Advocate OS
Start free

In force

The Textile Undertakings (Nationalisation) Act, 1995

39 sections · As amended up to 2026-08

Sections

  1. II — ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS
  2. 1Ins. by Act 36 of 2014, s. 5 (w.e.f. 24-10-2014)
  3. I — PRELIMINARY
  4. 2Definitions
  5. II — ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS
  6. 3Acquisition of rights of owners and vesting of the textile undertakings
  7. 4General effect of vesting
  8. 5Owner to be liable for certain prior liabilities
  9. 6Transfer of any textile undertaking or part thereof to a subsidiary textile Corporation
  10. 7Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government
  11. III — PAYMENT OF AMOUNTS
  12. 8Payment of amount to owners of textile undertakings
  13. 9Payment of further amount
  14. IV — MANAGEMENT, ETC., OF TEXTILE UNDERTAKINGS
  15. 10Management, etc., of Textile undertakings
  16. 11Special provision for disposal of assets of the textile undertakings in certain circumstances
  17. 12Duty of persons in charge of management of textile undertakings to deliver all assets, etc
  18. 13Accounts
  19. V — PROVISIONS RELATING TO EMPLOYEES OF 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. 20Claimsto 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 amount to the owners
  33. 26Undisbursed or unclaimed amounts to be deposited to the general reserve 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 the National Textile Corporation
  39. 31Penalties
  40. 32Offences by companies
  41. 33Protection of action taken in good faith
  42. 34Textile companies not to be wound up by the Court
  43. 35Delegation of powers
  44. 36Power to make rules
  45. 37Power to remove difficulties
  46. 38Repeal and saving
  47. 39Validation