Amendment status not verified — confirm the current text below against the official source.
Managements- etc., of the sick textile undertaking.—The SttC Tei,file Corporation or any person which 'that Corporation niaj by order in wnting specify, shall be entitled to exercise, the pb'ers of general superintendence, direction, coitrol and managenient of the affaith and business of the sick textile undert4ing,. the right, iftle and interest, of an. bwner in relation to whieb have vested in that Corporstion tinder sub-seà'tion. (2). ofeçtion. 3,and. do 41 such things as the o'ner of the 3ick textile undertaking is aitthorised to exercise and do. . .. . . 'I 4593800/2020/IND(OS) 26 I .JOOOO?9 11 Duty of persons in charge of management of ihe sick textile undertaking to deliver all assets etc —On the vesting 01' the management of the sick textile undertaking in the State Textile Corporation, all persons in ch m m arge of the aiageent of such sick textile undertakuig tmwedite1y before ,.' such vesting shafl be bound to deliver to the State Textile Corporaiion all assets, bocks of account' registers or other documents m their custody relating to the sick textile 'undertaknig , - - 12 Accoun1ts —The State Textile Corporation shall maintain the accounts of the sick textil undertaking in accordance ivith tke pro.vasions of the Companies Act, 1956 (Central Act I-of 1956) CBARV -, PROVISIONS. RELTING TO EMPLOYEES OF SICK- TEXTILE UNDERTAKING - If 13 Emplovirent of certain employees to continue —(1) Every person who- is a workmn within the meaning of the Industria1Dispüte.sAct,..'.l?41 (Central Act 14 of 1047), and has. been, inunediately before the appointed day, ' employed in the sick textile undertaking shall becoinc, on and from the appointed day, a'n employee of the State Textile Corporation with the sama ". rights and pnvilges as to pension, gratuity and other matters as would have been admissible to him if the rights in relation to such sick textile undertaking had not been traisferred to and vested in the State Textile Corporation and shall c'bntmnue to do [so unless and until his employment i the State Textile Corpoiation is duly tenninated or until his remuneration, terms and condition of ' employment are du1y altered ,by the State Textile Corporation (2) Every person who is not a workman within the meaning of the Industrial Disputes Act, 1947 (Central Act 14 of 1947), and who has been, mmmrdiately before the .ppointed day, employed in the sick textile undertaking shall, in so far as such person as emp1oed in connectuop with the sick textile undertaking which has wted in, the State Textile Corporation, become on and from the appomkd dav,4an employee of the State Textile Corporation and shall bold his office or servit.e th...rein by the same tenure, at the same remuneration and upon the same terini and rons.thtrns and with the sazn nghts and privileges as to pension an.d- grat'.ity and other. '-aitters ds,he would have held the same under the sick textile undertak g r' t had not vested in the State Textile V Córp&atioat andjshail continue to do so sñiless anduntil his empIorment-irithe State Textile Corporation as duly teimn'dted or until his remuneration, terms and cndinons ofeznploymqit ar du1 altured by the State Tectile corporation -. ., 4593800/2020/IND(OS) 27 - 1 34 Nottithstanding anything ontained in the ludiistriat Disputes Act,, 1947 (Central Act 14 of 1947), or in any other law for the time being in-force,' the transfer of the ervices of any, officer or other person employed In the sick • textile undertaking ,to tha StdtTexti CorpOration shall not entitle such ofces or other empliyee to any compensahoi under'this Act or any other law. for the time being in force, and no such claim shall be entertained by any court, tribun4 oi other authority. .. - Where, under, the terms of 'any contract of iervice or ntherwise-, any person whose services become trminátdor whole sexvicesbecome transferred to the Stite Textile- corporation by reasonof the provisions of this Act is entitled' to any arrears of salary or wages or any payment for any leave not. availed of or other' payment, not being a payment by way of Otufty or -. pension; for any period prior tothe date of declaration as a sick company by the Boaid for lidstrial and Financial Reconttuctiqn (BIFR) sucg pcñcn may, except to the extent such'liabiity has been taken over by (he State,Covernnient under sect4on 5, enforce his óluim alainst the owner of the sick textile undertaking but not against the- State Government or the State- Texftle Corporation.