The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986
Central Act · Act 30 of 198634 provisions
The enactment
| Long title | An Act to provide for the acquisition and transfer of certain textile undertakings of the Swadeshi Cotton Mills Company Limited, with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of different varieties of cloth and yarn and thereby to give effect to the policy of the State towards securing the principles specified in clauses (b) and (c) of article 39 of the Constitution and for matters connected therewith or incidental thereto. |
|---|---|
| Type | Act |
| Citation | Act 30 of 1986 |
| Year | 1986 |
| Jurisdiction | Central |
| Ministry | Ministry of Textiles |
| Status | In force as published by the source |
| Provisions published | 34 |
| Subjects | corporate, property |
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 Transfer and vesting of the textile undertakings.
- Section 4 General effect of vesting.
- Section 5 Company to be liable for certain prior liabilities.
- Section 6 Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation.
- Section 7 Shares to be issued by National Textile Corporation for the value of assets transferred to it by the Central Government.
- Section 8 Payment of amount.
- Section 9 Payment of further amounts.
- Section 10 Management, etc., of the textile undertakings.
- Section 10A Special provision for disposal of assets of the textile undertakings in certain circumstances.
- Section 11 Duty of persons in charge of management of the textile undertakings to deliver all assets, etc.
- Section 12 Continuance of employees of the textile undertakings.
- Section 13 Provident and other funds.
- Section 14 Transfer of employees to a Subsidiary Textile Corporation.
- Section 15 Appointment of Commissioner of Payments.
- Section 16 Payment by the Central Government to the Commissioner.
- Section 17 Certain powers of the National Textile Corporation.
- Section 18 Claims to be made to the Commissioner.
- Section 19 Priorities of claims.
- Section 20 Examination of claims.
- Section 21 Admission or rejection of claims.
- Section 22 Disbursement of money by the Commissioner to claimants.
- Section 23 Undisbursed or unclaimed amount to be deposited with the general revenue account.
- Section 24 Act to have overriding effect.
- Section 25 Assumption of liability.
- Section 26 Contracts to cease to have effect unless ratified by National Textile Corporation.
- Section 27 Penalties.
- Section 28 Offences by companies.
- Section 29 Protection of action taken in good faith.
- Section 30 Delegation of powers.
- Section 31 Power to make rules.
- Section 32 Power to remove difficulties
- Section 33 Repeal and saving.
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