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Home Bare Acts Phrase: textilesTextile Undertakings (Nationalisation) Act,1995 Chapter 2
Title: Acquisition and Transfer of the Textile Undertakings
State: Central
Year: 1995
.....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 incumbrances affecting it, and any attachment, injunction or decree or order of any Court or other authority restricting the use of such property in any manner shall be deemed to have been withdrawn.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 textile undertaking had been granted at any time before the appointed day to the 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 such other instrument had been granted to it and shall hold such licence or the textile undertaking specified in such other instrument for the remainder of the period for which the.....
View Complete Act List Judgments citing this sectionSick 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or decree or order of any court restricting the use of such property in any manner shall be deemed to have been withdrawn.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( 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 (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 sectionTextile Undertakings (Nationalisation) Act,1995 Chapter 5
Title: Provisions Relating to Employees of Textile Undertakings
State: Central
Year: 1995
.....shall 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 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 references in the said sections to the National Textile Corporation were references to the subsidiary textile corporation.
View Complete Act List Judgments citing this sectionTextile Undertakings (Nationalisation) Act,1995 Section 6
Title: Transfer of Any Textile Undertaking or Part Thereof to a Subsidiary Textile Corporation
State: Central
Year: 1995
.....textile corporation shall, on and from the date of such transfer, be deemed to be substituted in the licence or other instrument referred to in sub-section (3) of section 4 in place of the National Textile Corporation as if such licence or other instrument had been grained to the subsidiary textile corporation, and shall hold such licence or other instrument for the remainder of the period for which the National Textile Corporation would have held such licence or other instrument. (3) On the transfer to a subsidiary textile corporation of any textile undertaking or any part thereof, the liabilities of the National Textile Corporation, referred to in sub-section (2) of section 5 shall in so far as they relate to the textile undertaking or part thereof so transferred to the subsidiary textile corporation, become on and from the date of such transfer, the liabilities of the subsidiary textile corporation and shall be discharged by the subsidiary textile corporation as and when any such liability is required to be discharged. (4) Save as otherwise expressly provided in this Act, references in this act in the National Textile Corporation shall, in respect of any 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 Textile Undertakings( Nationalisation) Act, 1974 Section 6
Title: National Textile Corporation to Form Subsidiary Corporations
State: Central
Year: 1974
.....Textile Corporation shall, on and from the date of such transfer, be deemed to be substituted in the licence or other instrument referred to in sub-section (3) of section 4 in place of the National Textile Corporation as if such licence or other instrument had been granted to the Subsidiary Textile Corporation, and shall hold such licence or other instrument for the remainder of the period for which the National Textile Corporation would have held such licence or other instrument. (4) On the transfer to a Subsidiary Textile Corporation of any sick textile undertaking or any part thereof, the liabilities required to be discharged by the National Textile Corporation under sub-section (2) of section 5 shall, in so far as they relate to the sick textile undertaking or part thereof so transferred to the Subsidiary Textile Corporation, be discharged, on and from the date of such transfer, by the Subsidiary Textile Corporation as and when any such liability is required to be discharged. (5) Save as otherwise expressly provided in this Act, references in this Act to the National Textile Corporation shall, in respect of any sick textile undertaking or any part thereof which is.....
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.....
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