The Sick Textile Undertakings (Nationalisation) Act, 1974
Central Act · Act 57 of 197442 provisions3 citing judgments
The enactment
| Long title | An Act to provide for the acquisition and transfer of the sick textile undertakings, and the right, title and interest of the owners in respect of the sick textile undertakings, specified in the First Schedule with a view to re-organising and rehabilitating such sick textile undertakings so as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of different verieties of cloth and yarn, and for matters connected therewith or incidental thereto. |
|---|---|
| Type | Act |
| Citation | Act 57 of 1974 |
| Year | 1974 |
| Jurisdiction | Central |
| Ministry | Ministry of Textiles |
| Status | In force as published by the source |
| Provisions published | 42 |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title and commencement.
- Section 2 Definitions.
- Section 3 Acquisition of rights of owners in respect of sick textile undertakings.1 citing judgment
- Section 4 General effect of vesting.
- Section 5 Owner to be liable for certain prior liabilities.1 citing judgment
- Section 6 National Textile Corporation to form subsidiary corporations.
- Section 7 Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government.
- Section 8 Payment of amount to owners of sick textile undertakings.
- Section 9 Payment of further amount.
- Section 10 Accounts to be rendered by the owners of sick textile undertakings.
- Section 11 Management, etc., of sick textile undertakings.
- Section 11A Special provision for disposal of assets of the sick textile undertakings in certain circumstances.
- Section 12 Duty of persons in charge of management of sick textile undertakings to deliver all assets, etc.
- Section 13 Accounts.
- Section 14 Employment of certain employees to continue.
- Section 15 Provident and other funds.
- Section 16 Transfer of employees to a Subsidiary Textile Corporation.
- Section 17 Appointment of Commissioners of Payments.
- Section 18 Payment by the Central Government to the Commissioner.
- Section 19 Certain powers of the National Textile Corporation.
- Section 20 Claims to be made to the Commissioner.
- Section 21 Priority of claims.
- Section 22 Examination of claims.
- Section 23 Admission or rejection of claims.
- Section 24 Disbursement of money by the Commissioner to claimants.
- Section 25 Disbursement of amounts to the owners of sick textile undertakings.
- Section 26 Undisbursed or unclaimed amounts to be deposited to the general revenue account.
- Section 27 Assumption of liability.
- Section 28 Management to continue to vest in the Custodian until alternative arrangements are made.
- Section 29 Act to override all other enactments.1 citing judgment
- Section 30 Contracts to cease to have effect unless ratified by National Textile Corporation.
- Section 31 Transfer of assets, etc., to be void in certain cases.
- Section 32 Penalties.
- Section 33 Offences by companies.
- Section 34 Protection of action taken in good faith.
- Section 35 Textile companies not to be wound up by the court.
- Section 36 Delegation of powers.
- Section 37 Power to make rules.
- Section 38 Power to remove difficulties.
- Section 39 Declaration as to the policy of the State.
- Section 40 Repeal and savings.
- Section 41 Validation.
Find the provision, not just read it
The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:
- Search 49,000+ Central and State enactments by what a provision says, not by its number
- Jump from any section to every judgment that has applied it
- Search 300 million+ Indian court records alongside the statute
- Ask a research agent to find and read the case law on a provision for you
Free account. No card. About a minute to create.
Create a free accountNeed this as data, not as a page? The Sick Textile Undertakings (Nationalisation) Act, 1974 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.