(2) The Central Government may, as soon as it is convenient Appointadministratively so to do, appoint an individual or a Government company j ? ^ 1 ^ ^ as the Custodian of a sick textile undertaking for the purpose of taking to take over the management of such undertaking and the Custodian so appointed ^^ag&- shall carry on the management of such undertaking for and on behalf of ment of the Central Government. textile* 1 under-
(2) The Central Government may also appoint a Government com- taking, pany as the Custodian-General for exercising supervision and control over all the sick textile undertakings the management of which has vested in it under this Ordinance and on such appointment, every Custodian appointed under sub-section (2) shall act under the guidance, control and supervision of the Custodian-General.
(3) On the appointment of a Custodian under sub-section (1), the charge of management of the sick textile undertaking shall vest in such Custodian and all persons in charge of the management of such undertaking immediately before such appointment shall .cease to be in charge >oi.
such management and shall be bound to deliver to the Custodian all assets, books of account, registers or other documents in their custody relating to the sick textile undertaking.
(4) The Central Government may issue such directions (including directions as to initiating, defending or continuing any legal proceedings before any Court, tribunal or other authority) to the Custodian or Custodian-General as to his or its powers and duties as the Central Government deems desirable and the Custodian or the Custodian-General may apply to the Central Government at any time for instructions as to the manner in which the Custodian or the Custodian-General shall conduct the management of the undertaking of the company or in relation to any matter arising in the course of such management.
(5) Any person who, on the appointed day, has in his possession or under his control any books, papers or other documents relating to the sick textile undertaking, the management of which has vested in the Central Government under this Ordinance, shall, notwithstanding anything contained in any other law for the time being in force, be liable, to account for the books, papers and other documents, to the Custodian and shall deliver them up to the Custodian or to such other person as may be authorised by the Central Government or the Custodian in this behalf.
(6) Every person in charge of the management of a sick textile undertaking, immediately before the appointed day, shall, within ten d«y» from that day or within such further -period as the Central Government may,allow in this behalf, furnisk to the Custodian a complete inventory of all th'e properties and assets (including particulars of book debts, &5& THE GAZETTE OF INDIA EXTRAORDINARY [ P A S * I I— investments and belongings) forming part of the sick textile undertaking immediately before the appointed day and of all liabilities and obligations of the sick textile undertaking subsisting immediately before that day and also of all agreements entered into by the textile company, in relation to the sick undertaking, and in force -immediately before that day.
(7) The Custodian and Custodian-General shall hold office during the pleasure of the Central Government and shall receive from the funds of the sick textile undertaking such remuneration as may be fixed by the Central Government. ~~ Payment ®* ̂ Every textile company shall be given by the Central Governof amount, ment an amount, in cash, for vesting in it, under section 4, the management of the sick textile undertaking of such company.
(2) For every month during which the management of the sick textile undertaking remains vested in the Central Government under this Ordinance, the amount referred to in sub-section (1) shall be computed at the rate of—
(i) fifty paise per one thousand spindles or any part thereof, in the case of a sick textile undertaking having spindles only;
(ii) one rupee per one hundred looms or any part thereof, in the case of a sick textile undertaking having looms only;
(iii) fifty paise per one thousand spindles or any part thereof, and one rupee per one hundred looms or any part thereof, in the case of a sick textile undertaking having both spindles and looms.
CHAPTER III POWER TO PROVIDE RELIEF TO SICK TEXTILE UNDERTAKINGS Power of 7. (1) The Central Government may, if it is satisfied, in relation to a Govern- s^c^ textile undertaking or any part thereof, the management of which ment to has vested in it under this Ordinance, that it is necessary so to do in the taicuiecla- interests of the general public with, a view to preventing the fall in the rations in volume of production of the textile industry, it may, by notification, sSktex-t0 declare t h a t - tile undertakings, (a) all or any of the enactments specified in the Second Schedule shall not apply or shall apply with such adaptations, whether by way or modification, addition or omission (which does not, however, affect the policy of the said enactments) to such sick textile undertaking, as may be specified in such notification, or
(b) the operation of all or any of the contracts, assurances of property, agreements, settlements, awards, standing orders or other instruments in force (to which such sick textile undertaking or the company owning such undertaking is a party or which may be applicable to such sick textile undertaking or company) immediately before the date of issue of the notification shall remain suspended or that all or any of the rights, privileges, obligations and liabilities accruing or arising thereunder before the said date, shall remain suspended- or shall be enforceable with such adaptations and in such manner as may be specified in the notification.
S«c. 1] THE GAZETTE OF INDIA EXTRAORDINARY 859
(2) The notification made under sub-section (1) shall remain in force, in the first instance, for a period of one year, but the duration of such notification may be extended from time to time by a further notification by a period not exceeding one year at a time:
Provided that no such notification shall, in any case, remain in force after the expiry of the period of operation of this Ordinance.
(3) Any notification made under sub-section (1) shall have effect notwithstanding anything to the contrary contained in any other law, agreement or instrument or any decree or order of a Court, tribunal, officer or other authority or of any submission, settlement or standing order.
(4) Any remedy for the enforcement of any right, privilege, obligation or liability referred to in clause (b) of sub-section (T) and suspended or modified by a notification made under that sub-section shall, in accordance with the terms of the notification, remain suspended or modified and all procedings relating thereto pending before any Court, tribunal, officer or other authority shall accordingly remain stayed or be continued subject to such adaptations, so, however, that on the notification ceasing to have effectto) any right, privilege, obligation or liabilities so remaining suspended or modified shall become revived and enforceable as if the notification had never been made;
(b) any proceeding so remaining stayed shall be proceeded with subject to the provisions of any law which may then be in force, from the stage which had been reached when the proceedings become stayed.
(5) In computing the period of limitation for the enforcement of any right, privilege, obligation or liability referred to in clause (b) of subsection (1), the period during which it or the remedy for the enforcement thereof remained suspended shall be excluded.
CHAPTER IV MISCELLANEOUS