Short title and extent
This Act may be called the Oil Industry (Development) Act, 1974. It extends to the whole of India. This Act may be called the Oil Industry (Development) A...
In this Act, unless the context otherwise requires,- "assistance" means assistance rendered under section 6; "Board" means the Oil Industry Development Bo...
Establishment and Constitution of the Board
With effect from such date as the Central Government may, by notification in the Official Gazette, appoint in this behalf, there shall be established for t...
Conditions of Service of Members
Every person appointed as a whole-time member of the Board shall be entitled to such salary and allowances and such conditions of service in respect of leave...
Secretary Officers, Consultants and Employees of the Board
The Central Government shall appoint a Secretary to the Board. Subject to rules made in this behalf, the Secretary shall exercise such powers and perform s...
Functions of the Board
Subject to the provisions of this Act and the rules made there under, the Board shall render, in such manner, to such extent and on such terms and conditio...
Principles and Conditions of Assistance
Before rendering any assistance to any oil industrial concern or other person, the Board shall have regard to such directions as the Central Government may...
Power to call for Repayment before agreed Period
Notwithstanding anything in any agreement to the contrary, the Board may, by notice in writing, require any oil industrial concern or other person to which o...
Special Provisions for Enforcement of claims by the Board
Where an oil industrial concern or other person, in breach of any agreement, makes any default in repayment of any loan or advance or any installment thereof...
Power of Board to appoint Directors of Oil Industrial Concern
When the management of an oil industrial concern is taken over by the Board, the Board may, by order notified in the Official Gazette, appoint as many person...
Effect of notified order appointing Director
On the issue of a notified order under section 10— all persons holding office as Directors of the oil industrial concern or in charge of the management of s...
Powers and Duties of the Directors
Subject to the control of the Board, the Directors appointed under section 10 shall take such steps as may be necessary for the purpose of efficiently mana...
No right to Compensation for loss of Office
Notwithstanding anything contained in any law for the time being in force, no Director or other person in charge of the management of an oil industrial con...
Application of Act 1 of 1956
Where the management of an oil industrial concern, being a company as defined in the Companies Act, 1956, is taken over by the Board, then, notwithstanding...
Duties of Excise
There shall be levied and collected, as a cess for the purposes of this Act, on every item specified in column 2 of the Schedule, which is produced in India ...
Crediting of proceeds of duty to Consolidated Fund of India
The proceeds of the duties of excise levied under section 15 shall first be credited to the Consolidated Fund of India and the Central Government may, if Par...
Grants and loans by the Central Government
The Central Government may also, after due appropriation made by Parliament by law in this behalf, pay to the Board by way of grants or loans such sums of mo...
Oil Industry Development Fund
There shall be formed a Fund to be called the Oil Industry Development Fund and there shall be credited thereto— any sums of money paid under section 16 or...
Subject to such rules as may be made in this behalf, the Board shall have the power to borrow on the security of the Oil Industry Development Fund or any oth...
Accounts and Audit
The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the profit and loss account and ...
Power to require persons engaged in Oil Industry
The Central Government may, by order notified in the Official Gazette, require all persons engaged in oil industry or any class of such persons— to maintain ...
Directions by the Central Government
The Board shall carry out such directions as may be issued to it from time to time by the Central Government for the efficient administration of this Act....
Exemption from liability to pay Income - Tax
Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), the Board shall not be liable to pay any income-tax on its income, profits or ga...
Any person who,-- being required under this Act to produce any books, accounts or records or furnish any information, fails to produce such books, accounts...
Whoever contravenes or attempts to contravene or abets the contravention of any of the provisions of this Act or of any rule made there under (other than the...
Offences by Companies
Where an offence under this Act has been committed by a company, every person who, at the time the offence was committed, was in charge of, and was respons...
Jurisdiction of courts
No court inferior to that of a Metropolitan Magistrate or a magistrate of the first class shall try any offence punishable under this Act....
Previous sanction of Central Government
No prosecution for any offence punishable under this Act shall be instituted except with the previous sanction of the Central Government....
Protection of action taken in good faith
No suit, prosecution or other legal proceeding shall lie against the Central Government or the Board or any committee constituted by the Board or any member ...
Dissolution of the Board
The Central Government may, if satisfied that it is necessary so to do in the public interest, direct by notification in the Official Gazette that the Boar...
Act to have overriding effect
The provisions of this Act shall have effect, notwithstanding anything inconsistent there with contained in any enactment other than this Act....
Power to make rules
The Central Government may, by notification in the Official Gazette, make rules to carry out the purposes of this Act. In particular and without prejudice...