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The Swadeshi Cotton Mills Company Ltd. (Acquisition and Transfer of Undertakings) Act, 1986

[Act No. 30 of 1986]

[30th May, 1986.]

Contents
Title The Swadeshi Cotton Mills Company Ltd. (Acquisition and Transfer of Undertakings) Act, 1986
Sections Particulars
Chapter I Preliminary
1. Short title and commencement
2. Definitions
Chapter II Acquisition and Transfer of The Textile Undertakings
3. Transfer and vesting of the textile undertakings
4. General effect of vesting
5. Company to be liable for certain prior liabilities
6. Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation
7. Shares to be issued by National Textile Corporation for the value of assets transferred to it by the Central Government
Chapter III Payment of Amounts
8. Payment of amount
9. Payment of further amounts
Chapter IV Management, Etc., of The Textile Undertakings
10. Management, etc., of the textile undertakings
10A. Special provision for disposal of assets of the textile undertakings in certain circumstances
11. Duty of persons in charge of management of the textile undertakings to deliver all assets, etc
Chapter V Provisions Relating to Employees of The Textile Undertakings
12. Continuance of employees of the textile undertakings
13. Provident and other funds
14. Transfer of employees to a Subsidiary Textile Corporation
Chapter VI Commissioner of Payments
15. Appointment of Commissioner of Payments
16. Payment by the Central Government to the Commissioner
17. Certain powers of the National Textile Corporation
18. Claims to be made to the Commissioner
19. Priorities of claims
20. Examination of claims
21. Admission or rejection of claims
22. Disbursement of money by the Commissioner to claimants
23. Undisbursed or unclaimed amount to be deposited with the general revenue account
Chapter VII Miscellaneous
24. Act to have overriding effect
25. Assumption of liability
26. Contracts to cease to have effect unless ratified by National Textile Corporation
27. Penalties
28. Offences by companies
29. Protection of action taken in good faith
30. Delegation of powers
31. Power to make rules
32. Power to remove difficulties
33. Repeal and saving
The Schedule Order of Priorities for The Discharge of Liabilities of The Company


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