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:-- View Complete Act List Judgments citing this sectionTitle : Power to Terminate the Contract of Employment
State : Central
Year : 1972
If the Custodian or Custodian-General is of opinion that any contract of employment entered into by the owner of any sick textile undertaking or his agent, in relation to such sick textile undertaking, at any time before the appointed day, is unduly onerous, he may, by giving to the employee one month's notice in writing or the salary or wages for one month in lieu thereof, terminate such contract of employment. View Complete Act List Judgments citing this sectionTitle : Penalties
State : Central
Year : 1972
If any person-- (a) fails to deliver to the Custodian any assets, books of account, registers or any other documents in his custody relating to any sick textile undertaking, the management of which has vested in the Central Government, or (b) retains any property of such sick textile undertaking or removes or destroys it, or (c) fails to comply with the provisions of section 5, or (d) fails to comply with any direction made under this Act, he shall be punishable with imprisonment for a term which may extend to seven years, and shall also be liable to fine. View Complete Act List Judgments citing this sectionTitle : Textile Companies Not to Wound Up
State : Central
Year : 1972
(1) No proceeding for the winding up of a textile company, within the meaning of this Act, shall lie in any Court or be continued whether by or under the supervision of any Court or voluntarily, except with the consent of the Central Government. (2) In computing the period of limitation prescribed by any law for the time being in force for any application which may be made in the course of winding up of any textile company in respect of any matter arising out of any transaction in relation to a sick textile undertaking, the time during which the making of such application was barred by this Act, shall be excluded. View Complete Act List Judgments citing this sectionTitle : Repeal and Saving
State : Central
Year : 1972
(1) The Sick Textile Undertakings (Taking Over of Management) Ordinance, 1972, 9 of 1972 is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken, including any order issued, appointment made or direction given 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 : Taking over of the Management of Certain Extile Undertakings
State : Central
Year : 1983
(1) On and from the appointed day the management of all the textile undertakings shall vest in the Central Government. (2) The textile undertaking shall be deemed to include all assets, rights, lease-holds, powers, authorities and privileges of the textile company in relation to the said textile undertaking and all property, movable and immovable, including lands, buildings, workshops, projects, stores, spares, instruments, machinery, equipment automobiles and other vehicles, and goods under production or in transit, cash balances, reserve fund, investments and booklets 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 textile company whether within or outside India..... View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 1972
(1) This Act may be called the Sick Textile Undertakings (Taking Over of Management) Act, 1972. (2) It shall be deemed to have come into force on the 31st day of October, 1972. View Complete Act List Judgments citing this sectionTitle : Miscellaneous
State : Central
Year : 1983
The provisions of this Act or any notification, order or rule made thereunder shall have effect notwithstanding anything inconsistent therewith contained in any law (other than this Act) or in any instrument having effect by virtue of any law other than this Actor in any decree or order of any court. Section 8 - Application of Act 1 of 1956 (1) So long as the management of the textile undertaking of a textile company remains vested in the Central Government under this Act, notwithstanding anything contained in the Companies Act, 1956 or in the memorandum or articles of association of such company, (a) it shall not be lawful for the shareholders of the textile company or any other person to nominate or appoint any person to be a Director of such textile company in relation to such..... View Complete Act List Judgments citing this sectionTitle : Custodian of the Textile Undertakings
State : Central
Year : 1983
(1) The Central Government may, as soon as it is convenient administratively so to do, appoint any person or body of persons (including a Government company, whether in existence at the commencement of this Act or incorporated thereafter) as a Custodian of the textile undertaking for the purpose of carrying on the management of such undertaking and the Custodian so appointed shall carry on the management of the textile undertaking for and on behalf of the Central Government. (2) On the appointment of a Custodian under sub-section (1), the management of the 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 such..... View Complete Act List Judgments citing this sectionTitle : Power to Provide Relief to the Textile Undertakings
State : Central
Year : 1983
(1) The Central Government may, if satisfied, in relation to any of the textile undertakings or any part thereof, the management of which has vested in it under this Act, that it is necessary so to do in the interests of the general public with a view to preventing any fall in the volume of production of such undertaking, by notification, declare that (a) all or any of the enactments specified in the Second Schedule shall not apply or shall apply with such adaptations, whether by way of modification, addition or omission (which does not, however, affect the policy of the said enactments) to such undertaking as may be specified in such notification, or (b) the operation of all or any of the contracts, assurances of property, agreement, settlements, awards, standing orders or other..... View Complete Act List Judgments citing this section