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In force

The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986

34 sections · As amended up to 2026-08

Sections

  1. 1Short title and commencement
  2. 2Definitions
  3. 3Transfer and vesting of the textile undertakings
  4. 4General effect of vesting
  5. 5Company to be liable for certain prior liabilities
  6. 6Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation
  7. 7Shares to be issued by National Textile Corporation for the value of assets transferred to it by the Central Government
  8. 8Payment of amount
  9. 9Payment of further amounts
  10. 10Management, etc., of the textile undertakings
  11. 10ASpecial provision for disposal of assets of the textile undertakings in certain circumstances
  12. 11Duty of persons in charge of management of the textile undertakings to deliver all assets, etc
  13. 12Continuance of employees of the textile undertakings
  14. 13Provident and other funds
  15. 14Transfer of employees to a Subsidiary Textile Corporation
  16. 15Appointment of Commissioner of Payments
  17. 16Payment by the Central Government to the Commissioner
  18. 17Certain powers of the National Textile Corporation
  19. 18Claims to be made to the Commissioner
  20. 19Priorities of claims
  21. 20Examination of claims
  22. 21Admission or rejection of claims
  23. 22Disbursement of money by the Commissioner to claimants
  24. 23Undisbursed or unclaimed amount to be deposited with the general revenue account
  25. 24Act to have overriding effect
  26. 25Assumption of liability
  27. 26Contracts to cease to have effect unless ratified by National Textile Corporation
  28. 27Penalties
  29. 28Offences by companies
  30. 29Protection of action taken in good faith
  31. 30Delegation of powers
  32. 31Power to make rules
  33. 32Power to remove difficulties
  34. 33Repeal and saving