(2) On and from the appointed day, the management of all the sick Managetextile undertakings specified in the First Schedule shall vest in the ^lex- Central Government. tile undertakings to vest in Central Government on the appointed day.
(2) If, after the promulgation of this Ordinance, any investigation is ordered, under section 15 or section 15A of the Industries (Development 65 of 1951. an<* Regulation) Act, 1951, in relation to the textile undertaking of any company, and it is reported after such investigation that the management of such textile undertaking ought to be taken over under section, 18A or section 18FA of that Act, the Central Government may, if it is satisfied 856 THE GAZETTE OF INDIA EXTRAORDINARY [PARI n— after a consideration of such report and other relevant matters that such undertaking ought to be declared to be a sick textile undertaking, make a declaration to that effect and further declare that the management of such textile undertaking ought to be taken over by it under this Ordinance, and on and from the date of such declarations,—
(i) such textile undertaking shall be deemed to be a sick textile undertaking,
(it) the management of such textile undertaking shall be deemed, for the purposes of this Ordinance, to vest in the Central Government, and (Hi) the textile undertaking and the company owning it shall be deemed to be included in the First Schedule.
and thereupon the provisions of this Ordinance shall become applicable thereto subject to the modification that for the words "appointed day", wherever they occur, the words, brackets and figures "date of the declaration made by the Central Government under sub-section (2) of section 4" shall be substituted.
(3) The sick textile undertaking shall be deemed to include all assets, rights, powers, authorities and privileges of the textile company, in relation to the said sick textile undertaking, and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery, automobiles and other vehicles and goods under production or in transit, cash balances, reserve fund, investments and all other rights and interests in, or arising out of, such property as were, immediately before the appointed day, in the ownership, possession, power or control of the textile company, whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto.
(4) Any contract, whether express or implied, or other arrangement (whether under any statute or otherwise) in so far it relates to the management of the business and affairs of the sick textile undertaking, and in force immediately before the appointed day, or any order made by any Court in so far as it relates to the management of the business and affairs of the sick textile undertaking and in force immediately before the appointed day, shall be deemed to have terminated on the appointed day.
(5) All persons in whom the management of the business and affairs of the sick textile undertaking vests immediately before the appointed day, shall, as from that day, cease to be so vested.
(6) Notwithstanding any judgment, decree or order of any Court, tribunal or other authority or anything contained in any law (other than this Ordinance) for the time being in force, every Receiver, Official Liquidator or other person in whose possession or custody or under whose control a sick textile undertaking or any part thereof may be immediately before the appointed day, shall, on the commencement of this Ordinance, deliver the possession of the said undertaking or such part thereof, as the case may be, to the Custodian, appointed under section 5- or where no Custodian has been appointed, to such other person as the Central Government may direct.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 857
(7) The Central Government may take, or cause to be taken, all necessary steps for securing the possession of the sick textile undertaking which has vested in 44*«.nder section 4.
(8) No resolution passed at any meeting of the shareholders of the textile company on or after the appointed day regarding the business of the textile company, in so far as it relates to the sick textile undertaking, shall be given effect to unless approved by the Central Government.