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 27: Penalties.
    Any person who,--
         (a) having in his possession, custody or control any property forming part of any of the textile undertakings, wrongfully withholds such property from the National Textile Corporation; or
         (b) wrongfully obtains possession of, or retains any property forming part of any of the textile undertakings; or
         (c) wilfully withholds or fails to furnish to the National Textile Corporation or any person or body of persons specified by that Corporation, any document or inventory relating to any of the textile undertakings which may be in his possession, custody or control; or
         (d) wilfully fails to deliver to the National Textile Corporation any inventory or property and assets forming part of any of the textile undertakings; or
         (e) fails to deliver to the National Textile Corporation or any person or body of persons specified by that Corporation, any assets, books of account, registers or other documents in his possession, custody or control relating to any of the textile undertakings; or
         (f) wrongfully removes or destroys any property forming part of any of the textile undertakings or prefers any claim under this Act which he knows or has reason to believe to be false or grossly inaccurate,
shall be punishable with imprisonment for a term which may extend to two years and with fine which may extend to ten thousand rupees.
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