Bare Act Search Results

The Textile Undertakings (Nationalisation) Laws (Amendment And Validation) Act, 2014 Complete Act

State: Central

Year: 2014

.....Laws (Amendment and Validation) Act, 2014, shall have and shall be deemed always to have effect for all purposes as if the provisions of this Act, as amended by the said Act, had been in force at all material times; (b) any lease-hold property divested from the National Textile Corporation to any person under the provisions of this Act, as it stood immediately before the commencement of the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Act, 2014, shall stand transferred to and vest or continue to vest, free from all encumbrances, in the National Textile Corporation in the same manner as it was vested in the National Textile Corporation before such divesting of that property under the provisions of this Act, as if the provisions of this Act as amended by the aforesaid Act, were in force at all material times; (c) no suit or other proceedings shall, without prejudice to the generality of the foregoing provisions, be maintained or continued in any court or tribunal or authority for the enforcement of any decree or order or direction given by such court or tribunal or authority, notwithstanding any undertaking filed by the National Textile Corporation.....

The Apprentices (Amendment) Act, 2014 Complete Act

State: Central

Year: 2014

.....in the Official Gazette, appoint. 52 of 1961 Amendment of section 2 2. In the Apprentices Act, 1961 (hereinafter referred to as the principal Act), in section 2, (i) in clause (d), in sub-clause (1), after item (b), the following item shall be inserted, namely: (bb) any establishment which is operating business or trade from different locations situated in four or more States, or; (ii) for clauses (e), (j) and (k), the following clauses shall respectively be substituted, namely: (e) designated trade means any trade or occupation or any subject field in engineering or non-engineering or technology or any vocational course which the Central Government, after consultation with the Central Apprenticeship Council, may, by notification in the Official Gazette, specify as a designated trade for the purposes of this Act; ( j) graduate or technician apprentice means an apprentice who holds, or is undergoing training in order that he may hold a degree or diploma in engineering or non-engineering or technology or equivalent qualification granted by any institution recognised by the Government and undergoes apprenticeship training in any designated trade; (k) industry means any.....

Companies Act, 2013, Section 261

Title: Scheme of Revival and Rehabilitation

State: Central

Year: 2013

.....to be prepared a scheme of revival and rehabilitation of the sick company after considering the draft scheme filed along with the application under section 254. (2) A scheme prepared in relation to any sick company under sub-section (1) may provide for any one or more of the following measures, namely:-- (a) the financial reconstruction of the sick company; (b) the proper management of the sick company by any change in, or by taking over, the management of such company; (c) the amalgamation of-- (i) the sick company with any other company; or (ii) any other company with the sick company; (d) takeover of the sick company by a solvent company; (e) the sale or lease of a part or whole of any asset or business of the sick company; (f) the rationalisation of managerial personnel, supervisory staff and workmen in accordance with law; (g) such other preventive, ameliorative and remedial measures as may be appropriate; (h) repayment or rescheduling or restructuring of the debts or obligations of the sick company to any of its creditors or class of creditors; (i) such incidental, consequential or supplemental measures as may be necessary or expedient in connection.....

Companies Act, 2013, Section 258

Title: Order of Tribunal

State: Central

Year: 2013

On the date of hearing fixed by the Tribunal and on consideration of the report of the interim administrator filed under sub-section (1) of section 256, if the Tribunal is satisfied that the creditors representing three-fourths in value of the amount outstanding against the sick company present and voting have resolved that-- (a) it is not possible to revive and rehabilitate such company, the Tribunal shall record such opinion and order that the proceedings for the winding up of the company be initiated; or (b) by adopting certain measures the sick company may be revived and rehabilitated, the Tribunal shall appoint a company administrator for the company and cause such administrator to prepare a scheme of revival and rehabilitation of the sick company: Provided that the Tribunal may, if it thinks fit, appoint an interim administrator as the company administrator.

Companies Act, 2013, Section 429

Title: Power to Seek Assistance of Chief Metropolitan Magistrate, Etc.

State: Central

Year: 2013

.....or the District Collector, as the case may be, shall, on such request being made to him,-- (a) take possession of such property, books of account or other documents; and (b) cause the same to be entrusted to the Tribunal or other person authorised by it. (2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector may take or cause to be taken such steps and use or cause to be used such force as may, in his opinion, be necessary. (3) No act of the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector done in pursuance of this section shall be called in question in any court or before any authority on any ground whatsoever.

Companies Act, 2013, Section 327

Title: Preferential Payments

State: Central

Year: 2013

.....to the company during that period. Explanation. -- For the purposes of this section,-- (a) the expression "accrued holiday remuneration" includes, in relation to any person, all sums which, by virtue either of his contract of employment or of any enactment including any order made or direction given thereunder, are payable on account of the remuneration which would, in the ordinary course, have become payable to him in respect of a period of holiday, had his employment with the company continued until he became entitled to be allowed the holiday; (b) the expression "employee" does not include a workman; and (c) the expression "relevant date" means-- (i) in the case of a company being wound up by the Tribunal, the date of appointment or first appointment of a provisional liquidator, or if no such appointment was made, the date of the winding up order, unless, in either case, the company had commenced to be wound up voluntarily before that date; and (ii) in any other case, the date of the passing of the resolution for the voluntary winding up of the company.

Companies Act, 2013, Section 269

Title: Rehabilitation and Insolvency Fund

State: Central

Year: 2013

(1) There shall be formed a Fund to be called the Rehabilitation and Insolvency Fund for the purposes of rehabilitation, revival and liquidation of the sick companies. (2) There shall be credited to the Fund-- (a) the grants made by the Central Government for the purposes of the Fund; (b) the amount deposited by the companies as contribution to the Fund; (c) the amount given to the Fund from any other source; and (d) the income from investment of the amount in the Fund. (3) A company which has contributed any amount to the Fund shall, in the event of proceedings initiated in respect of such company under this Chapter or Chapter XX, may make an application to the Tribunal for withdrawal of funds not exceeding the amount contributed by it, for making payments to workmen, protecting the assets of the company or meeting the incidental costs during proceedings. (4) The Fund shall be managed by an administrator to be appointed by the Central Government in such manner as may be prescribed.

Companies Act, 2013, Section 266

Title: Power of Tribunal to Assess Damages Against Delinquent Directors, Etc.

State: Central

Year: 2013

.....to the interests of the company, the Tribunal shall, by order, direct the public financial institutions, scheduled banks and State level institutions not to provide, for a maximum period of ten years from the date of the order, any financial assistance to such person or any firm of which such person is a partner or any company or other body corporate of which such person is a director, by whatever name called, or to disqualify the said director, promoter, manager from being appointed as a director in any company registered under this Act for a maximum period of six years. (3) No order shall be made by the Tribunal under this section against any person unless such person has been given a reasonable opportunity of being heard.

Companies Act, 2013, Section 265

Title: Winding Up of Company on Report of Company Administrator

State: Central

Year: 2013

(1) If the scheme is not approved by the creditors in the manner specified in sub-section (2) of section 262, the company administrator shall submit a report to the Tribunal within fifteen days and the Tribunal shall order for the winding up of the sick company. (2) On the passing of an order under sub-section (1), the Tribunal shall conduct the proceedings for winding up of the sick company in accordance with the provisions of Chapter XX.

Companies Act, 2013, Section 264

Title: Implementation of Scheme

State: Central

Year: 2013

.....case may be, declaring the scheme as failed and pass an order for the winding up of the company if three-fourths in value of the secured creditors consent to the modification of the scheme or winding up of the company. (6) Where an application under sub-section (4) has been made before the Tribunal and such application is pending before it, such application shall abate, if the secured creditors representing not less than three-fourths in value of the amount outstanding against financial assistance disbursed to the sick company have taken any measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002).