https://www.taxtmi.com/caselaws?id=103942 A State law that is in pith and substance a measure for acquisition of a company's shares is not invalid merely because management or control of the industrial undertaking passes as a consequential incident. Section 20 of the Industries (Development and Regulation) Act, 1951 prohibits a direct takeover of management or control of an industrial undertaking, but does not bar legislation within the State's field for acquisition of property. The analysis also notes that the Constitution Bench ruling in Ishwari Khetan continued to govern the issue and did not require reconsideration on the additional arguments advanced. The legislation was therefore treated as within legislative competence and not contrary to section 20. en-us Tue, 14 Oct 1997 00:00:00 +0530 Thu, 23 Mar 2017 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103942 A State law that is in pith and substance a measure for acquisition of a company's shares is not invalid merely because management or control of the industrial undertaking passes as a consequential incident. Section 20 of the Industries (Development and Regulation) Act, 1951 prohibits a direct takeover of management or control of an industrial undertaking, but does not bar legislation within the State's field for acquisition of property. The analysis also notes that the Constitution Bench ruling in Ishwari Khetan continued to govern the issue and did not require reconsideration on the additional arguments advanced. The legislation was therefore treated as within legislative competence and not contrary to section 20. Case-Laws Companies Law Tue, 14 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103942