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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

  1. PRELIMINARY

  2. 1
     Short title and commencement
  3. 2
     Definitions

  • ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS

  • 3
     Transfer and vesting of the textile undertakings
  • 4
     General effect of vesting
  • 5
     Company to be liable for certain prior liabilities
  • 6
     Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation
  • 7
     Shares to be issued by National Textile Corporation for the value of assets transferred to it by the Central Government

  • PAYMENT OF AMOUNTS

  • 8
     Payment of amount
  • 9
     Payment of further amounts

  • MANAGEMENT, ETC., OF THE TEXTILE UNDERTAKINGS

  • 10
     Management, etc., of the textile undertakings
  • 10A
     Special provision for disposal of assets of the textile undertakings in certain circumstances
  • 11
     Duty of persons in charge of management of the textile undertakings to deliver all assets, etc

  • PROVISIONS RELATING TO EMPLOYEES OF THE TEXTILE UNDERTAKINGS

  • 12
     Continuance of employees of the textile undertakings
  • 13
     Provident and other funds
  • 14
     Transfer of employees to a Subsidiary Textile Corporation

  • COMMISSIONER OF PAYMENTS

  • 15
     Appointment of Commissioner of Payments
  • 16
     Payment by the Central Government to the Commissioner
  • 17
     Certain powers of the National Textile Corporation
  • 18
     Claims to be made to the Commissioner
  • 19
     Priorities of claims
  • 20
     Examination of claims
  • 21
     Admission or rejection of claims
  • 22
     Disbursement of money by the Commissioner to claimants
  • 23
     Undisbursed or unclaimed amount to be deposited with the general revenue account

  • MISCELLANEOUS

  • 24
     Act to have overriding effect
  • 25
     Assumption of liability
  • 26
     Contracts to cease to have effect unless ratified by National Textile Corporation
  • 27
     Penalties
  • 28
     Offences by companies
  • 29
     Protection of action taken in good faith
  • 30
     Delegation of powers
  • 31
     Power to make rules
  • 32
     Power to remove difficultie
  • 33
     Repeal and saving