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Section 2 – The Textile Undertakings (Nationalisation) Act,1995

The Textile Undertakings (Nationalisation) Act,1995

Section 2. Definitions

(1) In this Ordinance, unless the context otherwise requires,-

(a) “Appointed day” means the 1st day of April,1994;

(b) “Bank” means-

(i) The State Bank of India constituted under the State Bank of India Act,1995; (23 of 1955)

(ii) A subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act,1959; (38 of 1959)

(iii) A corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act,1970; (5 of 1970)

(iv) A corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act,1980; (40 of 1980)

(v) Any other bank, being a scheduled bank as defined in clause (e) of section 2 of the Reserve Bank of India Act,1934; (2 of 1934)

(c) “Commissioner” means a Commissioner of Payments appointed under section 17;

(d) “Custodian” means a Custodian appointed under section 4 of the Textile Undertakings (Taking Over of Management) Act,1983 (40 of 1983) or under section 4 of the Laxmirattan and: Atherton West Cotton Mills (Taking Over of Management) Act,1976, (98 of 1976) as the case may be;

(e) “National Textile Corporation” means the National Textile Corporation Limited formed and registered under the Companies Act,1956; (1 of 1956)

(f) “Notification” means a notification published in the Official Gazette;

(g) “Owner”, when used in relation to a textile undertakings, means any person or firm who or which is, immediately before the appointed day, the immediate proprietor or lessee or occupier of the textile undertaking or any part thereof, and in the case of a textile company which is being wound up or the business whereof is being carried on by a liquidator or receiver, includes such liquidator or receiver, and also includes any agent or manager of such owner but does not include any person or body of persons authorised under the Textile Undertakings (Taking Over of Management) Act,1983 (40 of 1983) or under the Laxmirattan and Atherton West Cotton Mills (Taking Over of Management) Act,1976 (98 of 1976) to take over the management of the whole or any part of the textile undertaking)

(h) “Prescribed” means prescribed by rules made under this Act;

(i) “Specified date” means such date as the Central Government may, for the purpose of any provision of this Act, by notification, specify; and different dates may be specified for different provision of this Act;

(j) “Subsidiary textile corporation” means the National Textile Corporation (South Maharashtra) Limited, the National Textile Corporation (Uttar Pradesh) Limited or, any other textile corporation formed by the National Textile Corporation as its subsidiary;

(k) “Textile” includes yearn of fabrics made either wholly or partly of cotton, wool, jute, synthetic and artificial (man-made) fibres;

(l) “Textile company” means a company (being a company a defined in the companies Act,1956) (1 of 1956) specified in column (3) of the First Schedule as owning the textile undertaking specified in the corresponding entry in column (2) of that Schedule;

(m) “Textile undertaking” or “the textile undertaking” means an undertaking specified in column (2) of the First Schedule, the management of which was before the appointed day, taken over by the Central government under the Textile Undertakings, (Taking Over of Management) Act,1983, (40 of 1983) or as the case may be under the Laxmirattan and Atherton West Cotton Mills (Taking Over of Management) Act,1976; (98 of 1976)

(2) Words and expression used herein and not defined but defined in the Companies Act,1956, (1 of 1956) shall have the meanings respectively assigned to them in that Act.

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The Textile Undertakings (Nationalisation) Act,1995

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