(1) In this Act, unless the context otherwise requires,-
(a) “appointed day” means the 1st day of September, 1983;
(b) “authorised person” means the person or body of persons appointed under section 18AA of the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), to take over the management of the sick textile undertakings;
(c) “bank” means-
(i) the State Bank of India constituted under the State Bank of India Act,1955 (Central Act 23 of 1955);
(ii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 of 1959);
(iii) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Central Act 40 of 1980);
(iv) any other bank, being a scheduled bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (Central Act 2 of 1934);
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(d) “Commissioner” means a Commissioner of Payments appointed under section 16;
(e) “owner”, when used in relation to a sick textile undertaking, means the person or firm who or which was, immediately before the take-over of the management of the undertakings under section 18AA of the Industries (Development and Regulation) Act,1951 (Central Act 65 of 1951), the immediate proprietor or lessee or occupier of the sick textile undertaking or any part thereof;
(f) “prescribed” means prescribed by rules made under this Act;
(g) “sick textile undertaking” means a textile undertaking specified in the First Schedule, the management of which has, before the appointed day, been taken over by the Central Government under the Industries (Development and Regulation) Act,1951 (Central Act 65 of 1951);
(h) “specified date” means such date as the Government may, for the purpose of any provision of this act, by notification in the Gazette, specify; and different dates may be specified for different provisions of this Act;
(i) “State Textile Corporation” means the Kerala State Textile Corporation Limited formed and registered under the Companies Act, 1956 (Central Act 1 of 1956);
(j) “textile company” means a company specified in column (3) of the First Schedule as owning the undertaking specified in the corresponding entry in column (2) of that Schedule;.
(k) “Subsidiary textile corporation” means a company formed by the State Textile Corporation as its subsidiary;.
(2) Words and expressions used but not defined in this Act and defined in the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), shall have the meanings respectively assigned to them in that Act.
(3) Words and expressions used but not defined either in this Act either in this Act or in the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), but defined in the Companies Act, 1956 (Central Act 1 of 1956), shall have the meanings respectively assigned to them in the Companies Act, 1956 (Central Act 1 of 1956).
CHAPTER II ACQUISITION OF THE RIGHTS OF THE OWNERS OF SICK TEXTILE UNDERTAKINGS