The Maharashtra Textile Companies (Acquisition and Transfer of Undertakings) Act, 1982.
Section 3. Acquisition and transfer of rights of Textile Companies in respect of their undertakings.
(1) On the appointed day, the undertakings of both the textile companies and the right, title and interest of the concerned Company in relation to its undertakings, shall, by virtue of this Act, stand transferred to, and shall vest absolutely in, the State Government.
(2) Every undertaking which stands vested in the State Government by virtue of sub-section (1) shall, immediately after it has so vested, stand transferred to and vested in, the State Textile Corporation.
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