Kerala Sick Textile Undertakings (Acquisition and Transfer of Undertakings) Act,1985
No: 27 Dated: Oct, 15 1985
THE KERALA SICK TEXTILE UNDERTAKING (ACQUISITON AND TRANSFER OF UNDERTAKINGS ) ACT, 1985
ACT 27 OF 1985
An Act to provide for the acquisition and transfer of the undertakings of the prabhuram Mills, Chengannur, the Kottaym Textiles, Kurumulloor, Kottayam and the Malabar Spinning and Weaving Mills, Kallai, Calicut and the right, title and interest of the owners in respect if those undertakings with a view to reorganising and rehabilitating such undertakings and for matters connected therewith or incidental thereto
Preamble- WHEREAS, the Prabhuram Mills chengannur, the Kottaym Textiles, Kurumulloor, Kottayam and the Malabar Spinning and Weaving Mills, Kallai, Calicut are engaged in the production of textiles made wholly or in part of cotton, including cotton yarn, hosiery and rope ;
AND WHEREAS the management of the undertakings of the said textile mills were taken over by the Central Government for a limited period under section 18AA of the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), and the Kerala State Textile Corporation was appointed under the said section as the authorised person for the management of the undertakings ;
AND WHEREAS an amount of approximately two hundred lakhs rupees have been spent on the said undertakings by the State Government to make them viable ;
AND WHEREAS the said undertakings were declared as relief undertakings under section 3 of the Kerala Relief undertakings (Special Provisions )Act, 1961 (6 of 1962);
AND WHEREAS it is necessary to acquire the undertakings aforesaid with a view to reorganizing and rehabilitating those undertakings as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices of the aforesaid goods;
BE it enacted in the Thirty-Sixth Year of the Republic of India as follows:-
CHAPTER 1
PRELIMINARY
1. Short title and commencement .- (1) This Act may be called the Kerala Sick Textile Undertakings (Acquisition and Transfer of Undertakings) Act,1985.
(2) It shall be deemed to have come into force on the 5thday of October,1984.
2. Definitions .- (1) In this Act, unless the context otherwise requires,-
(a) “appointed day” means the 1st day of September, 1983;
(b) “authorised person” means the person or body of persons appointed under section 18AA of the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), to take over the management of the sick textile undertakings;
(c) “bank” means-
(i) the State Bank of India constituted under the State Bank of India Act,1955 (Central Act 23 of 1955);
(ii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 of 1959);
(iii) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Central Act 40 of 1980);
(iv) any other bank, being a scheduled bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (Central Act 2 of 1934);
(d) “Commissioner” means a Commissioner of Payments appointed under section 16;
(e) “owner”, when used in relation to a sick textile undertaking, means the person or firm who or which was, immediately before the take-over of the management of the undertakings under section 18AA of the Industries (Development and Regulation) Act,1951 (Central Act 65 of 1951), the immediate proprietor or lessee or occupier of the sick textile undertaking or any part thereof;
(f) “prescribed” means prescribed by rules made under this Act;
(g) “sick textile undertaking” means a textile undertaking specified in the First Schedule, the management of which has, before the appointed day, been taken over by the Central Government under the Industries (Development and Regulation) Act,1951 (Central Act 65 of 1951);
(h) “specified date” means such date as the Government may, for the purpose of any provision of this act, by notification in the Gazette, specify; and different dates may be specified for different provisions of this Act;
(i) “State Textile Corporation” means the Kerala State Textile Corporation Limited formed and registered under the Companies Act, 1956 (Central Act 1 of 1956);
(j) “textile company” means a company specified in column (3) of the First Schedule as owning the undertaking specified in the corresponding entry in column (2) of that Schedule;.
(k) “Subsidiary textile corporation” means a company formed by the State Textile Corporation as its subsidiary;.
(2) Words and expressions used but not defined in this Act and defined in the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), shall have the meanings respectively assigned to them in that Act.
(3) Words and expressions used but not defined either in this Act either in this Act or in the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), but defined in the Companies Act, 1956 (Central Act 1 of 1956), shall have the meanings respectively assigned to them in the Companies Act, 1956 (Central Act 1 of 1956).