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

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




1 Short title and commencement
2 Definitions
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
8 Payment of amount
9 Payment of further amounts
10 Management, etc., of the textile undertakings
11 Duty of persons in charge of management of the textile undertakings to deliver all assets, etc
12 Continuance of employees of the textile undertakings
13 Provident and other funds
14 Transfer of employees to a Subsidiary Textile Corporation
15 Appointment of Commissioner of payments
16 Payments by the Central Government to the Commissioner
17 Certain powers of the National Textile Corporation
18 Claims powers of the National Textile Corporation
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
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 Offence 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
Schedule Schedule

Indian Laws – Bare Acts


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