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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 sectionSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Preamble 1
Title: The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986
State: Central
Year: 1986
.....a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of different varieties of cloth and yarn and there by to give effect to the policy of the State towards securing the principles specified in clauses (b)and (c) of article 39 of the Constitution and for matters connected therewith or incidental thereto.] WHEREAS the Swadeshi Cotton Mills Company Limited has, through its six textile undertakings, been engaged in the manufacture and production of different varieties of cloth and yarn; AND WHEREAS the management of the said textile undertakings was taken over by the Central Government under section 18-AA of the Industries (Development and Regulation) Act, 1951; 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 Company; AND.....
View Complete Act List Judgments citing this sectionSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Chapter IV
Title: Management, Etc. of the Textile Undertakings
State: Central
Year: 1986
.....and business of a textile undertaking, the right, title and interest" of the Company in relation to which have vested in that Corporation under sub-section (2) of section 3, and do all such things as the Company is authorised to exercise and do. Section 10A - Special provision for disposal of assets of the textile undertakings in certain circumstances 1 [10A. Special provision for disposal of assets of the textile undertakings incertain circumstances If the National TextileCorporation considers it necessary or expedient for the better management,modernisation, restructuring or revival of a textile undertaking so to so, itmay, with the previous sanction of the Central Government, transfer, mortgage,sell or otherwise dispose of any land, plant, machinery or other assets of anyof the textile undertakings : Providedthat the proceeds if no such transfer, mortgage, sale or disposal shall beutilised for any purpose other than the purpose for which the sanction of theCentral Government has been obtained.] ________________________ 1.Inserted by Sick Textile Undertakings(Nationalisation) Amendment Act (40 of 1995), S. 3 (w.r.e.f. 27-6-95). Section 11 - Duty of persons in.....
View Complete Act List Judgments citing this sectionSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Chapter V
Title: Provision Relating to Employees of the Textile Undertakings
State: Central
Year: 1986
.....of such provident fund, superannuation, welfare or other fund stand transferred to, and vest in, theNational Textile Corporation. (2) The moneys 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 14 - 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 section 12 shall, on and from the date of such transfer, become an employee of the Subsidiary Textile Corporation, and the provisions of sections 12 and 13 shall apply to such 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 sectionSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Section 10A
Title: Special Provision for Disposal of Assets of the Textile Undertakings in Certain Circumstances
State: Central
Year: 1986
1 [10A. Special provision for disposal of assets of the textile undertakings incertain circumstances If the National TextileCorporation considers it necessary or expedient for the better management,modernisation, restructuring or revival of a textile undertaking so to so, itmay, with the previous sanction of the Central Government, transfer, mortgage,sell or otherwise dispose of any land, plant, machinery or other assets of anyof the textile undertakings : Providedthat the proceeds if no such transfer, mortgage, sale or disposal shall beutilised for any purpose other than the purpose for which the sanction of theCentral Government has been obtained.] ________________________ 1.Inserted by Sick Textile Undertakings(Nationalisation) Amendment Act (40 of 1995), S. 3 (w.r.e.f. 27-6-95).
View Complete Act List Judgments citing this sectionSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Section 3
Title: Transfer and Vesting of the Textile Undertakings
State: Central
Year: 1986
(1) On the appointed day, every textile undertaking and the right, title and interest of the Company in relation to every such textile undertaking shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government. (2) Every such textile undertaking which stands vested in the Central Government by virtue of subsection (1) shall immediately after it has so vested, stand transferred to, and vested in, the National Textile Corporation.
View Complete Act List Judgments citing this sectionSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Section 11
Title: Duty of Persons in Charge of Management of the Textile Undertakings to Deliver All Assets, Etc.
State: Central
Year: 1986
On the vesting of a textile undertaking in the National Textile Corporation, all persons in charge of the management of a 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 sectionSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Section 12
Title: Continuance of Employees of the Textile Undertakings
State: Central
Year: 1986
.....gratuity and other like matters as would have been admissible to him if the rights in relation to such textile undertaking had not been transferred to, and vested in, the National Textile Corporation, and shall continue to do so unless and until his employment in that Corporation is duly terminated or until his remuneration, terms and conditions of employment are duly altered by that Corporation. (2) Notwithstanding anything contained in the Industrial Disputes Act, 1947, or in any other law for the time being in force, the transfer of the services of any officer or other person employed in a textile undertaking to the National Textile Corporation shall not entitle such officer or other employee to any compensation under this Act or any other law for the time being in force and no such claim shall be entertained by any Court, tribunal or other authority.
View Complete Act List Judgments citing this sectionSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Section 6
Title: Transfer of Any Textile Undertaking or Part Thereof to a Subsidiary Textile Corporation
State: Central
Year: 1986
(1) The National Textile Corporation may, by order in writing, transfer any of the textile undertakings or part thereof to a Subsidiary Textile Corporation and any such transfer shall be subject to such terms and conditions as may be specified in the said order. (2) The Subsidiary 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. (3) Save as otherwise expressly provided in this Act, references in this Act to the National Textile Corporation shall, in respect of any textile undertaking or part thereof which is transferred to a Subsidiary Textile Corporation, be construed as references to the Subsidiary Textile Corporation.
View Complete Act List Judgments citing this sectionSwadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 Section 10
Title: Management, Etc., of the Textile Undertakings
State: Central
Year: 1986
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, direction, control and management of the affairs and business of a textile undertaking, the right, title and interest" of the Company in relation to which have vested in that Corporation under sub-section (2) of section 3, and do all such things as the Company is authorised to exercise and do.
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