Sick Brained - Year 1972 - Bare Acts

Sick 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

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Sick 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.....

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Sick Textile Undertakings (Taking over of Management) Act, 1972 Section 4

Title: Management of Sick Textile Undertakings to Vest in Central Government on the Appointed Day

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.....

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Sick Textile Undertakings (Taking over of Management) Act, 1972 Section 5

Title: Appointment of Custodian to Take over the Management of the Sick Textile Undertaking

State: Central

Year: 1972

.....sick textile undertakings, the management of which has vested in it under this Act, and, on such appointment, every Custodian appointed under sub-section (1) shall act under the guidance, control and supervision of the Custodian-General. (3) On the appointment of a Custodian under sub-section (1), the charge of management of the sick textile undertaking shall vest in such Custodian and all persons in charge of the management of such undertaking immediately before such appointment shall cease to be in charge of such management and shall be bound to deliver to the Custodian all assets, books of account, registers or other documents in their custody relating to the sick textile undertaking. (4) The Central Government may issue such directions (including directions as to initiating, defending or continuing any legal proceedings before any Court, tribunal or other authority) to the Custodian or Custodian-General as to his or its powers and duties as the Central Government deems desirable and the Custodian or the Custodian-General may apply to the Central Government at any time for instructions as to the manner in which the Custodian or the Custodian-General shall conduct the.....

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Sick Textile Undertakings (Taking over of Management) Act, 1972 Chapter 3

Title: Powers to Provide Relief to Sick Textile Undertakings

State: Central

Year: 1972

.....at a time: Provided that no such notification shall, in any case, remain in force after the expiry of three years from the commencement of this Act. (3) Any notification made under sub-section (1) shall have effect notwithstanding anything to the contrary contained in any other law, agreement or instrument or any decree or order of a Court, tribunal, officer or other authority or of any submission, settlement or standing order. (4) Any remedy for the enforcement of any right, privilege, obligation or liability referred to in clause (b) of sub-section (1) and suspended or modified by a notification made under that sub-section shall, in accordance with the terms of the notification, remain suspended or modified and all proceedings relating thereto pending before any Court, tribunal, officer or other authority shall accordingly remain stayed or be continued subject to such adaptations, so, however, that on the notification ceasing to have effect-- (a) any right, privilege, obligation or liability so remaining suspended or modified shall become revived and enforceable as if the notification had never been made; (b) any proceeding so remaining stayed shall be proceeded.....

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Sick Textile Undertakings (Taking over of Management) Act, 1972 Section 7

Title: Power of Central Government to Make Certain Declarations in Relation to Sick Textile Undertakings

State: Central

Year: 1972

.....at a time: Provided that no such notification shall, in any case, remain in force after the expiry of three years from the commencement of this Act. (3) Any notification made under sub-section (1) shall have effect notwithstanding anything to the contrary contained in any other law, agreement or instrument or any decree or order of a Court, tribunal, officer or other authority or of any submission, settlement or standing order. (4) Any remedy for the enforcement of any right, privilege, obligation or liability referred to in clause (b) of sub-section (1) and suspended or modified by a notification made under that sub-section shall, in accordance with the terms of the notification, remain suspended or modified and all proceedings relating thereto pending before any Court, tribunal, officer or other authority shall accordingly remain stayed or be continued subject to such adaptations, so, however, that on the notification ceasing to have effect-- (a) any right, privilege, obligation or liability so remaining suspended or modified shall become revived and enforceable as if the notification had never been made; (b) any proceeding so remaining stayed shall be proceeded.....

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Sick Textile Undertakings (Taking over of Management) Act, 1972 Section 11

Title: Management of Sick Textile Undertakings Pending Taking over Physical Possession by the Custodian

State: Central

Year: 1972

.....No person in charge of the textile undertaking of a company in relation to which any investigation has been ordered, after the compencement of this Act, under section 15 or section 15A of the Industries (Development and Regulation) Act, 1951, 65 of 1965 shall, without the previous approval of the person specified by the Central Government in this behalf in respect of that undertaking (hereinafter referred to as the "authorised person"),-- (i) incur any expenditure from the assets appertaining to the textile undertaking otherwise than for the purpose of making routine payments of salaries or commissions to employees, agents or for the purpose of meeting the routine day to day expenditure; (ii) transfer or otherwise dispose of any such assets or create any charge, hypothecation, lien or other incumbrance thereon; (iii) invest in any manner any monies forming part of such assets; (iv) acquire any immovable property out of the monies forming part of such assets; (v) enter into any contract of service or agency, whether expressly or by implication, for purposes connected wholly or partly with the textile undertaking or vary the terms and conditions of any contract.....

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Sick Textile Undertakings (Taking over of Management) Act, 1972 Preamble 1

Title: The Sick Textile Undertakings (Taking over of Management) Act, 1972

State: Central

Year: 1972

THE SICK TEXTILE UNDERTAKINGS (TAKING OVER OF MANAGEMENT) ACT, 1972 [Act, No. 72 of 1972] [23rd December, 1972] PREAMBLE An Act to provide for the taking over, in the public interest, of the management of the sick textile undertakings, pending nationalisation of such undertakings, for the expeditious rehabilitation of such undertakings so that such rehabilitation may subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of cheaper varieties of cloth, and for matters connected therewith or incidental thereto. be it enacted by Parliament in the Twenty-third Year of the Republic of India as follows:--

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Sick Textile Undertakings (Taking over of Management) Act, 1972 Chapter 4

Title: Miscellaneous

State: Central

Year: 1972

.....or any Custodian for any damage caused, or likely to be caused, by anything which is in good faith done or intended to be done under this Act. Section 13 - Delegation of powers (1) The Central Government may, by notification, direct that all or any of the powers exercisable by it under this Act may also be exercised by any person or persons as may be specified in the notification. (2) Whenever any delegation of power is made under sub-section (1), the person to whom such power has been delegated shall act under the direction, control and supervision of the Central Government. Section 14 - Debts incurred for the purposes of textile undertaking to have priority Every debt arising out of any loan advanced to a sick textile undertaking by the Central Government or a State Government for carrying on the management of any sick textile undertaking specified in the First Schedule, (a) shall have priority over all other debts, whether secured or unsecured, incurred before the management of such textile undertaking was taken over under this Act; (b) shall be a preferential debt within the meaning of section 530 of the Companies Act, 1956, and such debts shall.....

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Sick Textile Undertakings (Taking over of Management) Act, 1972 Section 6

Title: Payment of Amount

State: Central

Year: 1972

(1) The owner of every textile undertaking shall be given by the Central Government an amount, in cash, for vesting in it, under sub-section (1), or sub-section (2), as the case may be, of section 4, the management of the sick textile undertaking of such company. (2) For every month during which the management of the sick textile undertaking remains vested in the Central Government under this Act, the amount referred to in sub-section (1) shall be computed at the rate of-- (i) fifty paise per one thousand spindles or any part thereof, in the case of a sick textile undertaking having spindles only; (ii) one rupee per one hundred looms or any part thereof, in the case of a sick textile undertaking having looms only; (iii) fifty paise per one thousand spindles or any part thereof, and one rupee per one hundred looms or any part thereof, in the case of a sick textile undertaking having both spindles and looms,

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