The Central India Spinning, Weaving and Manufacturing Company Limited, the Empress Mills, Nagpur (Acquisition and Transfer of Undertaking) Act, 1986
maharashtra · 1986
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1The Act establishes the Central India Spinning, Weaving and Manufacturing Company Limited's acquisition and transfer effective from October 3, 1986.
- S. 2Section 2 defines key terms used in the Act, including "appointed day," "bank," "Commissioner," "Corporation," and "Institution."
- S. 3Section 3 transfers the Empress Mills' undertaking and ownership to the State Government, then to the Corporation.
- S. 4Section 4 transfers all assets and interests of the company to the State Government, freeing them from encumbrances.
- S. 5Section 5 protects the State Government and Corporation from liabilities incurred by the company's former proprietors before the transfer of the undertaking.
- S. 6Section 6 allows the State Government to transfer the vested undertaking to a new government company instead of the Corporation.
- S. 7Section 7 specifies the cash amount to be paid to the proprietors for the transfer of the undertaking to the State Government, with reductions for discharged liabilities.
- S. 8(1) The amount payable in accordance with the provisions of section 7 shall carry simple interest at the rate of four pe
- S. 9Section 9 grants the Corporation or new Government company control over the undertaking's management and authority to reorganize its units and employees.
- S. 10Section 10 mandates existing managers to transfer all relevant assets and documents to the new managing corporation or company upon vesting.
- S. 11Section 11 mandates individuals in possession of assets related to the acquired undertaking to deliver them to the State Government or relevant entities and account for them.
- S. 12Section 12 ensures that certain employees from the acquired undertaking become Corporation employees with retained benefits unless employment is terminated.
- S. 13Section 13 transfers existing employee funds to the Corporation for continued employees.
- S. 14Section 14 appoints a Commissioner of Payments to disburse funds and allows other assistants to share Commissioner's powers.
- S. 15Section 15 mandates the State Government to pay specified amounts to the Commissioner for proprietary payments and maintains records for the acquired undertaking.
- S. 16Section 16 allows the State Government or Corporation to claim payments from the Commissioner for discharging prior liabilities of the proprietors after the appointed day.
- S. 17Section 17 mandates claimants to file non-gratuity or compensation claims against the company within 30 days, extendable by another 30 days if justified.
- S. 18Section 18 prioritizes claims in acquisition and transfer of the company's undertaking, with specific precedence among categories.
- S. 19Section 19 prioritizes and examines claims for compensation, stopping lower priority claims if funds are insufficient.
- S. 20Section 20 details the process for claimants to file proofs of their claims and the Commissioner's authority to investigate and decide on these claims.
- S. 21Section 21 discharges proprietors' liability by crediting or paying admitted claims to relevant funds or claimants.
- S. 22Section 22 directs the Commissioner to pay any remaining funds after liabilities to the company's proprietors.
- S. 23Section 23 allows the State Government or Corporation to retain non-proprietor machinery or equipment on prior terms.
- S. 24Section 24 mandates the Commissioner to transfer undisbursed or unclaimed funds to the state's general revenue account before winding up.
- S. 25Section 25 ensures the State Government assumes and the Corporation discharges any remaining liabilities of the company not fully covered by the Commissioner.
- S. 26Section 26 overrides any conflicting laws or decrees affecting the Act's provisions.
- S. 27Section 27 mandates that pre-existing contracts related to the transferred undertaking cease unless ratified by the State Government within 180 days, with potential alterations.
- S. 28Section 28 protects the State Government, Corporation, and new company from legal actions for actions taken in good faith under the Act.
- S. 29Section 29 allows the State Government to delegate certain powers under the Act to specified persons, who must act under its direction.
- S. 30Section 30 penalizes wrongful withholding, retention, or destruction of company property or documents related to the acquisition and transfer process.
- S. 31Section 31 holds company officers responsible for offenses committed by the company, with exceptions for due diligence.
- S. 32Section 32 prevents winding up proceedings of the company without State Government consent.
- S. 33(1) The State Government may, by notification in the Official Gazette, make rules for carrying out the provisions of thi
- S. 34Section 34 allows the State Government to resolve any issues arising from the Act, but only within two years of its commencement.
- S. 35Repeal of Mah
- S. 1860—
- S. 190814 Central India Spinning, Weaving and Manufacturing [1986 : Mah
- S. 1934—
- S. 1936—
- S. 19471986 : Mah
- S. 1948Section details where to obtain Maharashtra Government publications and contact numbers for various government press and stationery depots.
- S. 1951—
- S. 1955—
- S. 1956J-1785-BK-4
- S. 1959—
- S. 1963—
- S. 19641986 : Mah
- S. 1970—
- S. 1972—
- S. 19741986 : Mah
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- S. 1984—
- S. 1986Short title and com- mencement