Section 11
Special provision for disposal of assets of the textile undertakings in certain circumstances.
The Textile Undertakings (Nationalisation) Act, 1995
About this Act
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.
If the National Textile Corporation considers it necessary or expedient for the better
management, modernisation, restructuring or revival of a 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 textile undertakings:
Provided that the proceeds of no such transfer, mortgage, sale or disposal of assets 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 of assets shall be utilised for any purpose other than the purpose for which the sanction of the Central Government has been obtained.