The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act
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.1986
List of Chapters & Sections
PRELIMINARY
ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS
PAYMENT OF AMOUNTS
MANAGEMENT, ETC., OF THE TEXTILE UNDERTAKINGS
PROVISIONS RELATING TO EMPLOYEES OF THE TEXTILE UNDERTAKINGS
COMMISSIONER OF PAYMENTS
MISCELLANEOUS
PRELIMINARY
ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS
3Transfer and vesting of the textile undertakings4General effect of vesting5Company to be liable for certain prior liabilities6Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation7Shares to be issued by National Textile Corporation for the value of assets transferred to it by the Central GovernmentPAYMENT OF AMOUNTS
MANAGEMENT, ETC., OF THE TEXTILE UNDERTAKINGS
PROVISIONS RELATING TO EMPLOYEES OF THE TEXTILE UNDERTAKINGS
COMMISSIONER OF PAYMENTS
15Appointment of Commissioner of Payments16Payment by the Central Government to the Commissioner17Certain powers of the National Textile Corporation18Claims to be made to the Commissioner19Priorities of claims20Examination of claims21Admission or rejection of claims22Disbursement of money by the Commissioner to claimants23Undisbursed or unclaimed amount to be deposited with the general revenue accountMISCELLANEOUS
24Act to have overriding effect25Assumption of liability26Contracts to cease to have effect unless ratified by National Textile Corporation27Penalties28Offences by companies29Protection of action taken in good faith30Delegation of powers31Power to make rules32Power to remove difficultie33Repeal and saving