Court : Chennai
Reported in : [2000]243ITR487(Mad)
..... the enactments providing for the relevant levy, are only recoverable to the extent, and in the manner provided for so far as the company owning' sick textile undertakings is concerned in the sick textile undertakings (nationalisation) act.13. in the order made by the income-tax officer, there is also a significant failure to state that any attempt had been made to recover the monies from ..... entire exercise initiated by the income-tax officer is based on a misconception of the scope of his power and a complete failure to understand the provisions of the sick textile undertakings (nationalisation) act.17. the questions referred to us are, therefore, answered in favour of the assessee and against the revenue. the assessee shall be entitled to costs in the sum of rs .....
Tag this Judgment!Court : Chennai
Reported in : [1999]240ITR390(Mad)
..... were held, and period for which the accounts were laid and adopted have been set out.13. the sick textile undertakings (nationalisation) act vested the entire undertaking of the cambodia mills ltd., in the central government free of all encumbrances. the amount of compensation provided for in that ..... company came to be vested in the central government and thereafter in the national textile corporation under the provisions of the sick textile undertakings (nationalisation) act, 1974.3. during the period, the authorised controller was in charge of the industrial undertaking that was owned by the company, cambodia mills ltd. returns were filed under the ..... authorised controller till april 1, 1974, under the sick textile undertakings (nationalisation) act, 1974, by which, some of the other mills of cambodia mills ltd. was also nationalised, came into force. a sum of rs. 64.40 lakhs was under the terms of the nationalisation act payable as compensation for the assets belonging to cambodia mills .....
Tag this Judgment!Court : Chennai
Reported in : AIR2002Mad423; 2003(1)ARBLR128(Madras); II(2003)BC353; (2002)2MLJ649
..... of the above terms as such it is not entitled to claim any amount. the plaintiff has already resorted to the provisions of sick textiles undertaking nationalisation) act 1974 and preferred an appeal and other legal action for the recovery of the amount separately. whileso, the present suit was pre matured ..... .69, the said mill was taken over under the provisions of industries (development and regulations) act 1951 and was subsequently nationalised under the provisions of the sick textiles undertaking (nationalisation)act 1974. at the time of nationalisation, defendants 2 and 3 requested the plaintiff to grant further loan facilities and they have executed ..... the principal debt.'we also agree with the learned single judge. 8. after the nationalisation of sick mills under the provisions of sick textiles undertaking (nationalisation) act, 1974, the creditors were entitled to make claims against the nationalised mills before the commissioner of payments. the plaintiff also made a claim before the .....
Tag this Judgment!Court : Chennai
Reported in : (2003)ILLJ354Mad
..... that the judgment of the division bench governed the issue raised in this writ petition.6. it is also relevant to refer section 14(4) of sick textile undertakings (nationalisation) act, 1974 which reads as follows: 'section 14(4) where, under the terms of any contract of service or otherwise, any person whose services become terminated ..... the period of closure. 5. there is no dispute that the petitioner mills were taken over under the provisions of sick textile undertakings (nationalisation) act, 1974 by the government of india and vested with the national textile corporation (tamil nadu and pondicherry) limited. it is also not disputed that the employees in question left the mills on ..... the delay.8. in view of the fact that the provisions of section 14(4) of the sick textile undertakings (nationalisation) act, 1974 apply only to those persons who had been terminated by reason of the provisions of the act and in the light of earlier division bench decision in w.p.nos. 10304/83 dated 20-9 .....
Tag this Judgment!Court : Chennai
Reported in : [1984]149ITR735(Mad)
..... management of the fourth mills have been taken over by the state government under the sick textile undertakings (taking over of management) act, 1972. subsequently, the sick textile undertakings nationalisation act of 1974 came into force and the four mills have been nationalised on and from april 1,1974. the revenue had not disputed the fact that the debts ..... due to the assessee have become irrecoverable after the nationalisation act which came into force on april 1, ..... tribunal took the view that admittedly the four mills, from which the trade debts of rs. 11,33,190 were due to the assessee, were nationalised with effect from april 1, 1974. but the liabilities of the four debtor-mills had exceed their assets and there was no possibility of any recovery .....
Tag this Judgment!Court : Chennai
Reported in : (2007)ILLJ140Mad
..... deny relief to the staff/sub-staff working in the mills. as per the provisions of section 5(2)(c) of the sick textile undertakings (nationalisation) act, 1974, the wages, salaries and other dues of the employees of the sick textile undertakings after the takeover of their managements by the central government are the responsibility of the central government. the central government has failed to discharge ..... its responsibility for all these years by raising such specious pleas. the central government has to discharge its responsibility de hors the bifr schemes. 27. in the light of the provisions of the epf act, and .....
Tag this Judgment!Court : Chennai
Reported in : AIR1988Mad267
..... way of an equitable mortgage from the mills. the mills was initially taken over under the sick textitle undertakings (takingover of management) act, 1972(,act 72 of 1972). subsequently, pursuant to the provisions of the sick textile undertakings (nationalisation) act, 1974 (act 57 of 1974), hereinafter referred to as the act the mills have come to vest in the central government and subsequently transferred to and vested in the ..... -6-1968 the entire limits was fully availed on 26-2-1970. the management of the captioned mills has been taken over by the tamil nadu national textile corporation, on 20-11-1972 and later nationalised on 21-9-1974. as the mills has defaulted to pay all the five annual instalments with interest which fell due from 26-2-1971 to .....
Tag this Judgment!Court : Chennai
Reported in : (1984)1MLJ228
..... national textile corporation v. industrial tribunal (1979) l.i.c. 1024, till the industrial undertaking is nationalised, its ownership could not be stated to have vested in ..... , whole or partial, by the central government will not make the industrial undertaking, an undertaking of the central government itself. there is no dispute before us that the mills has not come within the mischief of nationalisation under the sick textile undertakings (nationalisation) act lvii of 1974. as taken note of by the allahabad high court in ..... was brought to the notice of the bench that under sub-section (2) of section 18-e of central act lxv of 1951 the application of the indian companies act to such undertakings in the same manner as it applied before the issue of the notifications was preserved the bench characterised this .....
Tag this Judgment!Court : Chennai
Reported in : [2000]109TAXMAN300(Mad)
..... income tax officer is based on a misconception of the scope of his powers, and a complete failure to understand the provisions of the sick textile undertakings (nationalisation) act.16. the questions referred to us are, therefore, answered in favour of the assessee, and against the revenue, the assessee shall be entitled ..... the relevant levy, are only recoverable to the extent and in the manner provided for so far as the company owning sick textile undertakings are concerned under the sick textile undertakings (nationalisation) act.12. in the order made by the income tax officer, there is also a significant failure to state that any attempt ..... interest of the cambodia mills ltd., notwithstanding this provision made in the act for the payment of compensation to that company is wholly untenable in law.11. the sick textile undertakings (nationalisation) act is also a special enactment insofar as the sick textile undertakings are concerned. to the extent, the provision is made therein for the .....
Tag this Judgment!Court : Chennai
Reported in : 1999(2)CTC364; (2000)ILLJ340Mad
..... in the decision reported in tinsukhia electric supply co., ltd., v. state of assam, : air1990sc123 . the same argument was also raised while challenging the sick textile undertakings (nationalisation) act 57 of 1974 in panipet w and c mills co., ltd., v. union of india, air 1986 sc 2082 before the supreme court. in para 10 of ..... v. union of india, : [1986]3scr718 , the supreme court held that the sick textile under taking (nationalisation) act (57 of 1974) gives effect to the policy as contemplated in article 39(b) and (c) of the constitution and that the act enjoys the protective umbrella of article 31(c). same reasons can be applied in the ..... has no legislative competence to enact the im-pugned act. since the industrial undertaking is a textile undertaking which is included in the schedule of the industries (development and regulation) act, 1951 (central act 65 of 1951). according to him, by virtue of the fact that the textile industry is an industry which had been included under entry .....
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