The British India Corporation Limited (Acquisition of Shares) Act, 1981

The British India Corporation Limited (Acquisition of Shares) Act, 1981 was enacted with the objective of empowering the Central Government to acquire the shares of the British India Corporation Limited in public interest. The Act was passed after it was observed that the British India Corporation Limited was mismanaging its affairs and was not functioning in the interest of the public. The Act enabled the Central Government to acquire the shares of the British India Corporation Limited through a compulsory purchase scheme. The compensation for the acquisition was to be determined by the Central Government and was to be paid to the shareholders in accordance with the provisions of the Act. The Act is applicable across India and is aimed at ensuring that the interests of the public are safeguarded in cases where companies are not functioning in the interest of the public.