(1) The State Government may, by notification, make rules for carrying out the provisions of this Act.
240 Power to remove difficulties.
West Ben.
Ord. III of
1992.
Repeal and saving. 3. (1) The India Belting and Cotton Mills Limited (Acquisition and Transfer of Undertakings) Ordinance, 1991, is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.
The India Belting and Cotton Mills Limited (Acquisition and Transfer of Undertakings) Act, 1992.
XXXI of 1992.]
(Chapter VII—Miscellaneous.—Sections 33, 34.)
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—
(a) the time within which, and the manner in which, an intimation referred to in sub-section (3) of section 4 shall be given;
(b) the form and the manner in which, and the conditions under which, the Custodian or Custodians shall maintain accounts as required by section 12;
(c) the manner in which moneys in any provident fund or other fund referred to in section 14 shall be dealt with;
(d) any other matter which required to be, or may be, prescribed.
(3) Every rule made by the State Government under this Act shall be laid, as soon as may be after it is made, before the State Legislature, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, the State Legislature agrees in making any modifications in the rule or the State Legislature agrees that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
33. If any difficulty arises in giving effect to the provisions of this Act, the State Government may, by order not inconsistent with the provisions of this Act, remove the difficulty:
Provided that no such order shall be made after the expiry of a period of two years from the date of publication of this Act in the Official Gazette.
241 The India Belting and Cotton Mills Limited (Acquisition and Transfer of Undertakings) Act, 1992.
[West Ben. Act 300(1 of 1992.]
THE SCHEDULE (See sections 19, 20, 21, and 23.)
Order of priorities for the discharge of the liabilities of the Company Pre-take-over period Category I:
(a) Wages, salaries and other dues payable to the employees by the Company.
(b) Deductions made from the salaries and wages of the employees for provident fund, the Employees' State Insurance Fund and premium relating to the Life Insurance Corporation of India.
(c) Arrears in relation to contributions to be made by the Company to provident fund, the Employees' State Insurance Fund, premium relating to the Life Insurance Corporation of India and any other arrear under any law for the time being in force.
Category II:
Revenue, taxes, cesses, rates and other dues to the Central and State Governments and local authorities or State Electricity Board.
Category III:
Principal amount of unsecured loans advanced by banks and financial institutions.
Category IV:
Amount due by way of nterest on unsecured loans referred to in Category III.
Category V:
Any other credit availed of for purposes of trade or manufacturing operations and any other dues.
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