Sick Textile Undertakings (Nationalisation) Act,1974
Act No : 57
Section : PRELIMINARY
SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974
57 of 1974
21st December, 1974
STATEMENT OF OBJECTS AND REASONS Act 57 of 1974.- The management of 57 textile undertakings was taken over by the Central Government under the Industries (Development and Regulation) Act, 1951. The management of another 46 textile undertakings was taken over by the Central Government under the Sick Textile Undertakings (Taking Over of Management) Act, 1972, pending their nationalisation, as a large quantum of public funds had to be invested in the operation of these undertakings for their rehabilitation and modernisation and it was considered that it would not serve public interest if the management was taken over for a limited period as provided in the Industries (Development and Regulation) Act, 1951. With a view to reorganising and rehabilitating the said textile undertakings so as to subserve the interest of the general public by the augmentation of the production and distribution, at fair prices, of different varieties of cloth and yarn, and provide employment continuously to the large number of employees in these mills, it has become necessary to nationalise the said undertakings.
The Bill seeks to achieve this object. The amount to be paid for the acquisition of each undertaking has been specified against the name of each undertaking in the First Schedule.-Gaz. of India, 2-9-1974, Pt. II,S. 2. Ext., p.986.
An Act to provide for the acquisition and transfer of the sick textile undertakings, and the right, title and interest of the owners in respect of the sick textile undertakings, specified in the First Schedule with a view to re-organising and rehabilitating such sick textile undertakings so as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of different varieties of cloth and yarn, and for matters connected therewith or incidental thereto.
Be it enacted by Parliament in the Twenty-fifth Year of the Republic of India as follows:-
CHAPTER 01 PRELIMINARY
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