Maharashtra Textile Companies (Acquisition and Transfer of Undertakings) Act, 1982
No: 32 Dated: Oct, 14 1982
ThE MAHARASHTRA TEXTILE COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1982
ACT, No. XXXIII OF 1982
An Act to provide for the acquisition of undertakings of two textile companies for the purpose of ensuring continued and increased production of goods essential to the needs of the country and for matters connected therewith or incidental thereto.
Whereas Messrs. Vijay Manufacturing Company (Private) Limited, Badnera, and Messrs. Western. India Spinning and Manufacturing Company Limited, Bombay, owning industrial undertakings were engaged in production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951, i. e. textiles;
And Whereas the companies are being wound up under the supervision of the Bombay High Court and the business of these companies is not being continued;
And Whereas the management of the industrial undertakings of the two companies had been taken over by the Maharashtra State Textile Corporation Limited, Bombay, on behalf of the Government of India, under section 18FA of the said Act;
And Whereas it is expedient to acquire the said undertaking for ensuring continued production of goods essential to the needs of State and the country and to provide for matters connected therewith, or incidental thereto;
And Whereas both Houses of the State Legislature were not in session;
And Whereas the Governor of Maharashtra was satisfied that circumstances existed which rendered it necessary for him to take immediate action to make a law for the purposes aforesaid; and, therefore, promulgated the Maharashtra Textile Companies (Acquisition and Transfer of Undertakings) Ordinance, 1982 on the 24th August 1982;
And Whereas it is expedient to replace the said Ordinance by an Act of the State Legislature.
It is hereby enacted in the Thirty-third Year of the Republic of India as follows:-
1. Short title and commencement. - (1) This Act may be called the Maharashtra Textile Companies (Acquisition and Transfer of Undertakings) Act, 1982.
(2) It shall be deemed to have come into force on the 24th day of August 1982.
2. Definitions. - In this Act, unless the context otherwise requires,-
(a) "appointed day" means the date on which this Act comes into force;
(b) "Company" or "textile Company" means Messrs. Vijay Manufacturing Company (Private) Limited, Badnera, or, as the case may be, Messrs. Western India Spinning and Manufacturing Company Limited, Bombay, being companies as defined in the Companies Act, 1956, and having registered offices in the State of Maharashtra;
(c) "Corporation" or "State Textile Corporation" means the Maharashtra State Textile Corporation Limited, Bombay, a Company incorporated and registered under the Companies Act, 1956;
(d) "the Court" means the High Court of Judicature at Bombay;
(e) "undertaking" means an industrial undertaking owned by the concerned textile Company;
(f) words and expressions used herein and not defined, but defined in the Companies Act, 1956, shall have the meanings respectively assigned to them in that Act.