THE SWADESHI COTTON MILLS COMPANY LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1986

ACT NO. 30 OF 1986 · Enacted [30th May, 1986.] · 34 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS

Section 3.Transfer and vesting of the textile undertakings.

Section 4.General effect of vesting.

Section 5.Company to be liable for certain prior liabilities.

Section 6.Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation.

Section 7.Shares to be issued by National Textile Corporation for the value of assets transferred to it by the Central Government.

PAYMENT OF AMOUNTS

Section 8.Payment of amount.

Section 9.Payment of further amounts.

MANAGEMENT, ETC., OF THE TEXTILE UNDERTAKINGS

Section 10.Management, etc., of the textile undertakings.

Section 10A.Special provision for disposal of assets of the textile undertakings in certain circumstances.

Section 11.Duty of persons in charge of management of the textile undertakings to deliver all assets, etc.

PROVISIONS RELATING TO EMPLOYEES OF THE TEXTILE UNDERTAKINGS

Section 12.Continuance of employees of the textile undertakings.

Section 13.Provident and other funds.

Section 14.Transfer of employees to a Subsidiary Textile Corporation.

COMMISSIONER OF PAYMENTS

Section 15.Appointment of Commissioner of Payments.

Section 16.Payment by the Central Government to the Commissioner.

Section 17.Certain powers of the National Textile Corporation.

Section 18.Claims to be made to the Commissioner.

Section 19.Priorities of claims.

Section 20.Examination of claims.

Section 21.Admission or rejection of claims.

Section 22.Disbursement of money by the Commissioner to claimants.

Section 23.Undisbursed or unclaimed amount to be deposited with the general revenue account.

MISCELLANEOUS

Section 24.Act to have overriding effect.

Section 25.Assumption of liability.

Section 26.Contracts to cease to have effect unless ratified by National Textile Corporation.

Section 27.Penalties.

Section 28.Offences by companies.

Section 29.Protection of action taken in good faith.

Section 30.Delegation of powers.

Section 31.Power to make rules.

Section 32.Power to remove difficulties.

Section 33.Repeal and saving.