Title : Definitions
State : Central
Year : 1995
(1) In this Ordinance, unless the context otherwise requires, (a) "appointed day" means the 1st day of April, 1994; (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) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980; (v) any other bank, being a scheduled bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934; (c) "Commissioner" means a Commissioner of Payments appointed under section 17; ..... View Complete Act List Judgments citing this sectionTitle : Payment by the Central Government to the Commissioner
State : Central
Year : 1995
(1) The Central Government shall, within fifty days from the specified dale, pay in cash to the Commissioner, for payment to the owner of a textile undertaking, an amount equal to the amount specified against the textile undertaking in the First Schedule and shall also pay to the Commissioner such sums as may be due to the owner of a textile undertaking under sub-sections (1) and (2) of section 9. (2) In relaion to the textile undertakings, the management of which was taken over by the Central Government under the Textile Undertakings (Taking Over of Management) Act, 1983, there shall be paid by the Central Government [in addition to the amount referred to in sub-section (1) ], to the Commissioner, in cash, such amount payable under section 5 of that Act as remains unpaid in relation..... View Complete Act List Judgments citing this sectionTitle : Claims to Be Made to the Commissioner
State : Central
Year : 1995
Every person having a claim against the owner of a textile undertaking shall prefer such claim before the Commissioner within thirty days from the specified date: Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of thirty days, he may entertain the claim within a further period of thirty days but not thereafter. View Complete Act List Judgments citing this sectionTitle : Assumption of Liability
State : Central
Year : 1995
(1) Where any liability of the owner of a 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. View Complete Act List Judgments citing this sectionTitle : Repeal and Saving
State : Central
Year : 1995
(1) The Textile Undertakings (Nationalisation) Ordinance, 1995, is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act. View Complete Act List Judgments citing this sectionTitle : First Schedule
State : Central
Year : 1995
THE FIRST SCHEDULE [Section 2(1) and (m), 8 and 18(1)] Sl. No. Name of the textile undertaking Name of the owner Amount (in rupees) (1) (2) (3) (4) 1. Elphinstone Spinning and Weaving Mills, Elphinstone Road, Bombay The Elphinstone Spinning and Weaving Mills Co. Ltd., Kamani Chambers, 32, Ramji Bhai Kaamani Marg, Bombay-38 4,56,98,000 2. Finlay Mills, 10/11, Dr. S. S. Rao Road, Bombay The Finlay Mills Ltd., Chartered Bank Building Fort, Bombay-23. 8,14,87,000 3. Gold Mohur Mills, Dadasaheb Phalke Road, Dadar, Bombay The Gold Mohur Mills Ltd., Chartered Bank Building, Fort, Bombay-23 5,45,55,000 4. Jam Manufacturing..... View Complete Act List Judgments citing this sectionTitle : Second Schedule
State : Central
Year : 1995
THE SECOND SCHEDULE (Sections 21, 22 and 27) Order of priorities for discharge of liabilities in respect of a textile undertaking PART A Post-take-over management period Category I. (a) Loans advanced by a Bank. (b) Loans advanced by an institution other than a Bank. (c) Any other loan. (d) Any credit availed of for purpose of trade or manufacturing operations. Category II. (a) Revenue, taxes, cesses, rules or any other dues to the Central Government or a State Government. (b) Any other dues. PART B Pre-take-over management period Category III. Arrears in relation to provident fund, salaries and wages, and other amounts, due to an employee. Category IV. Secured loans. Category V Revenues, taxes, cesses, rates or any other dues to the Central..... View Complete Act List Judgments citing this sectionTitle : Accounts
State : Central
Year : 1995
The National Textile Corporation shall maintain the accounts of the textile undertakings in accordance with the provisions of the Companies Act, 1956. View Complete Act List Judgments citing this sectionTitle : Power to Remove Difficulties
State : Central
Year : 1995
(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order not inconsistent with the provisions of this Act, remove the difficulty : Provided that no such order shall be made after the expiry of a period of two years from the date on which Textile Undertakings (Nationalisation) Ordinance, 1995 was promulgated. (2) Every order made under this section shall, as soon as may be after it is made, be laid before each House of Parliament. View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 1995
(1) This Act may be called the Textile Undertakings (Nationalisation) Act, 1995. (2) The provisions of sections 31 and 32 shall come into force at once and the remaining provisions of this Act shall be deemed to have come into force on the 1st day of April, 1994. View Complete Act List Judgments citing this section