பாராளுமன்றச் சட்டம் · இயற்றப்பட்டவாறு
Revival of Underperforming Enterprises or Underutilized Assets Act 2011
அதிகாரப்பூர்வ ஆங்கில மொழிபெயர்ப்பு. சிங்கள உரை மேலோங்கும். அதிகாரப்பூர்வ Sinhala உரையைத் திறக்கவும், documents.gov.lk-இல் அதிகாரப்பூர்வ PDF
அதிகாரப்பூர்வ மொழிபெயர்ப்புDepartment of Government Printing-இலிருந்து, மாற்றமின்றி
s 1Short Title
This Act may be cited as the Revival of
Underperforming Enterprises or Underutilized Assets Act,
No. 43 of 2011.
Revival of Underperforming Enterprises or
With effect from the date of the coming into operation of this Act, where the Underperforming Enterprise or Underutilized Assets specified in Schedule I or
Schedule II to this Act, are having an adverse impact on the national economy and thereby on the public interest, the shares of such Underperforming Enterprise and the
Underutilized Assets shall with effect from the date of coming into operation of this Act, stand vested in the
Secretary to the Treasury for and on behalf of the State.
It shall be the duty of the Competent Authority appointed under section 3 to control, administer and manage or otherwise ensure the revival in keeping with the policy of the Government, through alternate methods of utilization, such as restructuring or entering into management contracts with regard to such Underperforming Enterprise and
Uunderutilized Assets vested with the Secretary to the
Treasury in terms of subsection (1).
No person who was a Director of the Board of
Directors of an Underperforming Enterprise which is vested in the Secretary to the Treasury in terms of subsection (1), shall exercise, perform or discharge any power, duty or function with respect to such Enterprise unless expressly authorized to do so in writing by the
Competent Authority.
The Cabinet of Ministers shall appoint in respect of the Underperforming Enterprise or each one or more of the Underutilized Assets as the case may be, vested in the
Secretary to the Treasury by subsection (1) of section 2, a person by name or by office, to be the Competent Authority who shall control, administer and manage or ensure the revival of such Enterprise or Assets as the case may be, through alternate utilization,.
A Competent Authority appointed under subsection (1) to control, administer and manage:—
the Underperforming Enterprise specified in
Schedule I, shall take possession of all movable and immovable property of such Enterprise
(including any building belonging to or standing on land belonging to, such Enterprise, together with fixtures or fittings thereto belonging and appurtenant therewith, or treated as part and parcel thereof) and shall cause an inventory to be prepared of property wherever it is so possible, in the presence of the person, who on the day prior to the date of the vesting of such Enterprise in the
Secretary to the Treasury by subsection (1) of section 2, was the Chairman of the Board of
Directors of such Enterprise or an agent duly authorized by such Chairman;
any one or more Underutilized Assets specified in Schedule II, shall take possession of such Asset
(including any building and any fixtures or fittings which are part of such building and any building belonging to and appurtenant thereto, or treated as part and parcel thereof) and shall cause an inventory to be prepared appropriately wherever it is so possible in the presence of the person, who on the day prior to the date of the vesting of such Assets in the Secretary to the Treasury, was the owner or an agent duly authorized by such owner.
A Competent Authority shall, in the exercise, performance and discharge of his powers, duties and functions, be subject to such general and special directions of the Cabinet of Ministers as may be issued in writing from time to time, having regard to the interest of any workers and the effective management and administration of the enterprise or asset concerned in respect of which such
Competent Authority is appointed.
Subject to the provisions of subsection (3), a
Competent Authority, appointed to control, manage and administer the affairs of an Underperforming
Revival of Underperforming Enterprises or
Enterprise or an Underutilized Assets, shall wherever appropriate:—
exercise, perform and discharge, all the powers, duties and functions conferred or imposed on, or assigned to, the Board of Directors or any other body which was entrusted with the management of such Enterprise as on the date of vesting of the enterprise in terms of subsection (1) of section 2;
continue with or recommence any business activities of such Enterprise or Asset where deemed appropriate;
restructure such Enterprise or Asset so as to enhance its commercial viability;
make available to such Enterprise or Asset, the resources necessary to perform the duties referred to in paragraph (b) and (c);
ensure the maintenance of a proper accounting system in respect of the financial matters of such
Enterprise or Asset;
secure the due payment of wages to the workers of such Enterprise or Asset and due compliance by such Enterprise or Asset of all its statutory dues in relation to such workers;
meet all costs and expenses incurred in the management and administration of the affairs of such Enterprise or Asset;
take such other steps as may be necessary to ensure in the national interest the revival of such Enterprise or Asset through alternate utilization;
do such other acts as are necessary or incidental to the performance of the duties referred to above.
The shares held by all share holders of the
Underperforming Enterprise which has vested in the
Secretary to the Treasury under subsection (1) of section 2
shall, with effect from the date of such vesting, other than where such shares are being held by the Secretary to the
Treasury, vest in the Secretary to the Treasury for and on behalf of the State.
The shareholder or shareholders or the owner or owners, as the case may be, of any Underperforming
Enterprise or Underutilized Assets as the case may be, shall—
where the shares of any Underperforming Enterprise, held by such shareholders or owners of such enterprise as on the date of the coming into operation of this Act, have vested with the Secretary to the
Treasury under subsection (1) of section 2; and
where such Underutilized Assets has, as on the date of the coming into operation of this Act, vested in the Secretary to the Treasury under subsection (1)
of section 2, be entitled to receive prompt, adequate and effective compensation in terms of the succeeding provisions of this
Act.
The compensation payable shall,—
in relation to an Underperforming Enterprise reflect the value of the shares held by each shareholder in such Enterprise; and
in relation to an Underutilized Asset, reflect the value of such Asset based on the ownership by one or more owners.
Revival of Underperforming Enterprises or
The Cabinet of Ministers shall appoint, for the purposes of this Act, a tribunal, to be called the
Compensation Tribunal comprising the Chief Valuer and two other persons who are persons having wide experience and who have shown capacity, in commercial valuation.
All claims for the payment of compensation under subsection (2) of section 4 shall be made to the
Compensation Tribunal appointed under subsection (1)
within a period of two years from the date of vesting.
The Compensation Tribunal shall on receipt of claim for the payment of compensation and after such inquiry as it deems necessary, make its award on such claim within a period of twelve months from the date on which the claim was received by it.
Any person who is aggrieved by an award made by the Compensation Tribunal may appeal against such award to the Court of Appeal within fourteen days from the date on which the award was communicated to such person, with the leave of the Court of Appeal first had and obtained. The provisions of the Civil Procedure Code relating to appeals to the Court of Appeal from an order of a District Court shall, mutatis mutandis, apply to the making and hearing of appeals under this section.
All sums awarded as compensation under this Act shall be charged to a separate account opened and operated by the Government, for such purpose only with a licensed commercial bank operating in Sri Lanka, into which account the Government shall make arrangements to hold in escrow, sufficient funds to be able to meet any claim for compensation received by it in terms of this section.
s 7Offences
Any person who with regard to any Underperforming
Enterprise or Underutilized Assets vested in the Secretary to the Treasury subsection (1) of under section 2:—
refuses or fails to deliver to the Competent
Authority possession of any property movable or immovable including any building, plant, machinery or any fittings or fixtures appurtenant thereto and stock in trade of any such Enterprise or
Assets;
wilfully or negligently destroys, damages or disables, or causes to be destroyed or damaged or disabled, or wilfully conceals or puts away, or causes to be concealed or put away any property of, any such Enterprise or Assets ;or
prevents or obstructs, or directly or indirectly causes any other person to prevent or obstruct, the Competent Authority in taking over the management of, or taking possession or control of, any building or property, of any such
Enterprise or Assets, shall be guilty of an offence under this Act and shall on conviction after summary trial before a Magistrate be liable to imprisonment of either description for a period not exceeding ten years or to a fine not exceeding ten thousand rupees or to both such fine and imprisonment.
s 8Sinhala text to prevail in case of inconsistency
In the event of any inconsistency between the
Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.
s 9Interpretation
In this Act—
“Competent Authority” means a Competent
Authority appointed under section 3;
“person” includes an individual or any body of persons corporate or unincorporated;
“Underutilized Asset” means—
land that was owned by the Government or a
Government Agency and alienated within a period of twenty years prior to the date of the
Revival of Underperforming Enterprises or coming into operation of this Act to any person, by transferring freehold or leasehold rights or through a divestiture on the basis that the related operations proposed to be carried out on such land will result in generating employment, foreign exchange earnings or savings or economic activities, beneficial to the public, but where such benefits as aforesaid have not accrued, being prejudicial to the national economy and public interest ;
land owned by a person that had been granted within a period of twenty years prior to the date of the coming into operation of this Act, either, any tax incentives under any law relating to the imposition and recovery of any tax, incentives under the Board of
Investment of Sri Lanka Law, No. 4 of1978
or regulations framed there under, or any
Government Guarantees, on the basis that the related operations proposed to be carried out by such person will result in generating employment, foreign exchange earnings or savings or economic activities, beneficial to the public, but where such benefits as aforesaid have not accrued, being prejudicial to the national economy and public interest;
“Underperforming Enterprise” means a company or other authority, institution or body established by or under any written law for the time being in force, in which the Government owns shares and where the Government has paid contingent liabilities of such enterprise and the Government is engaged in protracted litigation with regard to such Enterprise, which is prejudicial to the national economy and public interest.