Section 11A
Special provision for disposal of assets of the sick textile undertakings in certain circumstances.
The Sick Textile Undertakings (Nationalisation) Act, 1974
About this Act
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.
1[11A. Special provision for disposal of assets of the sick textile undertakings in certain
circumstances.-- If the National Textile Corporation considers it necessary or expedient for the better
management, modernisation, restructuring or revival of a sick textile undertaking so to do, it may, with
the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any
land, plant, machinery or any other assets of any of the sick textile undertakings:
Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised for any purpose other than the purpose for which the sanction of the Central Government has been obtained.]
Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised for any purpose other than the purpose for which the sanction of the Central Government has been obtained.]
Notes
1. Ins. by Act 40 of 1995, s. 2 (w.e.f. 8-9-1995).