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The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986

Central

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.

Act number
30 of 1986
Ministry
Ministry of Textiles
Enacted
30 May 1986

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.

34 sections

  1. Section 1Short title and commencement.
  2. Section 2Definitions.
  3. Section 3Transfer and vesting of the textile undertakings.
  4. Section 4General effect of vesting.
  5. Section 5Company 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 National Textile Corporation for the value of assets transferred to it by the Central Government.
  8. Section 8Payment of amount.
  9. Section 9Payment of further amounts.
  10. Section 10Management, etc., of the textile undertakings.
  11. Section 10ASpecial provision for disposal of assets of the textile undertakings in certain circumstances.
  12. Section 11Duty of persons in charge of management of the textile undertakings to deliver all assets, etc.
  13. Section 12Continuance of employees of the textile undertakings.
  14. Section 13Provident and other funds.
  15. Section 14Transfer of employees to a Subsidiary Textile Corporation.
  16. Section 15Appointment of Commissioner of Payments.
  17. Section 16Payment by the Central Government to the Commissioner.
  18. Section 17Certain powers of the National Textile Corporation.
  19. Section 18Claims to be made to the Commissioner.
  20. Section 19Priorities of claims.
  21. Section 20Examination of claims.
  22. Section 21Admission or rejection of claims.
  23. Section 22Disbursement of money by the Commissioner to claimants.
  24. Section 23Undisbursed or unclaimed amount to be deposited with the general revenue account.
  25. Section 24Act to have overriding effect.
  26. Section 25Assumption of liability.
  27. Section 26Contracts to cease to have effect unless ratified by National Textile Corporation.
  28. Section 27Penalties.
  29. Section 28Offences by companies.
  30. Section 29Protection of action taken in good faith.
  31. Section 30Delegation of powers.
  32. Section 31Power to make rules.
  33. Section 32Power to remove difficulties
  34. Section 33Repeal and saving.