Report No. 250

59. Laxmi Ratan and Atherton West Cotton Mills (Taking Over of Management) Act, Act 98 of 1976

Category: Nationalisation

Recommendation: Repeal

The Act provided for the taking over, in the public interest, of the management of the undertaking of certain companies, pending nationalisation of such undertaking, with a view to ensuring the supply of certain varieties of cloth needed by the weaker sections of the community as well as the Department of Defence. This undertaking, the Laxmi Ratan and Atherton West Cotton Mills, was nationalised by the Textile Undertakings (Nationalisation) Act, 1995. Hence, this Act has served its purpose and the Central Government should repeal this Act. This Act has also been recommended for repeal by the PC Jain Commission Report (Appendix A-1).