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Start Free TrialSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Complete Act
Title: Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986
State: Central
Year: 1986
.....of claims Section20 - Examination of claims Section21 - Admission or rejection of claims Section22 - Disbursement of money by the Commissioner to claimants Section23 - Undisbursed or unclaimed amount to be deposited with the general revenue account Chapter VII Section24 - Act to have overriding effect Section25 - Assumption of liability Section26 - Contracts to cease to have effect unless ratified by National Textile Corporation Section27 - Penalties Section28 - Offences by companies Section29 - Protection of action taken in good faith Section30 - Delegation of powers Section31 - Power to make rules Section32 - Power to remove difficulties Section33 - Repeal and saving ScheduleI - SCHEDULE I
List Judgments citing this sectionCo-operative Textile Mills (Acquisition and Transfer) Act, 1986 Section 13
Title: Duty of Persons to Account for Assets Etc., in their Possession
State: Karnataka
Year: 1986
(1) Any person who has, on the appointed day, in his possession or under his control, any assets, books, documents, other papers relating to the mills which has vested in the Government or in the Company under this Act and which belong to the mills or would have so belonged if the mills had not vested in the Government or the Company, shall be liable to account for the said assets, books, documents and other papers to the Government or the Company or such person or persons as the Government or the Company may specify in this behalf. (2) The Government or the Company may take or cause to be taken all necessary steps for securing possession of the mills which has vested in the Government or the company under this Act. (3) The lessor or lessee, as the case may be, shall within such period as the Government may allow in this behalf, furnish to the Government a complete inventory of all properties and assets, as on the appointed day, pertaining to the mills which has vested in the Government under section 4, and for this purpose, the Government or the company shall afford to the lessor or lessee all reasonable facilities.
View Complete Act List Judgments citing this sectionCo-operative Textile Mills (Acquisition and Transfer) Act, 1986 Section 6
Title: Lessor or Lessee to Be Liable for Certain Prior Liabilities
State: Karnataka
Year: 1986
.....become due and payable. (3) For the removal of doubts, it is hereby declared that,- (a) save as otherwise expressly provided in this section or in any other section of the Act, no liability, other than the liability specified in sub-section (2), of the lessor or lessee in relation to the mills in respect of any period prior to the appointed day shall be enforceable against the Government, or where the mills is directed under section 8 to vest in the Company, against the Company. (b) No award, decree or order of any court, tribunal or other authority in relation to the mills passed after the appointed day in respect of any matter, claim or dispute in relation to any matter not referred in sub-section (2), which arose before that day, shall be enforceable against the Government or where the mills is directed under section 8 to vest in the Company, against the Company. (c) No liability incurred by the lessor or lessee before the appointed day for the contravention of any provisions of law for the time being in force shall be enforceable against the Government or where the mills is directed under section 8 to vest in the Company, against the Company.
View Complete Act List Judgments citing this sectionCo-operative Textile Mills (Acquisition and Transfer) Act, 1986 Section 7
Title: Right of Government to Recover Back Wages Etc.
State: Karnataka
Year: 1986
Notwithstanding anything contained in this Act the Government shall have the right to recover from the lessor or lessee all the amounts paid by the present management to the officers or other employees of the mills towards backwages, gratuity, retirement benefits and other dues on behalf of the lessor or lessee, as arrears of land revenue.
View Complete Act List Judgments citing this sectionCo-operative Textile Mills (Acquisition and Transfer) Act, 1986 Section 8
Title: Power of the Government to Direct Vesting of the Mills in the Company
State: Karnataka
Year: 1986
(1) Notwithstanding anything contained in sections 4 and 5, the Government may, subject to such terms and conditions as it may think fit to impose, direct, by notification, that the mills which was vested in the Government under section 4, shall, instead of continuing to vest in the Government vest in the Company either on the date of notification or on such earlier or later date (not being a date earlier than the appointed date) as may be specified in the notification. (2) Where the right, title and interest in relation to the mills vest in the Company under sub-section (1), the Company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such mills and all the rights and liabilities of the Government in relation to the mills shall, as provided under the Act, on and from the date of such vesting, be deemed to have become the rights and liabilities of the Company.
View Complete Act List Judgments citing this sectionCo-operative Textile Mills (Acquisition and Transfer) Act, 1986 Chapter III
Title: Payment of Accounts
State: Karnataka
Year: 1986
.....day and ending on the date on which payment of such amount is made by the Government to the Commissioner. (2) The amount determined in accordance with the provisions of sub-section (1) shall be given by the Government to the lessor, lessee or such other persons entitled thereto, as the case may be, in addition to the amount specified in section 9. (3) For the removal of doubts, it is hereby declared that the liability of the lessor or lessee in relation to the mills which has vested in the Government under section 4 shall be discharged from the amount referred to in section 9, and also from the amounts determined under sub-section (1) in accordance with the rights and interest of the creditors of the lessor or lessee, as the case may be.
View Complete Act List Judgments citing this sectionCo-operative Textile Mills (Acquisition and Transfer) Act, 1986 Section 9
Title: Amount to Be Given to Lessor, Lessee and Other Interested Persons
State: Karnataka
Year: 1986
For the transfer to and vesting in the Government, of the mills under section 4 and the right, title and interest in relation to the mills, the Government shall pay an amount of rupees 446.59 lakhs by depositing the same with the Commissioner and the said amount shall be paid to the lessor, lessee or such other persons entitled thereto in the manner specified in Chapter V.
View Complete Act List Judgments citing this sectionCo-operative Textile Mills (Acquisition and Transfer) Act, 1986 Section 10
Title: Payment of Further Amounts
State: Karnataka
Year: 1986
(1) The amount specified in section 9 shall carry simple interest at the rate of four per cent per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the Government to the Commissioner. (2) The amount determined in accordance with the provisions of sub-section (1) shall be given by the Government to the lessor, lessee or such other persons entitled thereto, as the case may be, in addition to the amount specified in section 9. (3) For the removal of doubts, it is hereby declared that the liability of the lessor or lessee in relation to the mills which has vested in the Government under section 4 shall be discharged from the amount referred to in section 9, and also from the amounts determined under sub-section (1) in accordance with the rights and interest of the creditors of the lessor or lessee, as the case may be.
View Complete Act List Judgments citing this sectionCo-operative Textile Mills (Acquisition and Transfer) Act, 1986 Chapter IV
Title: Management of the Mills
State: Karnataka
Year: 1986
.....in relation to the mills which has vested in the Government under section 4, shall, where a direction has been made by the Government under sub-section (1) of section 8, vest in the Company and thereupon the Company shall be entitled to exercise to the exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise and do in relation to the mills. Section 12 - Duties of persons in-charge of management of the mills (1) On the vesting of the management of the mills in the company all persons in charge of the management of the mills immediately before such vesting shall be bound to deliver to the company all assets, books of accounts, registers or other documents in their custody relating to the mills. (2) The Government may issue such directions as it may deem desirable in the circumstances of the case to the Company and the Company may also, if it is considered necessary to do, apply to the Government at any time for instructions as to the manner in which, the management of the mills shall be conducted or in relation to any other matter arising in the course of such management. Section 13 - Duty of persons to account for.....
View Complete Act List Judgments citing this sectionCo-operative Textile Mills (Acquisition and Transfer) Act, 1986 Section 11
Title: Management Etc., of the Mills
State: Karnataka
Year: 1986
The general superintendence, direction, control and management of the affairs and business of the mills, the right, title and interest in relation to the mills which has vested in the Government under section 4, shall, where a direction has been made by the Government under sub-section (1) of section 8, vest in the Company and thereupon the Company shall be entitled to exercise to the exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise and do in relation to the mills.
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