Court : Madhya Pradesh
Reported in : (1998)IIILLJ975MP
..... by the central government under either the industries (development and regulations) act or the sick textile. undertakings (taking over of management) act, 1972.4. section 3 of the sick textile undertakings (nationalisation) act, 1974 provides for acquisition of rights of owners in respect of sick textiles undertakings and lays down that on the appointed day, every sick textile undertaking and the right, title and interest of the owner in relation to every such ..... government under the industrie (development and regulations) act, 1951, or as the case may be, vested in the central government under the sick textile undertakings (taking over of management) act, 1972. bengal nagpur cotton mills, rajnandgaon (m.p.) is one of the sick textile undertakings mentioned at serial no. 18 of the first schedule to the nationalistion act, with the result, the same was taken over and .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1980MP32; 1980MPLJ233
..... under section 18 of the industries (development and regulation) act, 1951 or the custodian appointed under the sick textile undertakings (taking over of management) act, 1972. these undertakings were nationalised with effect from 1st april 1974 by the sick textile undertakings (nationalisation) ordinance, 1974 which was repealed and replaced by the sick textile undertakings (nationalisation) act, 1974, hereinafter referred to as the act. the m. p. electricity board, which is respondent ..... been taken over by the central government under the industries (development and regulation) act, 1951, or as the case may be, vested in the central government under the sick textile undertakings (taking over of management) act, 1972. all the six undertakings with which we are concerned in this petition are specified in the first schedule. section 3(1) provides that on the appointed day, every .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1988MP181; 1988MPLJ266
..... financial institutions have a precedence over unsecured loans of the government and banks.11. the petitioners pointed out that the provisions of coal mines (nationalisation) act, and sick textile undertakings (nationalisation) act are not akin to those of the hind cycles (nationalisation) act and differences in the relevant provisions were highlighted. no two acts can be ..... by virtue of the power conferred on it under section 18(a) of the act of 65 of 1951 authorised the board of management to take over bicycle undertakings of the respondent 2 at bombay as well as at gaziabad for a period of five years by issuing 2 orders. the aforesaid period was ..... hind cycles ltd. and sen-raleigh ltd. (nationalisation) ordinance, 1980, was promulgated on 25-10-1980 which was subsequently made act no. 70 of 1980, taking over the management and ownership of the bicycle factories of respondent 2-company by the central government. by notification dated 28-10-1980 the central government transferred the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1991]72CompCas34(MP)
..... , whereby the learned trial court rejected the application of the petitioners-defendants for stay of the suit in view of the provisions of section 6(1)(b) of the textile undertakings (taking over of management) act, 1983 (act no. 40 of 1983), for short 'the act'. the plaintiff, dena bank, filed a suit for recovery of rs. 2 ..... 220.60 against the petitioners and other defendants, including m/s. sitaram mills limited. it is said that m/s. sitaram mills limited was declared as a sick textile unit and the management of the same was taken over by making certain declarations and a custodian was appointed under the provisions of the act. an application was ..... to which the notified undertaking was a party. as such, the apex court held that the suit would remain unaffected by the notification. learned counsel, smt. waghmare, further contended that as admittedly, in the present case, the management has been taken over and m/s. sitaram mills has been declared a sick textile unit, the provisions of .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1989MP279; 1988MPLJ301
..... constitution. it may be mentioned that in the aforesaid decision, section 21 of sick textile undertakings act has been upheld which provision is akin to section 19 of the preseni act giving priority to post-take-over management period over pre take over management period a division bench of this court in m/s. kalyanmal mills ..... (c). the supreme court in minerva mills ltd v. union of india, air 1986 sc 2030 held that sick textile undertakings (nationalisation) act, 1974, has, been enacted with a view to reorganising and rehabilitating the sick textile undertakings so as to sub serve the interests of the general public by the augmentation of the production and distribution, ..... by the petitioner against the corporation. the delhi high court held that hind cycles ltd, as a company, is not nationalised but only its two undertakings manufacturing bicycles and accessories. section 5{1) recognises survival of such company after nationalisation and the rights of the claimants and the liability of the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1990]67CompCas6(MP)
..... /applicants' suit for recovery of rs. 6,17,829.95 against chadha and co. and others has been stayed under the provisions of section 6 of the textile undertakings (taking over of management) act, 1983, act no. 40 of 1983 (for short, 'the act').2. the main contention of shri a.k. chitale, learned ..... , assurances of property, agreements, settlements, awards, standing orders or other instruments in force (to which such textile undertaking or the textile company owning such undertaking is a party or which may be applicable to such textile undertaking or textile company) immediately before the date of issue of the notification shall remain suspended or that all or any of ..... the act reads as under :'6. power of the central government to make certain declarations in relation to certain textile undertakings. -- (1) the central government may, if satisfied, in relation to any of the textile undertakings or any part thereof, the management of which has vested in it under this act, that it is necessary .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1990MPLJ281
..... over the management of the whole industrial undertaking subject to certain conditions, vide notification no. section 0617 e/18aa/idra/77 published in the gazette of india extraordinary, part ..... three months and such closure was prejudicial to the concerned industry, i.e. the cotton textile industry and the condition of the plant and machinery of the undertaking was such that it was possible to restart the undertaking and such restarting was necessary in the interests of the general public. therefore, in exercise ..... of the powers conferred by clause (b) of section 18-aa(1) of the act, the central government authorised the madhya pradesh state textile corporation limited to take .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1983MP65
..... an order signed by shri v. k. shunglu. joint secretary in the ministry of commerce (department of textiles) was issued. this order states that having regard to the facts and circumstances mentioned in the order, the take over of the undertaking was not only proper but necessary. this order briefly contains the reasons. it is annexure 'd'. the ..... order dated 12th aug. 1977, the central government, acting under section 18aa of the industries (development and regulation) act, 1951, authorised the madhya pradesh state textile corporation to take over the management of the whole of the mill for a period of five years. this order was challenged by the petitioners in misc. petition no. 57 of ..... we are of opinion that no prior hearing is necessary before passing an order of extension of the period of take over. in this connection it has to be taken notice of that the owner whose undertaking is taken over is already heard at the time of exercise of the power under section 18aa. the owner can .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008(118)FLR979]; (2009)ILLJ374MP; 2008(3)MPHT243
..... the employer then they will have to be regarded as genuine and adequate. if the employer wants to close down his undertaking bonafide and because of financial or commercial compulsions or serious management problem then the authorities will have to grant permission unless ..... to the adequacy of reasons unless there is an error apparent on the face of record.15. in the case of orissa textile & steel ltd. (supra), the hon'ble apex court has upheld the validity of the closure and with regard to ..... as to whether the ultimate opinion formed by the slate government is vitiated on account of ignoring any relevant factor, or taking into account any irrelevant, extraneous or non-existing factor so as to disclose any error apparent on face of the record ..... in loss of more than 400 crores and it has already been undergone bifr and proceedings are going on under the provisions of sick industrial companies (special provisions) act, 1985 with regard to payment of dues to the other party vide case no. 158/01 .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2008)220CTR(MP)172; [2008]305ITR181(MP); [2009]177TAXMAN154(MP)
..... the assessee, shyam sundar chhaparia, on october 21, 2000, as a 'special compensation' for his agreement not to take up any competitive employment/ assignment in future as per the undertaking signed by him with the aditya birla group wherefrom he superannuated on september 30, 2000. the whole question here ..... grasim industries the assessee attained considerable knowledge and special expertise and huge work experience of various industrial units run by grasim industries, i.e., textile, cement, etc. that after his retirement the assessee was granted an amount of rs. 27,50,000 as a special compensation in ..... gratuity 20 months 16,02,940leave encashment 240 days 6,41,176special compensation for his agreement not to take 27,50,000up any competitive employment/assignment in future as per the undertaking signed by him-------------------------------------------------------------------------------6. that on march 17, 2003, a query letter was served on the assessee .....
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