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The Sick Textile Undertakings (Nationalisation) Act, 1974

Central

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.

Act number
57 of 1974
Ministry
Ministry of Textiles
Enacted
21 Dec 1974

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

42 sections

  1. Section 1Short title and commencement.
  2. Section 2Definitions.
  3. Section 3Acquisition of rights of owners in respect of sick textile undertakings.
  4. Section 4General effect of vesting.
  5. Section 5Owner to be liable for certain prior liabilities.
  6. Section 6National Textile Corporation to form subsidiary corporations.
  7. Section 7Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government.
  8. Section 8Payment of amount to owners of sick textile undertakings.
  9. Section 9Payment of further amount.
  10. Section 10Accounts to be rendered by the owners of sick textile undertakings.
  11. Section 11Management, etc., of sick textile undertakings.
  12. Section 11ASpecial provision for disposal of assets of the sick textile undertakings in certain circumstances.
  13. Section 12Duty of persons in charge of management of sick textile undertakings to deliver all assets, etc.
  14. Section 13Accounts.
  15. Section 14Employment of certain employees to continue.
  16. Section 15Provident and other funds.
  17. Section 16Transfer of employees to a Subsidiary Textile Corporation.
  18. Section 17Appointment of Commissioners of Payments.
  19. Section 18Payment by the Central Government to the Commissioner.
  20. Section 19Certain powers of the National Textile Corporation.
  21. Section 20Claims to be made to the Commissioner.
  22. Section 21Priority of claims.
  23. Section 22Examination of claims.
  24. Section 23Admission or rejection of claims.
  25. Section 24Disbursement of money by the Commissioner to claimants.
  26. Section 25Disbursement of amounts to the owners of sick textile undertakings.
  27. Section 26Undisbursed or unclaimed amounts to be deposited to the general revenue account.
  28. Section 27Assumption of liability.
  29. Section 28Management to continue to vest in the Custodian until alternative arrangements are made.
  30. Section 29Act to override all other enactments.
  31. Section 30Contracts to cease to have effect unless ratified by National Textile Corporation.
  32. Section 31Transfer of assets, etc., to be void in certain cases.
  33. Section 32Penalties.
  34. Section 33Offences by companies.
  35. Section 34Protection of action taken in good faith.
  36. Section 35Textile companies not to be wound up by the court.
  37. Section 36Delegation of powers.
  38. Section 37Power to make rules.
  39. Section 38Power to remove difficulties.
  40. Section 39Declaration as to the policy of the State.
  41. Section 40Repeal and savings.
  42. Section 41Validation.