act 034 of 1968 : Procedure and Mechanism for Sale of Enemy Share Order, 2019

Procedure and Mechanism for Sale of Enemy Share Order, 2019

ACTNO. 34 OF 1968

03 September, 2019

In pursuance of sub-section (6) of Section 8-A of the Enemy Property Act, 1968 (34 of 1968), the Central Government hereby makes the following order for the sale of enemy share vested in the Custodian of Enemy Property for India under the said Act, namely

Section 1. Short title and commencement

(1) This order may be called the Procedure and Mechanism for Sale of Enemy Share Order, 2019.

(2) It shall come into force on the date of its publication in the Official Gazette.

Section 2. Constitution of High Level Committee

(1) The Central Government may constitute a Committee consisting of the following to be known as the High Level Committee for the purposes of this Order, namely

(i) Secretary, Ministry of Finance, Department of Investment and Public Assets Management Co-Chair;

(ii) Secretary, Ministry of Home Affairs Co-Chair;

(iii) Secretary or representative, not below the rank of Joint Secretary of the Ministry of Finance, Department of Economic Affairs;

(iv) Secretary or representative, not below the rank of Joint Secretary of the Department of Legal Affairs;

(v) Secretary or representative, not below the rank of Joint Secretary of the Ministry of Corporate Affairs;

(vi) Financial Advisor, Ministry of Home Affairs;

(vii) Financial Advisor, Ministry of Finance, Department of Investment and Public Assets Management;

(viii) Joint Secretary, Ministry of Home Affairs;

(ix) Joint Secretary, Ministry of Finance, Department of Investment and Public Assets Management; and

(x) Custodian of Enemy Property for India.

(2) The High Level Committee may recommend the quantum and price or price band for sale of enemy share or the principles or mechanism or method for sale of enemy share to the High Power Committee constituted under Clause 3:

Provided that before making any recommendation to the High Power Committee, the High Level Committee shall seek from the Custodian of Enemy Property for India to certify that the sale of enemy share is not in contravention of any judgment, decree or order of any court, tribunal or other authority or any law for the time being in force and can be disposed of by the Government.

Section 3. Alternative Mechanism

(1) The Central Government may constitute an Alternative Mechanism to be known as High Power Committee consisting of the following for the purposes of this Order, namely

(i) Home Minister;

(ii) Finance Minister; and

(iii) Minister of Road Transport and Highways.

(2) The High Power Committee shall, on the basis of the recommendation made by the High Level Committee, decide the quantum and price or price band for sale of enemy share or the principles or mechanism or method for sale of such share.

Section 4. Sale of Enemy Share

On the basis of the decisions of the High Power Committee, the Custodian of Enemy Property for India may sale the enemy share under its custody in accordance with the procedure specified in any law for the time being in force.

1. Ministry of Home Affairs, Noti. No. S.O. 885(E), dated February 18, 2019 and published in the Gazette of India, Extra., Part II, Section 3(ii), dated 18th February, 2019, pp. 2-3, No. 762.