State : Central
Year : 1974
SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974 SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974 57 of 1974 21st December, 1974 STATEMENT OF OBJECTS AND REASONS Act 57 of 1974.- The management of 57 textile undertakings was taken over by the Central Government under the Industries (Development and Regulation) Act, 1951. The management of another 46 textile undertakings was taken over by the Central Government under the Sick Textile Undertakings (Taking Over of Management) Act, 1972, pending their nationalisation, as a large quantum of public funds had to be invested in the operation of these undertakings for their rehabilitation and modernisation and it was considered that it would not serve public interest if the management was taken over for a limited period as..... List Judgments citing this sectionTitle : Management, Etc. of Sick Textile Undertakings
State : Central
Year : 1974
The National Textile Corporation or any person which that Corporation may, by order in writing, specify shall be entitled to exercise the powers of general superintendence, direction, control and management of the affairs 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..... View Complete Act List Judgments citing this sectionTitle : Miscellaneous
State : Central
Year : 1974
(1) Where any liability of the owner of a sick textile undertaking arising out of any item specified in Category I of the Second Schedule is not discharged fully by the Commissioner out of the amount paid to him under this Act, the Commissioner shall intimate in writing to the Central Government the extent of the liability which remains undischarged, and that liability shall be assumed by the Central Government. (2) The Central Government may, by order, direct the National Textile Corporation to take over any liability assumed by that Government under sub-section (1) and on receipt of such direction, it shall be the duty of the National Textile Corporation to discharge such liability. Section 28 - Management to continue to vest in the Custodian until alternative arrangements are..... View Complete Act List Judgments citing this sectionTitle : Preliminary
State : Central
Year : 1974
This Act may be called THE SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974. (2) The provisions of Sections 32 and 33 shall come into force at once and the remaining provisions of this Act shall be deemed to have come into force on the 1 st day of April, 1974. Section 2 - Definitions (1) In this Act, unless the context otherwise requires, (a) "appointed day" means the 1st day of April, 1974; (b) "bank" means (i) the State Bank of India constituted under the State Bank of India Act, 1955; (ii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959; (iii) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; (iv) any other bank, being a scheduled bank as..... View Complete Act List Judgments citing this sectionTitle : Payment of Amount
State : Central
Year : 1974
The owner of every sick textile undertaking shall be given by the Central Government, in cash and in the manner specified in Chapter VI, for the transfer to and vesting in, it, under sub-section (1) of section 3 of such sick textile undertaking and the right, title and interest of the owner in relation to such sick textile undertaking, an amount equal to the amount specified against it in the corresponding entry in column (4) of the First Schedule. Section 9 - Payment of further amount (1) In consideration of the retrospective operation of the provisions of sections 3, 4 and 5, there shall be given, in cash by the Central Government to the owner of every sick textile undertaking, the management of which was taken over by the Central Government, an amount equal to an amount..... View Complete Act List Judgments citing this sectionTitle : Sick Textile Undertakings( Nationalisation) Act, 1974
State : Central
Year : 1974
Preamble1 - SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974 Chapter I Section1 - Short title and commencement Section2 - Definitions Chapter II Section3 - Acquisition of rights of owners in respect of sick textile undertakings Section4 - General effect of vesting Section5 - Owner to be liable for certain prior liabilities Section6 - National Textile Corporation to form subsidiary corporations Section7 - Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government Chapter III Section8 - Payment of amount to owners of sick textile undertakings Section9 - Payment of further amount Section10 - Accounts to be rendered by the owners of sick textile undertakings Chapter IV Section11 - Management, etc., of sick..... List Judgments citing this sectionTitle : Commissioners of Payments
State : Central
Year : 1974
(1) For the purpose of disbursing the amounts payable to the owner of each sick textile undertaking, the Central Government shall, by notification in the Official Gazette, (a) appoint such number of persons as it may think fit to be Commissioners of Payments; and (b) define the local limits within which the Commissioners of Payments shall exercise the powers conferred, and perform the duties imposed, on them by or under this Act. (2) The Central Government may appoint such other persons as it may think fit to assist the Commissioner and thereupon the Commissioner may authorise one or more of such persons also to exercise all or any of the powers exercisable by him under this Act, and different persons may be authorised to exercise different powers. (3) Any person authorised by..... View Complete Act List Judgments citing this sectionTitle : Acquisition of the Rights of Owneres of Sick Textile Undertakings
State : Central
Year : 1974
(1) On the appointed day, every sick textile undertaking and the right, title and interest of the owner in relation to every such sick textile undertaking shall stand transferred to, and shall vest absolutely in, the Central Government. (2) Every sick textile undertaking which stands vested in the Central Government by virtue of sub-section (1) shall immediately after it has so vested, stand transferred to, and vested in, the National Textile Corporation. Section 4 - General effect of vesting (1) The sick textile undertaking referred to in section 3 shall be deemed to include all assets, rights, lease-holds, powers authorities and privileges and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances,..... View Complete Act List Judgments citing this sectionTitle : Provisions Relating to Employes of Sick Textile Undertakings
State : Central
Year : 1974
(1) Every person who is a workman within the meaning of the Industrial Disputes Act, 1947, and has been immediately before the appointed day, employed in a sick textile undertaking shall become, on and from the appointed day, an employee of the National Textile Corporation, and shall hold office or service in the National Textile Corporation with the same rights and privileges as to pension, gratuity and other matters as would have been admissible to him if the rights in relation to such sick textile undertaking had not been transferred to, and vested in. the National Textile Corporation, and shall continue to do so unless and until his employment in the National Textile Corporation is duly terminated or until his remuneration, terms and conditions of employment are duly altered by the..... View Complete Act List Judgments citing this sectionTitle : General Effect of Vesting
State : Central
Year : 1974
(1) The sick textile undertaking referred to in section 3 shall be deemed to include all assets, rights, lease-holds, powers authorities and privileges and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, reserve funds, investments and book debts and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of the owner of the sick textile undertaking, whether within or outside India, and all books of account, registers 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..... View Complete Act List Judgments citing this section