Act 30 of 1986

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

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.

  • Ministry of Textiles
  • Enacted 1986-05-30
  • 34 sections
SectionTitle
1 Short title and commencement. Read
2 Definitions. Read
3 Transfer and vesting of the textile undertakings. Read
4 General effect of vesting. Read
5 Company to be liable for certain prior liabilities. Read
6 Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation. Read
7 Shares to be issued by National Textile Corporation for the value of assets transferred to it by the Central Government. Read
8 Payment of amount. Read
9 Payment of further amounts. Read
10 Management, etc., of the textile undertakings. Read
10A Special provision for disposal of assets of the textile undertakings in certain circumstances. Read
11 Duty of persons in charge of management of the textile undertakings to deliver all assets, etc. Read
12 Continuance of employees of the textile undertakings. Read
13 Provident and other funds. Read
14 Transfer of employees to a Subsidiary Textile Corporation. Read
15 Appointment of Commissioner of Payments. Read
16 Payment by the Central Government to the Commissioner. Read
17 Certain powers of the National Textile Corporation. Read
18 Claims to be made to the Commissioner. Read
19 Priorities of claims. Read
20 Examination of claims. Read
21 Admission or rejection of claims. Read
22 Disbursement of money by the Commissioner to claimants. Read
23 Undisbursed or unclaimed amount to be deposited with the general revenue account. Read
24 Act to have overriding effect. Read
25 Assumption of liability. Read
26 Contracts to cease to have effect unless ratified by National Textile Corporation. Read
27 Penalties. Read
28 Offences by companies. Read
29 Protection of action taken in good faith. Read
30 Delegation of powers. Read
31 Power to make rules. Read
32 Power to remove difficultiesRead
33 Repeal and saving.Read
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