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Section 7 – The Textile Undertakings (Nationalisation) Act,1995

The Textile Undertakings (Nationalisation) Act,1995

Section 7. Shares to be issued by the National Textile Corporation for the value of the assets transfered to it by the General Government

(1) An amount equal to the value of the assets of a textile undertaking transferred to, and vested in the National Textile Corporation under sub-section (2) of section 3, shall be deemed to be contribution made by the Central Government to the equity capital of the National Textile Corporation; and for the contribution so made, the National Textile Corporation shall issue (if necessary after amending its memorandum and articles of association) to the Central Government paid-up shares, in its equity capital, having a face value equal to the amount specified against the textile undertaking in the corresponding entry in column (4) of the First Schedule.

(2) Where any liability assumed by the Central Government under this Act, is taken over by the National Textile Corporation under section 27, the Central Government shall surrender to that Corporation the shares issued to it render sub-section (1) having the face value equal to the amount to the extent to which the liability has been so taken over by the National Textile Corporation and thereupon the share capital of the National Textile Corporation shall, to the extent of the face value of the shares so surrendered, stand reduced.

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The Textile Undertakings (Nationalisation) Act,1995

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