appointed day.
(3) All contracts, deeds, bonds, guarantees, powers of attorney, other instruments and working arrangements subsisting immediately before the appointed day and affecting the Commission shall cease to have effect or to be enforceable against the Commission and shall be of as full force and effect against or in favour of the Corporation and enforceable as fully and effectually as if, instead of the Commission the Corporation had been named therein or had been a party thereto.
(4) Any proceeding or cause of action pending or existing immediately before the appointed day by or against the Commission, in relation to its undertaking may, as from the appointed day, be continued and enforced by or against the Corporation as it might have been enforced by or against the Commission, if this Act had not been in force, and shall cease to be enforceable by or against the Commission.
Title: Licences, etc., to be deemed to have been granted to Corporation
With effect from the appointed day, all licences, leases, concessions, permits, quotas, benefits, privileges and exemptions granted to the Commission in connection with the affairs of the Commission under any law for the time being in force, shall be deemed to have been granted to the Corporation.
Title: Tax exemption or benefit to continue to have effect
(1) Where any exemption from, or any assessment with respect to, any tax has been granted or made or any benefit by way of set off or carry forward of any unabsorbed depreciation or investment allowance or other allowance or loss has been extended or is available to the Commission under the Income-tax Act, 1961 (43 of 1961), such exemption, assessment or benefit shall continue to have effect, in relation to the Corporation.
(2) Where any payment made by the Commission is exempt from deduction of the tax at source under any provision of the Income-tax Act, 1961 (43 of 1961), the exemption from tax will continue to be available as if the provisions of the said Act made applicable to the Commission were operative in relation to the Corporation.
(3) The transfer and vesting of the undertaking or any part thereof in terms of section 3 shall not be construed as a transfer within the meaning of the Income-tax Act, 1961 (43 of 1961), for the purpose of capital gains.