Warehousing Corporations (Amendment) Act, 2015

The Warehousing Corporations (Amendment) Act, 2015 received the assent of the President on 13.05.2015. The Act amends the Warehousing Corporations Act, 1962 (referred hereto as the principal Act) by introducing following amendments in the said Act:

  • Puts an end to the responsibility of the Central Government to guarantee the shares of the Central Warehousing Corporation for repayment of the principal and payment of the annual dividend at the time of the issue of shares.
  • Substitutes a new sub-section (4) in Section 27 of the principal Act, which puts responsibility on the appropriate Government to guarantee the bonds and debentures of a State Warehousing Corporation, on the recommendation of the Board of Directors of the State Warehousing Corporation, at the time such bonds and debentures are issued.
  • Omits Section 30(2), 31(8) and 39 of the principal Act, which deals with disposal of profits, accounts and audit of warehousing corporation, provisions relating to income-tax and super-tax.

 

-Ministry of Law & Justice

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