Control of Manufactures Act, 1964
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Restriction of Control of Manufactures Acts, 1932 and 1934. |
1.—(1) The Control of Manufactures Acts, 1932 and 1934, shall not apply in relation to— | |
(a) a company which, during the five years immediately preceding the date of the passing of this Act, carried on continuously in the State in compliance with those Acts, as amended by the Industrial Development (Encouragement of External Investment) Act, 1958 , a manufacturing process, or | ||
(b) a company of which— | ||
(i) the issued shares to an extent exceeding one-half (in nominal value), and | ||
(ii) at least two-thirds (in nominal value) of every class of shares carrying voting rights (whether immediate or to arise in certain future circumstances), | ||
are in the beneficial ownership of a company which, during the five years immediately preceding the date of the passing of this Act, carried on continuously in the State in compliance with those Acts, as amended as aforesaid, a manufacturing process. | ||
(2) In this section— | ||
“company” means a company established either before or after the passing of this Act and either within or without the State; | ||
“manufacturing process” means— | ||
(a) the making, by the use of mechanical power, of a commodity, | ||
(b) the altering, by the use of mechanical power, of a commodity, | ||
(c) the ornamenting, by the use of mechanical power, of a commodity, | ||
(d) the finishing, by the use of mechanical power, of a commodity, or | ||
(e) the adapting for sale, by the use of mechanical power, of a commodity. |