AS PASSED BY LOK SABHA
ON 24TH AUGUST, 1995.
Bill No. 40-C of 1995
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A
BILL
to amend the Sick Textile Undertakings (Nationalisation) Act, 1974 and the Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of
Undertakings) Act, 1986.
BE it enacted by Parliament in the Forty-sixth Year of the Republic of India as follows:--
Short title and commencement.
1. (1) This Act may be called the Sick Textile Undertakings (Nationalisation) Amendment Act, 1995.
(2) It shall be deemed to have come into force on the 27th day of June, 1995.
Amendment of Act 57 of 1974.
2. In the Sick Textile Undertakings (Nationalisation) Act, 1974, after section 11, the following section shall be inserted, namely:--
Special provision for disposal of assets of the sick textile undertakings in certain circumstances.
"11A. If the National Textile Corporation considers it necessary or expedient for the better management, modernisation, restructuring or revival of a sick textile undertaking so to do, it may, with the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any land, plant machinery or any other assets of any of the sick textile undertakings:
Provided that the proceeds of on such transfer, mortgage, sales or disposal shall be utilised for any purpose other than the purpose for which the sanction of the Central Government has been obtained.".
2
Amendment of Act 30 of 1986.
3. In the Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act 1986, after section 10, the following section shall be inserted, namely:--
Special provision for disposal of assets of the textile undertakings in certain circumstances.
"10A. If the National Textile Corporation considers it necessary or expedient for the better management, modernisation, restructuring or revival of a textile undertaking so to do, it may, with the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any land, plant, machinery or any other assets of any of the textile undertakings:
Provided that the proceeds of no such transfer, mortgage, sale, or disposal shall be utilised for any purpose other than the purpose for which the sanction of the Central Government has been obtained.".
Repeal and saving.
4.(1) The Sick Textile Undertakings (Nationalisation) Ordinance, 1995, (Ord. 7 of 1995.) is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the Sick Textile Undertakings (Nationalisation) Act, 1974
(57 of 1974.) and the Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 (30 of 1986.) as amended by the Ordinance so repealed, shall be deemed to have been done or taken under the corresponding provisions of those Acts, as amended by this Act.