Sick Textile Undertakings (Nationalisation) Act, 1974

The Sick Textile Undertakings (Nationalisation) Act, 1974

रुग्‍ण कपड़ा-उपक्रम (राष्‍ट्रीयकरण) अधिनियम, 1974

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	197457
Act Number:	57
Enactment Date:	1974-12-21
Act Year:	1974
Short Title:	The Sick Textile Undertakings (Nationalisation) Act, 1974
Hindi Title:	रुग्‍ण कपड़ा-उपक्रम (राष्‍ट्रीयकरण) अधिनियम, 1974
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.
Ministry:	Ministry of Textiles
Enforcement Date:	01-04-1974


Schedule 1. THE FIRST SCHEDULE Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE. Order Appendix Forms

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Show all section The Sick Textile Undertakings (Nationalisation) Act, 1974

CHAPTER I

PRELIMINARY

CHAPTER II

ACQUISITION OF THE RIGHTS OF OWNERS OF SICK TEXTILE UNDERTAKINGS

CHAPTER III

PAYMENT OF AMOUNT

CHAPTER IV

MANAGEMENT, ETC., OF SICK TEXTILE UNDERTAKINGS

CHAPTER V

PROVISIONS RELATING TO EMPLOYEES OF SICK TEXTILE UNDERTAKINGS

CHAPTER VI

COMMISSIONERS OF PAYMENTS

CHAPTER VII

MISCELLANEOUS


Section 1. Short title and commencement.
Section 2. Definitions.
Section 3. Acquisition of rights of owners in respect of sick textile undertakings. Show Related Subordinates
Section 4. General effect of vesting. Show Related Subordinates
Section 5. Owner to be liable for certain prior liabilities.
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. Show Related Subordinates
Section 9. Payment of further amount. Show Related Subordinates
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. Show Related Subordinates
Section 19. Certain powers of the National Textile Corporation.
Section 20. Claims to be made to the Commissioner. Show Related Subordinates
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.
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. Show Related Subordinates
Section 38. Power to remove difficulties.
Section 39. Declaration as to the policy of the State.
Section 40. Repeal and savings.
Section 41. Validation.


Schedule 1. THE FIRST SCHEDULE Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE. Order Appendix Forms

Schedule 1. THE FIRST SCHEDULE

Schedule 2. THE SECOND SCHEDULE.