Amendment status not verified — confirm the current text below against the official source.
Repeal of Mah. Ord. V of 1986 and saving. SCHEDULE. (ii) Central India Spinning, Weaving and Manufacturing [1986 : Mah. XLVI Company Limited, The Empress Mills, Nagpur (Acquisition and Transfer of Undertaking) Act, 1986. MAHARASHTRA ACT No. XLVI OF 1986.1 [THE CENTRAL INDIA SPINNING, WEAVING AND MANUFACTURING COMPANY LIMITED, THE EMPRESS MILLS, NAGPUR (ACQUISTION AND TRANSFER OF UNDERTAKING) ACT, 1986.] [This Act received assent of the president on the 23rd day of December 1986 ; assent was first published in the Maharashtra Government Gazette, Part IV, Extraordinary, on the 26th day of December, 1986.] An Act to provide for acquisition and transfer of undertaking of the Central India Spinning, Weaving and Manufacturing Company Limited, with a view to securing the proper management of such undertaking so as to subserve the interest of the general public by ensuring the continued manufacture, production and distribu- tion of textile and paper products which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto. WHEREAS, the Central India Spinning, Weaving and Manufacturing Company Limited, being an existing company as defined in clause (ii) of sub-section (1) of section 3 of the Companies Act, 1956, had been engagged in the manufacture and production of yarn, cloth and paper through its undertaking which was composite textile mill and paper manufacturing unit, styled as the Central India Spinning, Weaving and Manufacturing Company Limited, “The Empress Mills”, Nagpur ; AND WHEREAS, in Petition No. 183 of 1986 filed by the company for voluntary winding up, the High Court of Bombay had made an order for appointment of the provisional liquida- tor and the proceedings for its liquidation were pendings ; AND WHEREAS, the company had declared lock-out throwing about more than 6,000 workers out of employment and the undertaking has not been functioning since 3rd May 1986 ; AND WHEREAS, it was expedient to acquire the undertaking of the said company to ensure that the interest of the general public and of the employees of the undertaking were served by the continuance, by the undertaking of the said company, of the manufacture, production and distribution of textile and paper products which are essential to the needs of the country and to provide for matters connected therewith or incidental thereto ; AND WHEREAS, such acquisition is for giving effect to the policy of the State towards securing the principle specified in clause (b) of Article 39 of the Constitution ; AND WHEREAS, both Houses of the State Legislature were not in session ; I of