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Section 5 – The Textile Undertakings (Taking Over of Management) Act,1983

The Textile Undertakings (Taking Over of Management) Act,1983

Section 5. Payment of amount

(1) Every textile company shall be given by the Central Government an amount, in cash, and at the rate specified in sub-section (2), for the vesting in it, under section 3, of the management of the textile undertaking of the company.

(2) For every month during which the management of the textile undertaking remains vested in the Central Government under this Act, the amount, referred to in sub-section (1), shall be computed-

(i) For a spinning unit, at the rate of fifty paise per 1,000 spindles or any part thereof;

(ii) For a weaving unit, at the rate of one rupee per 100 looms or any part thereof;

(iii) For a composite unit with or without dye-house, at the rate of fifty paise per 1,000 spindles or any part thereof plus one rupee per 100 looms plus one paisa per 10,000 metres of cloth processed in the dye-house based on the average monthly production during the period of three years immediately preceding the appointed day;

(iv) For a wholly processing unit (being a unit which does not have any spindle or loom), one paisa per one thousand square metres or any part thereof of the average of the total quantity of textiles processed during the period of three years immediately preceding the appointed day in such unit.

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The Textile Undertakings (Taking Over of Management) Act,1983

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