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Home Bare Acts Phrase: undertakeSick 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 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order of any Court or other authority restricting the use of such property in any manner shall be deemed to have been withdrawn.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 sectionHooghly Docking and Engineering Company Limited (Acquisition and Transfer of Undertakings) Act, 1984 Chapter II
Title: Acquisition and Transfer of Aluminium Undertaking of the Company
State: Central
Year: 1984
.....Government company (1) Notwithstanding anything contained in section 3 and 4, where the undertakings of the Company have been directed, under sub-section (1) of section 5, to vest in an existing Government company, the Central Government may, if it is satisfied that a new Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, declare, by notification, that the undertakings of the Company be transferred to that new Government company; and on the issue of such declaration, the right, title and interest of the Company in relation to its undertakings, which had been directed under sub-section (1) of section 5 to vest in an existing Government company, shall, instead of continuing to vest in that existing Government company, vest in that new Government company with effect from the date on which such declaration is made. (2) Where the right, title and interest of the existing Government company in relation to the undertakings of the Company vest under sub-section (1) in a new Government company, that new Government company shall, on and from the date of such vesting, be deemed to have become the owner in.....
View Complete Act List Judgments citing this sectionBengal Immunity Company Limited (Acquisition and Transfer of Undertakings) Act, 1984 Chapter II
Title: Acquisition and Transfer of the Undertakings of the Company
State: Central
Year: 1984
.....all assets, rights, leaseholds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, offices, factories, workshops, stores, instruments, plants, machinery and equipment, installations, laboratories, office furniture, stationery and equipment, vehicles, patents, trade marks, cash balances, cash on hand, reserve funds, investments, book debts 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 Company, whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto. (2) All properties and assets as aforesaid which have vested in the Central Government under section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other incumbrances affecting them, and any attachment, injunction, decree or order of any Court, tribunal or other authority restricting the use of such properties or assets in any manner or appointing any receiver in respect of the whole or any part of such properties.....
View Complete Act List Judgments citing this sectionRichardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972 Part I
Title: Acquisition and Transfer of the Undertaking of Richardson and Cruddas Limitred
State: Central
Year: 1972
..... Section 11 - Custodian to be public servant The Custodian shall be a public servant within the meaning of section 21 of the Indian Penal Code. Section 12 - Vacation of office by directors, etc., of the old company (1) On the appointment of a Custodian, every person holding office; immediately before such appointment, as director or manager of the old company shall, notwithstanding anything contained in any other law for the time being in force or in any decree or order of any Court or Triburial, Vacate such office. (2) The Custodian shall receive the sum referred to in section 8 and shall deal with the said sum for meeting any liability which is incurred by the old company after the appointed day and the balance, if any, left after meeting the said liability, in accordance with the wishes of the members of the old company, expressed in a general meeting convened by the Custodian, and the provisions of the Companies Act, 1956, shall, so far as may be, apply to such meeting. (3) The Custodian may, if the members of the old company so desire, distribute the balance referred to in sub-section (2) amongst such members in accordance with their rights and interests.....
View Complete Act List Judgments citing this sectionTextile Undertakings (Taking over of Management) Act, 1983 Chapter II
Title: Taking over of the Management of Certain Extile Undertakings
State: Central
Year: 1983
.....for the vesting in it, under section 3, of the management of the textile undertaking of the company. (2) for every month during which the management of the textile undertaking remains vested in the Central Government under this Act, the amount referred to in sub-section (1), shall be computed (i) for a spinning unit, at the rate of fifty paise per 1,000 spindles or any part thereof; (ii) for a weaving unit, at the rate of one rupee per 100 looms or any part thereof; (iii) for a composite unit with or without dye-house, at the rate of fifty paise per 1,000 spindles or any part thereof plus one rupee per 100 looms plus one paisa per 10,000 meters of cloth processed in the dye-house based on the average monthly production during the period of three years immediately preceding the appointed day; (iv) for a wholly processing unit (being a unit which does not have any spindle or loom), one paise per one thousand square meters or any part thereof of the average of the total quantity of textiles processed during the period of three years immediately preceding the appointed day in such unit.
View Complete Act List Judgments citing this sectionBengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act, 1980 Chapter II
Title: Acquisition and Transfer of the Undertakings of the Company
State: Central
Year: 1980
.....all assets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, offices, factories, workshops, stores, instruments, plants, machinery and equipment, installations, laboratories, office furniture, stationary and equipment, vehicles, patents, trade marks, cash balances, cash on hand, reserve funds, investments, book debts 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 Company, whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto. (2) All properties and assets as aforesaid which have vested in the Central Government under section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other incumbrances affecting them, and any attachment, injunction, decree or order of any court or other authority restricting the use of such properties or assets in any manner or appointing any receiver in respect of the whole or any part of such properties or assets.....
View Complete Act List Judgments citing this sectionNational Company Limited (Acquisition and Transfer of Undertakings) Act, 1980 Chapter II
Title: Acquisition and Transfer of the Undertaking of the Company
State: Central
Year: 1980
.....Government company (1) Notwithstanding anything contained in sections 3 and 4, where the undertakings of the Company have been directed, under sub-section (1) of section 5, to vest in an existing Government company, the Central Government may, if it is satisfied that a new Government company is willing to comply, or has complied with such terms and conditions as that Government may think fit to impose, declare, by notification, that the undertakings of the Company be transferred to that new Government company; and on the issue of such declaration, the right, title and interest of the Company in relation to its undertakings, which had been directed under sub-section (1) of section 5 to vest in an existing Government company, shall, instead of continuing to vest in that existing Government company vest in that new Government company with effect from the date on which such declaration is made. (2) Where the right, title and interest of the existing Government company in relation to the undertakings of the Company vest under sub-section (1) in a new Government company, that new Government company shall, on and from the date of such vesting, be deemed to have become the owner in.....
View Complete Act List Judgments citing this sectionSugar Undertakings (Taking over of Management) Act, 1978 Section 3
Title: Vesting of Management of a Sugar Undertaking in Central Government
State: Central
Year: 1978
.....has in any sugar year failed to commence the manufacture of sugar on or before the appointed day in respect of that year, or having started the manufacture of sugar on or before that day ceased to manufacture sugar before the expiry of the average period of manufacture of sugar in relation to that undertaking; or (b) that on any date in any sugar year any sugar undertaking has, in relation to the cane1[purchased at any time (whether in that sugar year or in any earlier sugar year or sugar years and whether before or after the commencement of this Act), before that date] for the purposes of the undertaking, arrears of cane dues to the extent of more than ten percent, of the total price of the cane purchased for the purposes of the undertaking during the immediately preceding sugar year; and (c) that in either case the effective functioning of the undertaking is necessary for the purposes of this Act, the Central Government may issue a notice in such form and in such manner as may be prescribed to the owner or the manager of such sugar undertaking calling upon such owner or manager to report in writing within such time, not being less than five days, as may be specified in.....
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