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Start Free TrialTextile 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 sectionTextile Undertakings (Nationalisation) Act,1995 Preamble 1
Title: Textile Undertakings (Nationalisation) Act,1995
State: Central
Year: 1995
.....specified in column (3) of the First Schedule have, through their undertakings specified in column (2) of the said Schedule, beem engaged in the manufacture and production of different varieties of cloth and yarn; AND WHEREAS, pending acquisition, the management of the said textile undertakings was taken over by the Central Government under section 3 of the Textile Undertakings (Taking Over of Management) Act, 1983 or under section 3 of the Laxmirattan and Atherton West Cotton Mills (Taking Over of Management) Act, 1976, as the case may be; AND WHEREAS large sums of money have been invested with a view to making the said textile undertakings viable; AND WHEREAS further investment of very large sums of money is necessary for the purpose of securing the optimum utilisation of the available facilities for the manufacture, production and distribution of cloth and yarn by the said textile undertakings of the companies; AND WHEREAS such investment is also necessary for securing the continued employment of the workmen employed in the said textile undertakings; AND WHEREAS it is necessary in the public interest to acquire the said textile undertakings of the textile companies.....
View Complete Act List Judgments citing this sectionTextile Undertakings (Nationalisation) Act,1995 Section 12
Title: Duty of Persons in Charge of Management of Textile Undertaking to Deliver All Assets Etc.
State: Central
Year: 1995
On the vesting of the management of a textile undertaking in the National Textile Corporation, all persons in charge of the management of such textile undertaking immediately before such vesting shall be bound to deliver to the National Textile Corporation all assets, books of account, registers or other documents in their custody relating to the textile undertaking.
View Complete Act List Judgments citing this sectionTextile Undertakings (Nationalisation) Act,1995 Chapter 4
Title: Management Etc.of Textile Undertakings
State: Central
Year: 1995
.....and business of a 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 textile undertaking is authorised to exercise and do. Section 11 - Special provision for disposal of assets of the textile undertakings in certain circumstances (1) If the National Textile Corporation considers it necessary or expedient for the better management modernisation, restructuring, or revival of a 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 textile undertakings : Provided that the proceeds of no such transfer, mortgage, sale or disposal of assets shall be utilized for any purpose other than the purpose for which the sanction of the Central Government has been obtained. Section 12 - Duty of persons in charge of management of textile undertaking to deliver all assets etc. On the vesting of the management of a textile undertaking in the National Textile Corporation, all persons in charge of the.....
View Complete Act List Judgments citing this sectionTextile Undertakings (Nationalisation) Act,1995 Section 10
Title: Management, Etc. of Textile Undertakings
State: Central
Year: 1995
The National Textile Corporation or any person which that corporation may by order in writing, specify, shall be entitled to exercise the powers of general superintendence, directing, control and management of the affairs and business of a 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 textile undertaking is authorised to exercise and do.
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 Complete Act
Title: Textile Undertakings (Nationalisation) Act,1995
State: Central
Year: 1995
.....or unclaimed amounts to be deposited to the general reserve account Chapter 7 Section27 - Assumption of liability Section28 - Management to continue or vest in the Custodian until alternative arrangements are made Section29 - Act to override all other enactments Section30 - Contracts to cease to have effect unless ratified by the National Textile Corporation Section31 - Penalties Section32 - Offences by companies Section33 - Protection of action taken in good faith Section34 - Textile companies not to be wound up by the Court Section35 - Delegation of powers Section36 - Power to make rules Section37 - Power to remove difficulties Section38 - Repeal and saving Schedule1 - FIRST SCHEDULE Schedule2 - SECOND SCHEDULE
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 sectionTextile Undertakings (Nationalisation) Act,1995 Section 8
Title: Payment of Amount to Owners of Textile Undertakings
State: Central
Year: 1995
The owner of every textile under taking shall be given by the Central Government, in cash and in the manner specified in Chapter VI, for the transfer to, and vesting in it, under sub-section (1) of section 3 of such textile undertaking and the right, title and interest of the owner in relation to such textile undertaking, an amount equal to the amount specified against it in the corresponding entry in columa (4) of the First Schedule.
View Complete Act List Judgments citing this sectionTextile Undertakings (Nationalisation) Act,1995 Section 3
Title: Acquisition of Rights of Owners and Vesting of the Textile Undertakings
State: Central
Year: 1995
(1) On the appointed day1, the right, title and interest of the owner in relation to every textile undertaking sh all stand transferred to and sh all vest absolutely in, the Central Government. ( 2 ) Every textile undertaking which stands vested in the Central Government by virtue of sub -section ( 1 ) sh all immediately after it has so vested, stand transferred to and vested in, the National Textile Corp oration. ________________________ 1. 18 - 9 - 1995 ,
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