The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993

The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993 was enacted to transfer the control and management of the Oil and Natural Gas Commission (ONGC) from the Indian Government to a corporation. The Act repealed the Oil and Natural Gas Commission Act, 1959, which had established the ONGC as a statutory body. The transfer of ONGC's management and control to a corporation aimed to make the company more efficient and commercially viable. The Act provided for the formation of the Oil and Natural Gas Corporation (ONGC) and the vesting of the properties, rights, liabilities, obligations, and assets of ONGC in the newly-formed corporation. The Act also provided for the transfer of employees of ONGC to the new corporation. The transfer was done on a going-concern basis, which means that all the contracts, agreements, licenses, and approvals entered into by ONGC would continue to be in force even after the transfer. The Act also provided for the payment of compensation to the employees affected by the transfer.