The Sick Textile Undertakings (Nationalisation) Ordinance, 1995

REGISTERED No. DL-33004\95 at~ EXTRAORDINARY 1'1'f ll~ 1 PART II-Seeton 1 ~rlf~1~ ~ sr~rf(-in PUBLISHED BY AUTHORITY ~ --====:---· ==========·--- -·::::::.=-====== ~o 36l iif_ ~~, iit~..;, -iJ_i'f 27, 1995/!Si;f{I~;, 1917 No. 36 } NEW DEUU, TUESDAY, JUNE 27, 1995/ASADHA 6, 1917 ~~: ij _r~ ,~ ~ it ~ -t oom f1'i ~ amit· ~~=t=~=if=~=iitl==-=ff=:::, ~ _ e _ ~~ Is 11ven to this Part in order that it may be filed as a separate c:ompiladon. MINISTRY OF ·LAw, JUSTICE AND COMPANY AFFA;1RS {Legblative Department) New Delhi, th.e 21th June, 1995,/Asadha, 6, 1917 (Saka) THE SICK TEXTILE UNDERTAKINGS (NATIONALISATION) AMENDMENT ORDINANCE, 1995 No. 7 OF 1995 Promulgated by the President in the Forty-sixth Year of the Republic - of India. An Ordinance to amend the Sick Textile Undertakings (Nationali­ sation Act, 1974 and the Swadeshi Cotton Mills Company Limited ( Acquisition and Transfer of Undertakings) Act, 1986. WHEREAS a Bill to amend the Sick Textile Undertakings (Nationalisa- tion) Act, 1974 and the Swadeshi C-otton Mills Company Limited (Acqmsition and Transfer of Undertakings) Act: 1£-86 has been introduced in Parliament but has not yet been passed; A.No WHEREAS Parliament is not in sessi-on and the President is satisfied that circumstances exist which render it necessary for him to take imme­ diate action to give effect to the provisions of the Bill; Now THEREFORE, in eX'.ercis~ of the powers conferred by clause (1) of articl~ 123 of the Constitution, the President h pleased to promulgate the following Ordinance:- 1. (1) This Ordinance may be called the Sick Textile Undertakings (Nationalisation) Amendment Ordinance, 1995. , • .f2) 1J shall come into force at onci:. Shon title and com. mcncement. l I ·- .Amend­ ment of Act 57 or 1974. Special provision for disposal of assets of the sick textile undertak­ ings in certain circum­ stances. Amend.. ment of Act 30 of 1986. Special provision for disposal of a!;sets of ~· , : the te~•ilc undertak- ings in certain cir­ cumstances. . THB o.AZE'ITE OF INDIA EXTRAORDINARY [PAllT Il-SP.C. 1) 2. In the Sick Textile Undertr~tings (N~tionalisatoin) Act, 1974, after section 11, the follc\-✓ ~ng sectipn ::;hall be msertea, namely:- . . . "llA. If the National Textile Corporation considers it necessary • or expedient .for the better management, modernisation, restructuring c3r ravival of a sick textile undertaking so to do, it may, with the previous sanction of the Central Government.' transfer, mortgage, sell o'r otherwise dispose of any land, plant, machinery or any other assets of any of the sick textile und~rtakings: • Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised or any purpose other than the purpose for which the sanction of the Central Government has been obtained/'. 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: - "lOA. If the National Textile Corporation considers it necessary or expedient for the better management, modernisation, restructur­ . ing or revival of a · textile undertak-ings so to do, · it may, with the .. previous ·sanction of the Centrf'll Government, transfer, .mortgage, sel1 or otherwisa dispose of any land, plant, machinery or any other ass~ts of any of . the te,ctile : undertakings: · . . Provided that .the proceeds of no such transfer, mongage, sale or disposal shall be utilised for any purpose other than the purpose for which the sanction of the · Central Government ha~ . been. obtaiµed." . SHANKER ·oAYAL SHAR:MA, President. K. L. MOHANPURIA, Secy. to the Govt . . of India , PRINTED BY nm-~--ooVEllNM'.l.iMr @r' l!( ~ IA PRESS-MINTO ROAD -NEWJJF,LHI­ AND PUBLISHED BY THE CONTROLLER :OF Pt1BLl~ATIONS. ,JELHI, 1995. I ,