Act Number: 30

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

Year: 1986

Enactment Date: 1986-05-30

Long Title: 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: Ministry of Textiles

Department:

Section 10A: Special provision for disposal of assets of the textile undertakings in certain circumstances.
    1[10A. Special provision for disposal of assets of the 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 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 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. 3 (w.e.f. 27-6-1995).
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