Section 3 in The National Rural Employment Guarantee (Extension to Jammu and Kashmir) Act, 2007

Title: Construction of reference to a law not in force in Jammu and Kashmir

Description: Any reference in any Act mentioned in the principal Act to a law which is not in force in the State of Jammu and Kashmir* shall, in relation to that State, be construed as a reference to the corresponding law, if any, in force in that State. *. Vide notification No. S.O. 3912(E), dated 30th October, 2019, this Act is made applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh.

Title: Short title

Description: This Act may be called the Tyre Corporation of India Limited (Disinvestment of Ownership) Act, 2007.

Title: Disinvestment in the company

Description: Where the Central Government, on the recommendations of the Board for Reconstruction of Public Sector Enterprises, is of the opinion that disinvestment is to be made in the Tyre Corporation of India Limited (hereinafter referred to as the company), it may pass an order providing for transfer, exchange or relinquishment of shares in the company to any person on such terms and conditions as may be agreed upon.

Title: Payment of consideration for disinvestment in the company

Description: (1) For the transfer to, and vesting in, any person, the shares of the company, there shall be given to the Central Government by such person or in case such person is a company, by such company, such consideration, having regard to the optimum valuation of land, assets and liabilities of the company in accordance with a valuation method as specified by the Central Government. (2) The manner of payment of consideration for transfer of shares of the company to the transferee shall be such as may be agreed upon between the transferor, the company and the transferee, the person or the company, as the case may be.

Title: Manner of disinvestment

Description: The Central Government may, in its order made under section 2, specify that disinvestment of shares shall be effected by one or more of the following methods as may be specified in such order, namely:-- (a) by making a public offer or preferential allotment or private placement in accordance with such procedure as applicable in case of any other Government company; (b) by directing the company to make further issue of equity capital to the members of the public or preferential allotment or private placement, as the case may be, in accordance with such procedure as applicable in case of the Government company.