The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978

The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978 is an Indian law that was enacted to restructure the public sector steel companies in India, with the aim of increasing their efficiency and productivity. The Act empowered the government to take over the management of any such company and to reconstitute its board of directors, in order to streamline its operations and make it more profitable. The Act also provided for the disinvestment of the government's stake in such companies, and for the transfer of their assets and liabilities to a new company, which would be formed for this purpose. The Act further laid down the rules for the appointment of directors, the powers of the board, the functions of the company, and the terms and conditions of service of the employees. The Act has played a key role in the development of the Indian steel industry, and has helped to make it more competitive and globally integrated.