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Co-operative Textile Mills (Acquisition and Transfer) Act, 1986 Preamble 1

Title: Karnataka Co-operative Textile Mills (Acquisition and Transfer) Act, 1986

State: Karnataka

Year: 1986

.....and in order to secure the proper management of the said Mills, so as to subserve the interest of the general public, by ensuring continued manufacture, production and distribution of yarn and cloth which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto. WHEREAS the owners of the Karnataka Co-operative Textile Mills M/s. The Karnataka Co-operative Textile Mills, Ltd., Dharwar had closed down the said Mills in the year 1969 and had subsequently with the permission of the State Government leased out the said Mills in 1970 to M/s. G.Mahadevappa & Sons, Hubli, a partnership firm and the lessee also closed down the Mills in 1979 as it was not able to manage the affairs of the said Mills properly; WHEREAS the closure of the said Mills was prejudicial to the Scheduled industry, namely the cotton textile industry the Government of India, under section 18AA of the Industries (Development and Regulation) Act, 1951, issued a Notification No. S.O.170(E)18AA/IDRA/79, dated Thirtieth day of March, 1979 and authorised the State Government to take over the management of the said Mills initially for a period not.....

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