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Start Free TrialSick Textile Undertakings( Nationalisation) Act, 1974 Complete Act
Title: Sick Textile Undertakings( Nationalisation) Act, 1974
State: Central
Year: 1974
.....- Assumption of liability Section28 - Management to continue to vest in the Custodian until alternative arrangements are made Section29 - Act to override all other enactments Section30 - Contracts to cease to have effect unless ratified by National Textile Corporation Section31 - Transferor assets, etc., to be void in certain cases Section32 - Penalties Section33 - Offences by companies Section34 - Protection of action taken in good faith Section35 - Textile companies not to be wound up by the Court Section36 - Delegation of powers Section37 - Power to make rules Section38 - Power to remove difficulties Section39 - Declaration as to the policy of the State Section40 - Repeal and savings ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE
List Judgments citing this sectionTea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Complete Act
Title: Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985
State: Central
Year: 1985
.....the general revenue account Chapter VII Section23 - Act to have overriding effect Section24 - Assumption of liability Section25 - Management to continue to vest in certain persons until alternative arrangements have been made Section26 - Contracts to cease to have effect unless ratified by the Tea Trading Corporation Section27 - Penalties Section28 - Offences by companies Section29 - Protection of action taken in good faith Section30 - Tea companies not to be wound up by the court Section31 - Delegation of powers Section32 - Power to make rules Section33 - Power to remove difficulties Section34 - Repeal and saving ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE Amending ActI - THE TEA COMPANIES (ACQUISITION AND TRANSFER OF SICK TEA UNITS) AMENDMENT ACT, 1991
List Judgments citing this sectionSick Textile Undertakings (Taking over of Management) Act, 1972 Complete Act
Title: Sick Textile Undertakings (Taking over of Management) Act, 1972
State: Central
Year: 1972
.....to make certain declarations in relation to sick textile undertakings Chapter 4 Section8 - Textile companies not to wound up Section9 - Contracts, etc., in bad faith may be cancelled or varied Section10 - Power to terminate the contract of employment Section11 - Management of sick textile undertakings pending taking over physical possession by the Custodian Section12 - Protection of action taken in good faith Section13 - Delegation of powers Section14 - Debts incurred for the purposes of textile undertaking to have priority Section15 - Penalties Section16 - Offences by companies Section17 - Power to make rules Section18 - Repeal and saving Schedule1 - SCHEDULE I Schedule2 - SCHEDULE II
List Judgments citing this sectionSick Industrial Companies (Special Provisions) Act, 1985 Complete Act
Title: Sick Industrial Companies (Special Provisions) Act, 1985
State: Central
Year: 1985
.....for continuing operations, etc., during inquiry Section20 - Winding up of sick industrial company Section21 - Operating agency to prepare complete inventory, etc. Section22 - Suspension of legal proceedings, contracts, etc. Section22A - Direction not to dispose of assets Chapter IV Section23 - Loss of fifty per cent, net worth by industrial companies Section23A - Proceedings on report, etc., of loss of fifty per cent, net worth Section23B - Power of Board to call for periodic information Section24 - Misfeasance proceedings Section25 - Appeal Section26 - Bar of jurisdiction Section27 - Delegation of powers Section28 - Returns and information Section29 - Power to seek the assistance of Chief Metropolitan Magistrate and District Magistrate Section30 - Protection of action taken in good faith Section31 - Saving of pending proceedings Section32 - Effect of the Act on other laws Section33 - Penalty for certain offences Section34 - Offences by companies Section35 - Power to remove difficulties Section36 - Power to make rules Schedule1 - THE SCHEDULE Amending Act1 - AMENDMENT ACT
List Judgments citing this sectionSick Industrial Companies (Special Provisions) Repeal Act, 2003, (Central) Complete Act
Title: Sick Industrial Companies (Special Provisions) Repeal Act, 2003, (Central)
State: Central
Year: 2003
Preamble1 - SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) REPEAL ACT, 2003 Section1 - Short title and commencement Section2 - Definitions Section3 - Repeal of Act 1 of 1986 and dissolution of Appellate Authority and Board Section4 - Consequential provisions Section5 - Saving Section6 - Power to make rules
List Judgments citing this sectionSick Textile Undertakings( Nationalisation) Act, 1974 Chapter II
Title: Acquisition of the Rights of Owneres of Sick Textile Undertakings
State: Central
Year: 1974
.....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 encumbrances affecting it and any attachment, injunction or decree or order of any court 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 sick textile undertaking had been granted at any time before the date on which the Ordinance was promulgated, to an 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 other instrument had been granted to it and shall hold such licence or the sick textile undertaking specified in such other instrument for the remainder of the.....
View Complete Act List Judgments citing this sectionSick Textile Undertakings (Taking over of Management) Act, 1972 Chapter 2
Title: Management of Sick Textile Undertakings
State: Central
Year: 1972
.....in the First Schedule shall Vest in the Central Government. (2) If, after the commencement of this Act, any investigation is ordered, under section 15 or section 15A of the Industries (Development and Regulation) Act, 1951, 65 of 1965 in relation to any textile undertaking, and it is reported after such investigation that the management of such textile undertaking ought to be taken over under section 18A of that Act, the Central Government may, if it is satisfied after consideration of such report and other relevant matters that such undertaking ought to be declared to be a sick textile undertaking, make a declaration to that effect and further declare that the management of such textile undertaking ought to be taken over by it under this Act and on and from the date of such declaration, (i) the textile undertaking specified in such declaration shall be deemed to be a sick textile undertaking, (ii) the management of such textile undertaking shall be deemed, for the purposes of this Act, to vest in the Central Government,and (iii) the textile undertaking and the textile company owning itshall be deemed to be included in the First Schedule, and thereupon the.....
View Complete Act List Judgments citing this sectionSick Textile Undertakings( Nationalisation) Act, 1974 Section 10
Title: Accounts to Be Rendered by the Owners of Sick Textile Undertakings
State: Central
Year: 1974
.....the Ordinance was promulgated, within sixty days from such date. render accounts in relation to the period commencing on the date of the notified order under the Industries (Development and Regulation) Act, 1951, or as the case may be, on the date of commencement of the Sick Textile Undertakings (Taking Over of Management) Act, 1972, and ending on the date on which the management of the sick textile undertakings was taken over by the Central Government or the Custodian, as the case may be, with regard to the (i) assets and stores of the sick textile undertaking acquired or sold during the said period; (ii) textile sold or despatched during the said period; and (iii) income derived by the owner from the sick textile undertaking during the said period. (2) If on examination of the accounts referred to in sub-section (1), any income is found to have been derived by the owner from the sick textile undertaking during the period referred to in that subsection, such income shall be recoverable by the Central Government from the amount payable under section 8 to the owner of such sick textile undertaking and the debt due to the Central Government on this account shall rank as.....
View Complete Act List Judgments citing this sectionSick Textile Undertakings( Nationalisation) Act, 1974 Chapter IV
Title: Management, Etc. of Sick Textile Undertakings
State: Central
Year: 1974
.....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. Section 11A - Special provisions for disposal of assets of the sick textile undertakings in certain circumstances 1 [11A. Special provisions for disposal of assets of the sick textile undertakings in certain circumstances If the National Textile Corporation considers it necessary or expedient for the better management, modernisation, restructuring or revival of a sick textile undertaking so to do, it may, with the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any land, plant, machinery or any other assets of any of the sick textile undertakings : Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised for other than the purpose for which the sanction of the Central Government has been obtained.] ________________________ 1. Inserted by Sick Textile Undertakings (Nationalisation) Amendment Act (40 of 1995), section.....
View Complete Act List Judgments citing this sectionSick Textile Undertakings( Nationalisation) Act, 1974 Chapter V
Title: Provisions Relating to Employes of Sick Textile Undertakings
State: Central
Year: 1974
.....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. Section 16 - Transfer of employees to a Subsidiary Textile Corporation 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.
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