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The Textile Undertakings (Nationalisation) Act,1995

The Textile Undertakings (Nationalisation) Act,1995




1 Short title and commencement
2 Definitions
3 Acquisition of rights of owners and vesting of the textile undertakings
4 General effect of vesting
5 Owner to be liable for contain prior liabilities
6 Transfer of any textile undertaking or part thereof to a subsidiary textile Corporation
7 Shares to be issued by the National Textile Corporation for the value of the assets transfered to it by the General Government
8 Payment of amount to owners of textile under takings
9 Payment of further amount
10 Management, etc. of Textile undertakings
11 Special provision for disposal of assets of the textile undertakings in certain circumstances
12 Duty of persons in charge of management of textile undertakings to deliver all assets etc
13 Accounts
14 Employment of certain employees to continue
15 Provident and other funds
16 Transfer of employees to a subsidiary textile corporation
17 Appointment of Commissioners of Payments
18 Payment by the Central Government to the Commissioner
19 Certain powers of the National Textile Corporation
20 Claims to be made to the Commissioner
21 Priority of claims
22 Examination of claims
23 Admission or rejection of claims
24 Disbursement of money by the Commissioner to claimes
25 Disbursement of amounts to the owners
26 Undisbursed or unclaimed amounts to be deposited to the general reserve account
27 Assumption of liability
28 Management to continue to vest in the Custodian until alternative arrangements are made
29 Act to override all other enactments
30 Contracts to cease to have effect unless ratified by the National Textile Corporation
31 Penalties
32 Offences by companies
33 Protection of action taken in good faith
34 Textile companies not to be wound up by the Court
35 Delegation of powers
36 Power to make rules
37 Power to remove difficulties
38 Repeal and saving
Schedule Schedule 1
Schedule 2

Indian Laws – Bare Acts


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