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

PRELIMINARY

Section 1 — Short title and commencement.

(1) This Act may be called the Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986.

(2) The provisions of sections 27 and 28 shall come into force at once, and the remaining provisions of this Act shall be deemed to have come into force on the 1st day of April, 1985.

Browse all 35 sections
  1. 1.Short title and commencement.
  2. 2.Definitions.
  3. 3.Transfer and vesting of the textile undertakings.
  4. 4.General effect of vesting.
  5. 5.Company to be liable for certain prior liabilities.
  6. 6.Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation.
  7. 7.Shares to be issued by National Textile Corporation for the value of assets transferred to it by the Central Government.
  8. 8.Payment of amount.
  9. 9.Payment of further amounts.
  10. 10.Management, etc., of the textile undertakings.
  11. 10A.Special provision for disposal of assets of the textile undertakings in certain circumstances.
  12. 11.Duty of persons in charge of management of the textile undertakings to deliver all assets, etc.
  13. 12.Continuance of employees of the textile undertakings.
  14. 13.Provident and other funds.
  15. 14.Transfer of employees to a Subsidiary Textile Corporation.
  16. 15.Appointment of Commissioner of Payments.
  17. 16.Payment by the Central Government to the Commissioner.
  18. 17.Certain powers of the National Textile Corporation.
  19. 18.Claims to be made to the Commissioner.
  20. 19.Priorities of claims.
  21. 20.Examination of claims.
  22. 21.Admission or rejection of claims.
  23. 22.Disbursement of money by the Commissioner to claimants.
  24. 23.Undisbursed or unclaimed amount to be deposited with the general revenue account.
  25. 24.Act to have overriding effect.
  26. 25.Assumption of liability.
  27. 26.Contracts to cease to have effect unless ratified by National Textile Corporation.
  28. 27.Penalties.
  29. 28.Offences by companies.
  30. 29.Protection of action taken in good faith.
  31. 30.Delegation of powers.
  32. 31.Power to make rules.
  33. 32.Power to remove difficulties.
  34. 33.Repeal and saving.
  35. SCH-THE SCHEDULE.THE SCHEDULE