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Home Bare Acts Phrase: sickliedSick Textile Undertakings( Nationalisation) Act, 1974 Chapter II
Title: Acquisition of the Rights of Owneres of Sick Textile Undertakings
State: Central
Year: 1974
.....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 5. (2) All property as aforesaid which have vested in the Central Government under sub-section (1) of section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other encumbrances affecting it and any attachment, injunction or decree or order of any court restricting the use of such property in any manner shall be deemed to have been withdrawn. (3) Where any licence or other instrument in relation to a sick textile undertaking had been granted at any time before the date on which the Ordinance was promulgated, to an owner by the Central Government or a State Government or any other authority, the National Textile Corporation shall, on and from such date be deemed to be substituted in such licence or other instrument in place of the owner referred to therein as if such licence or other instrument had been granted to it and shall hold such licence or the sick textile undertaking specified in such other instrument for the remainder of the.....
View Complete Act List Judgments citing this sectionSick 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.....
View Complete Act List Judgments citing this sectionSick Textile Undertakings( Nationalisation) Act, 1974 Section 10
Title: Accounts to Be Rendered by the Owners of Sick Textile Undertakings
State: Central
Year: 1974
.....the Ordinance was promulgated, within sixty days from such date. render accounts in relation to the period commencing on the date of the notified order under the Industries (Development and Regulation) Act, 1951, or as the case may be, on the date of commencement of the Sick Textile Undertakings (Taking Over of Management) Act, 1972, and ending on the date on which the management of the sick textile undertakings was taken over by the Central Government or the Custodian, as the case may be, with regard to the (i) assets and stores of the sick textile undertaking acquired or sold during the said period; (ii) textile sold or despatched during the said period; and (iii) income derived by the owner from the sick textile undertaking during the said period. (2) If on examination of the accounts referred to in sub-section (1), any income is found to have been derived by the owner from the sick textile undertaking during the period referred to in that subsection, such income shall be recoverable by the Central Government from the amount payable under section 8 to the owner of such sick textile undertaking and the debt due to the Central Government on this account shall rank as.....
View Complete Act List Judgments citing this sectionSick Textile Undertakings( Nationalisation) Act, 1974 Chapter IV
Title: Management, Etc. of Sick Textile Undertakings
State: Central
Year: 1974
.....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 expedient for the better management, modernisation, restructuring or revival of a sick textile undertaking so to do, it may, with the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any land, plant, machinery or any other assets of any of the sick textile undertakings : Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised for other than the purpose for which the sanction of the Central Government has been obtained.] ________________________ 1. Inserted by Sick Textile Undertakings (Nationalisation) Amendment Act (40 of 1995), section.....
View Complete Act List Judgments citing this sectionSick Textile Undertakings( Nationalisation) Act, 1974 Chapter V
Title: Provisions Relating to Employes of Sick Textile Undertakings
State: Central
Year: 1974
.....vest in, the National Textile Corporation, (2) The monies which stand transferred, under sub-section (1), to the National Textile Corporation shall be dealt with by that Corporation in such manner as may be prescribed. Section 16 - Transfer of employees to a Subsidiary Textile Corporation Where any sick textile undertaking or any part thereof is transferred under this Act to a Subsidiary Textile Corporation, every person referred to in sub-section (1) and sub-section (2) of section 14 shall, on and from the date of such transfer, become an employee of the Subsidiary Textile Corporation and the provisions of sections 14 and 15 shall apply to such employee as they apply to an employee of the National Textile Corporation as if reference in the said sections to the National Textile Corporation were references to the Subsidiary Textile Corporation.
View Complete Act List Judgments citing this sectionSick Textile Undertakings( Nationalisation) Act, 1974 Section 25
Title: Disbursement of Amounts to the Owners of Sick Textile Undertakings
State: Central
Year: 1974
.....and in the event of there being a doubt or dispute as to the right of the person to receive the whole or any part of the amount referred to in sections 8 and 9, the Commissioner shall refer the matter to the Court and make the disbursement in accordance with the decision of the Court. (3) For the removal of doubts, it is hereby declared that the entries in column (3) of the First Schedule shall not be deemed to be conclusive as to the right, title and interest of any person in relation to any sick textile undertaking specified in the corresponding entries in column (2) of the said Schedule and evidence shall be admissible to establish the right, title and interest of any person in relation to such sick textile undertaking. (4) Where my machinery, equipment or other property in a sick textile undertaking has vested in the National Textile Corporation, but such machinery, equipment or other property does not belong to the owner of such sick textile undertaking, the amount specified in column (4) of the First Schedule against such sick textile undertaking shall on a reference made to it by the Commissioner, be apportioned by the Court between the owner of such sick textile.....
View Complete Act List Judgments citing this sectionSick 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.....
View Complete Act List Judgments citing this sectionSick Industrial Companies (Special Provisions) Act, 1985 Chapter IV
Title: Proceedings in Case of Potentially Sick Industrial Companies, Misfeasance Proceedings, Appeals and Miscellaneous
State: Central
Year: 1985
.....company have resulted in erosion of fifty per cent. or more of its peak net worth during the immediately preceding four financial years, report the fact of such erosion to the Board. (2) If the Board has, upon information received or upon its own knowledge, reason to believe that the accumulated losses of any industrial company have resulted in erosion of fifty per cent. or more of its peak net worth during the immediately preceding four financial years, it may call for such information from the company as it may deem fit. (3) Where the Board is of the opinion that an industrial company referred to in sub-section (1) is not likely to make its net worth exceed its accumulated losses within a reasonable time while meeting all its financial obligations and that the company as a result thereof is not likely to become viable in future, it may require by order an operating agency to inquire into and make a report with respect to such matters as may be specified in the order. (4) After consideration of the report of the operating agency, the Board may publish or cause to be published a notice in such daily newspapers as the Board may consider necessary, for suggestions and.....
View Complete Act List Judgments citing this sectionSick 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.....
View Complete Act List Judgments citing this sectionTea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Chapter IV
Title: Management Etc.of the Sick Tea Units of the Tea Companies
State: Central
Year: 1985
.....and business of a sick tea unit, the right, title and interest of the tea company in relation to which have vested in the Corporation under sub-section (2) of section 3 and do all such things as the tea company of the sick tea unit is authorised to exercise and do. Section 9 - Duty of persons in charge of management of the sick tea units to delivery all assets, etc (1) On the vesting of the management of the sick tea units of the tea companies in the Tea Trading Corporation, the persons in charge of the management of such sick tea units immediately before such vesting shall be bound to deliver to the Tea Trading Corporation all assets, books of account, registers and all other documents in their custody relating to such sick tea units. (2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Tea Trading Corporation and the said Corporation may also, if it is considered necessary so to do, apply to the Central Government at any time for instructions as to the manner in which the management of the sick tea units of the tea companies shall be conducted or in relation to any other matter arising in the course of.....
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