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The Textile Undertakings (Nationalisation) Act, 1995

Central

An Act to provide for the acquisition and transfer of the textile undertakings, and the right, title and interest of the owners in respect of the textile undertakings, specified in the First Schedule with a view to augmenting the production and distribution of different varieties of cloth and yarn so as to subserve the interests of the general public and for matters connected therewith or incidental thereto.

Act number
39 of 1995
Ministry
Ministry of Textiles
Enacted
8 Sep 1995

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.

39 sections

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