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Textile Undertakings (Nationalisation) Act,1995 Section 7

Title: Shares to Be Issued to the National Textile Corporation for the Value of the Assets Transferred to It by the Central Government

State: Central

Year: 1995

.....and for the contribution so made, the National Textile Corporation shall issue (if necessary after amending its memorandum and articles of association) to the Central Government paid-up shares, in its equity capital, having a face value equal to the amount specified against the textile undertaking in the corresponding entry in column (4) of the First Schedule. (2) Where any liability assumed by the Central Government under this Act, is taken over by the National Textile Corporation under section 27 the Central Gpvernment shall surrender to that Corporation the shares issued to it under sub-section (1) having the face value equal to the amount to the extent to which the liability has been so taken over by the National Textile Corporation and thereupon the share capital of the National Textile Corporation shall, to the extent of the face value of the shares so surrendered, stand reduced.

Finance Act, 1995 Complete Act

State: Central

Year: 1995

.....by virtue of holding a capital asset, being a share or any other security within the meaning of clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (hereinafter in this clause referred to as the financial asset), the assessee" (A) becomes entitled to subscribe to any additional financial asset; or (B) is allotted any additional financial asset without any payment. then, subject to the provisions of sub-clauses (i) and (ii) of clause (b)"; (ii) after sub-clause (iii), the following sub-clause shall be inserted, namely :" '(iiia) in relation to the financial asset allotted to the assessee without any payment and on the basis of holding of any other financial asset, shall be taken to be nil in the case of such assessee"; SECTION 15: INSERTION OF NEW SECTION 80DDA After section 80DD of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1996, namely :" '80DDA. Deduction in respect of deposit made for maintenance of handicapped dependant." (1) In computing the total income of an assessee who is resident in India, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and.....

Finance Act, 1995 Section 46

Title: Amendment of Section 269uc

State: Central

Year: 1995

In section 269UC of the Income-tax Act, with effect from the 1st day of July, 1995, - (i) in sub-section (1), for the words "no transfer of any immovable property of such value exceeding five lakh rupees as may be prescribed", the words "no transfer of any immovable property in such area and of such value exceeding five lakh rupees, as may be prescribed", shall be substituted; (ii) after sub-section (3), the following sub-section shall be inserted, namely :- "(4) Where it is found that the statement referred to in sub-section (2) is defective, the appropriate authority may intimate the defect to the parties concerned and give them an opportunity to rectify the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the appropriate authority may, in its discretion, allow and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Chapter, the statement shall be deemed never to have been furnished.".

Wakf Act, 1995 Chapter 4

Title: Establishment of Board and their Functions

State: Central

Year: 1995

.....or any member thereof if he (a) is or becomes subject to any disqualifications specified in section 16; or (b) refuses to act or is incapable of acting or acts in a manner which the State Government, after hearing any explanation that he may offer, considers to be prejudicial to the interests of the wakfs; or (c) fails in the opinion of the Board, to attend three consecutive meetings of the Board, without sufficient excuse. (2) Where the Chairperson of the Board is removed under sub-section (1), he shall also cease to be a member of the Board. Section 21 - Pilling of a vacancy When the seat of a member becomes vacant by his removal, resignation, death or otherwise, a new member shall be appointed in his place and such member shall hold office so long as the member whose place he fills would have been entitled to hold office, if such vacancy had not occurred. Section 22 - Vacancies etc., not to invalidate proceedings of the Board No act or proceeding of the Board shall be invalid by reason only of the existence of any vacancy amongst its members or any defect in the constitution thereof. Section 23 - Appointment of Chief Executive Officer and his term of office.....

Wakf Act, 1995 Section 35

Title: Conditional Attachment by Tribunal

State: Central

Year: 1995

(1) Where the Chief Executive Officer is satisfied that the mutawalli or any other person who has been ordered under sub-section (3) or sub-section (5) of section 33 to make any payment, with intent to defeat or delay the execution of the said order, (a) is about to dispose of the whole or any part of the property; or (b) is about to remove the whole or any part of his property from the jurisdiction of the Chief Executive Officer, he may, with the prior approval of the Board, apply to the Tribunal for the conditional attachment of the said property or such part thereof, as he may think necessary. (2) The Chief Executive Officer shall, unless the Tribunal otherwise directs, specify in the application the property required to be attached and the estimated value thereof. (3) The Tribunal may direct the mutawalli or the person concerned, as the case may be, within a time to be fixed by it, either to furnish security, in such sum as may be specified in the order, to produce and place at the disposal of the Tribunal when required, the said property or the value of the same or such portion thereof as may be sufficient to satisfy the amount specified in the certificate.....

Textile Undertakings (Nationalisation) Act,1995 Chapter 2

Title: Acquisition and Transfer of the Textile Undertakings

State: Central

Year: 1995

.....and all other documents of whatever nature relating thereto and shall also be deemed to include the liabilities and obligations specified in sub-section (2) of section 5. (2) All property as aforesaid which have vested in the Central Government under sub-section (1) of section 3 shall, by force of such vesting be freed and discharged from any trust, obligation mortgage, charge, lien and all other incumbrances affecting it, and any attachment, injunction or decree or order of any Court or other authority restricting the use of such property in any manner shall be deemed to have been withdrawn. (3) Where any licence or other instrument in relation to a textile undertaking had been granted at any time before the appointed day to the owner by the Central Government or a State Government or any other authority, the National Textile Corporation shall on and from such date, be deemed to be substituted in such licence or other instrument in place of the owner referred to therein as if such licence or such other instrument had been granted to it and shall hold such licence or the textile undertaking specified in such other instrument for the remainder of the period for which the.....

Textile Undertakings (Nationalisation) Act, 1995 Complete Act

State: Central

Year: 1995

.....by the subsidiary textile corporation as and when any such liability is required to be discharged, (4) Save as otherwise expressly provided in this Act, references in this act to the National Textile Corporation shall, in respect of any textile undertaking or any part thereof which is transferred to a subsidiary textile corporation, be construed as references to the subsidiary textile corporation. SECTION 07: SHARES TO BE ISSUED BY THE NATIONAL TEXTILE CORPORATION FOR THE VALUE OF THE ASSETS TRANSFERRED TO IT BY THE CENTRAL GOVERNMENT (1) An amount equal to the value of the assets of a textile undertaking transferred to, and vested in, the National Textile Corporation under sub-section (2) of Section 3-, shall be deemed to be contribution made by the Central Government to the equity capital of the National Textile Corporation; and for the contribution so made, the National Textile Corporation shall issue (if necessary after amending its memorandum and articles of association) to the Central Government paid-up shares , in its equity capital, having a face value equal to the amount specified against the textile undertaking in the corresponding entry in column (4) of the First.....

Wakf Act, 1995 Complete Act

State: Central

Year: 1995

.....to the commencement of that provision in such State or area. SECTION 02: APPLICATION OF THE ACT Save as otherwise expressly provided under this Act, this Act shall apply to all wakfs whether created before or after the commencement of this Act : Provided that nothing in this Act shall apply to Dargah Khawaja Saheb, Ajmer to whichthe Dargah Khawaja Saheb Act, 1955 (?? of 1955)applies. SECTION 03: DEFINITIONS In this Act, unless the context otherwise requires- (a) "beneficiary" means a person or object for whose benefit a wakf is created and includes religious, pious and charitable objects and any other objects of public utility sanctioned by the Muslim law; (b) "benefit" does not include any benefit which a mutawalli is entitled to claim solely by reason of his being such mutawalli; (c) "Board" means a Board of Wakf established under sub-section (1), or as the case may be, under sub-section (2) of section 13-and shall include a common Wakf Board established under section 106-; (d) "Chief Executive Officer" means the Chief Executive Officer appointed under sub-section (1) of section 23-; (e) "Council" means the Central Wakf Council established under section 9-; (f).....

Textile Undertakings (Nationalisation) Act,1995 Section 25

Title: Disbursement of Amounts to the Owners

State: Central

Year: 1995

.....and in the event of there being a doubt or dispute as to the right of the person to receive the whole or any part of the amount referred to in sections 8 and 9 the Commissioner shall refer the matter to the Court and make the disbursement in accordance with the decision of that Court. (3) For the removal of doubts, it is hereby declared that the entries in cloumn (3) of the First Schedule shall not be deemed to be conclusive as to the right, title and interest of any person in relation to any textile undertaking specified in the corresponding entries in column (2) of the said Schedule and evidence shall be admissible to establish the right, title and interest of any person in relation to such textile undertaking. (4) Where any machinery, equipment or other property in a textile undertaking has vested in the National Textile Corporation, but such machinery, equipment or other property does not belong to the owner of such textile undertaking, the amount specified in column (4) of the First Schedule against such textile undertaking shall, on a reference made to it by the Commissioner, be appointed by the Court between the owner of such textile undertaking and the owner of.....

Wakf Act, 1995 Section 72

Title: Annual Contribution Payable to Board

State: Central

Year: 1995

.....of the Chief Executive Officer is incorrect or false in any material particular, or which does not comply with the provisions of this Act or any rule or order made thereunder, the Chief Executive Officer may assess the net annual income of the wakf to the best of his judgment or revise the net annual income as shown in the return submitted by the mutawalli and the net annual income as so assessed or revised shall be deemed to be the net annual income of the wakf for the purposes of this section: Provided that no assessment of the net annual income or revision of return submitted by mutawalli shall be made except after giving a notice to the mutawalli calling upon him to show cause, within the time specified in the notice, as to why such assessment or revision of the return shall not be made and every such assessment or revision shall be made after considering the reply if any, given by the mutawalli. (7) Any mutawalli who is aggrieved by the assessment or revision made by the Chief Executive Officer under sub-section (6) may prefer an appeal to the Board within thirty days from the date of the receipt of the assessment or revision of return and the Board may, after giving.....