Advocate OS
Start free

In force

The Sick Textile Undertakings (Nationalisation) Act, 1974

40 sections · As amended up to 2026-08

Sections

  1. VII — MISCELLANEOUS
  2. 1Ins. by Act 36 of 2014, s. 4 (w.e.f. 17-12-2014)
  3. 2Definitions
  4. II — ACQUISITION OF THE RIGHTS OF OWNERS OF SICK TEXTILE UNDERTAKINGS
  5. 3Acquisition of rights of owners in respect of sick textile undertakings
  6. 4General effect of vesting
  7. 5Owner to be liable for certain prior liabilities
  8. 6National Textile Corporation to form subsidiary corporations
  9. 7Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government
  10. III — PAYMENT OF AMOUNT
  11. 8Payment of amount to owners of sick textile undertakings
  12. 9Payment of further amount
  13. 10Accounts to be rendered by the owners of sick textile undertakings
  14. IV — MANAGEMENT, ETC., OF SICK TEXTILE UNDERTAKINGS
  15. 11Management, etc., of sick textile undertakings
  16. 11ASpecial provision for disposal of assets of the sick textile undertakings in certain circumstances
  17. 12Duty of persons in charge of management of sick textile undertakings to deliver all assets, etc
  18. 13Accounts
  19. V — PROVISIONS RELATING TO EMPLOYEES OF SICK TEXTILE UNDERTAKINGS
  20. 14Employment of certain employees to continue
  21. 15Provident and other funds
  22. 16Transfer of employees to a Subsidiary Textile Corporation
  23. VI — COMMISSIONERS OF PAYMENTS
  24. 17Appointment of Commissioners of Payments
  25. 18Payment by the Central Government to the Commissioner
  26. 19Certain powers of the National Textile Corporation
  27. 20Claims to be made to the Commissioner
  28. 21Priority of claims
  29. 22Examination of claims
  30. 23Admission or rejection of claims
  31. 24Disbursement of money by the Commissioner to claimants
  32. 25Disbursement of amounts to the owners of sick textile undertakings
  33. 26Undisbursed or unclaimed amounts to be deposited to the general revenue account
  34. VII — MISCELLANEOUS
  35. 27Assumption of liability
  36. 28Management to continue to vest in the Custodian until alternative arrangements are made
  37. 29Act to override all other enactments
  38. 30Contracts to cease to have effect unless ratified by National Textile Corporation
  39. 31Transfer of assets, etc., to be void in certain cases
  40. 33Offences by companies
  41. 34Protection of action taken in good faith
  42. 35Textile companies not to be wound up by the court
  43. 36Delegation of powers
  44. 37Power to make rules
  45. 38Power to remove difficulties
  46. 39Declaration as to the policy of the State
  47. 40Repeal and savings