Title : Sick Textile Undertakings (Nationalisation) Act, 1974
State : Central
Year : 1974
THE SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974 [Act, No. 57 of 1974] [21st December, 1974] PREAMBLE An Act to provide for the acquisition and transfer of the sick textile undertakings, and the right, title and interest of the owners in respect of the sick textile undertakings, specified in the First Schedule with a view to re-organising and rehabilitating such sick textile undertakings so as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of different verieties of cloth and yarn, and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Twenty-fifth Year of the Republic of India as follows: View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 1974
This Act may be called THE SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974. (2) The provisions of Sections 32 and 33 shall come into force at once and the remaining provisions of this Act shall be deemed to have come into force on the 1 st day of April, 1974. View Complete Act List Judgments citing this sectionTitle : National Textile Corporation to Form Subsidiary Corporations
State : Central
Year : 1974
(1) The National Textile Corporation may, if it considers it necessary so to do, form subsidiary corporations under the Companies Act, 1956, and register them under that Act. (2) The National Textile Corporation may, by order in writing, transfer any sick textile undertaking or part thereof to a Subsidiary Textile Corporation and any such transfer shall be subject to such terms and conditions as may be specified in the said order. (3) The Subsidiary Textile Corporation shall, on and from the date of such transfer, be deemed to be substituted in the licence or other instrument referred to in sub-section (3) of section 4 in place of the National Textile Corporation as if such licence or other instrument had been granted to the Subsidiary Textile Corporation, and shall hold such..... View Complete Act List Judgments citing this sectionTitle : Management, Etc., of Sick Textile Undertakings
State : Central
Year : 1974
The National Textile Corporation or any person which that Corporation may, by order in writing, specify shall be entitled to exercise the powers of general superintendence, direction, control and management of the affairs and business of a sick textile undertaking, the right, title and interest of an owner in relation to which have vested in that Corporation under sub-section (2) of section 3, and do all such things as the owner of the sick textile undertaking is authorised to exercise and do. View Complete Act List Judgments citing this sectionTitle : Duty of Persons in Charge of Management of Sick Textile Undertakings to Deliver All Assets, Etc.
State : Central
Year : 1974
On the vesting of the management of a sick textile undertaking in the National Textile Corporation all persons in charge of the management of such sick textile undertaking immediately before such vesting shall be bound to deliver to the National Textile Corporation all assets, books of account, registers or other documents in their custody relating to the sick textile undertaking. View Complete Act List Judgments citing this sectionTitle : Accounts
State : Central
Year : 1974
The National Textile Corporation shall maintain the accounts of sick undertakings in accordance with the provisions of the Companies Act, 1956. View Complete Act List Judgments citing this sectionTitle : Provident and Other Funds
State : Central
Year : 1974
(1) Where the owner of a sick textile undertaking has established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in such sick textile undertaking the monies relatable to the employees, whose services have become transferred by or under this Act to the National Textile Corporation shall, out of the monies standing on the appointed day, to the credit of such provident fund superannuation, welfare or other fund, stand transferred to, and shall vest in, the National Textile Corporation, (2) The monies which stand transferred, under sub-section (1), to the National Textile Corporation shall be dealt with by that Corporation in such manner as may be prescribed. View Complete Act List Judgments citing this sectionTitle : Transfer of Employees to a Subsidiary Textile Corporation
State : Central
Year : 1974
Where any sick textile undertaking or any part thereof is transferred under this Act to a Subsidiary Textile Corporation, every person referred to in sub-section (1) and sub-section (2) of section 14 shall, on and from the date of such transfer, become an employee of the Subsidiary Textile Corporation and the provisions of sections 14 and 15 shall apply to such employee as they apply to an employee of the National Textile Corporation as if reference in the said sections to the National Textile Corporation were references to the Subsidiary Textile Corporation. View Complete Act List Judgments citing this sectionTitle : Certain Powers of the National Textile Corporation
State : Central
Year : 1974
(1) The National Textile Corporation shall be entitled to receive up to me specified date, to the exclusion of all other persons any money due to the sick textile undertaking realised after the appointed day, notwithstanding that the realisations pertain to a period prior to the appointed day. (2) The National Textile Corporation may make a claim to the Commissioner with regard to every payment made by the Custodian after the appointed day but before the date on which the Ordinance was promulgated for discharging any liability of the owner of a sick textile undertaking in relation to any period prior to the appointed day, and every such claim shall have priority, in accordance with the priorities attaching under this Act, to the matter in relation to which such liability has been..... View Complete Act List Judgments citing this sectionTitle : Claims to Be Made to the Commissioner
State : Central
Year : 1974
Every person having a claim against the owner of a sick textile undertaking shall prefer such claim before the Commissioner within thirty days from the specified date : Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of thirty days he may entertain the claim within a further period of thirty days but not thereafter. View Complete Act List Judgments citing this section