The BHASKAR TEXTILE MILLS (ACQUISITION AND TRANSFER) ACT, 1986
odisha · 1986
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1Substituted by the Bhaskar Textile Mills (Acquisition and Transfer) Amendment and Validation Act, 1990 (Orissa Act 18 of
- S. 2Section 2 defines key terms used in the BHASKAR TEXTILE MILLS (ACQUISITION AND TRANSFER) ACT, 1986, including "appointed day," "Banks," "Commission," and "Corporation."
- S. 3Section 3 transfers ownership of a textile mill from the owner to the State Government, which then transfers it to a Corporation.
- S. 4Section 4 of the BHASKAR TEXTILE MILLS (ACQUISITION AND TRANSFER) ACT, 1986 transfers all assets and liabilities of the textile undertaking to the State Government, freeing them from prior encumbrances.
- S. 5Section 5 ensures that pre-appointed day liabilities of the textile owner are enforceable against the owner, not the State Government or Corporation.
- S. 6Section 6 deems the value of transferred assets as the State Government's contribution to the Corporation.
- S. 7Section 7 details the compensation and liability discharge for the state's acquisition of a textile mill from its owner.
- S. 8Section 8 grants the Corporation authority to oversee, direct, control, and manage the textile mill's operations.
- S. 9Section 9 mandates employees to transfer all relevant documents to the Corporation upon management vesting.
- S. 11Section 11 transfers employees from textile mills to the Corporation, ensuring they retain their rights and benefits.
- S. 12Section 12 transfers funds from employee welfare schemes to the Corporation when textile undertakings are transferred under the Act.
- S. 13Section 13 appoints qualified individuals as the Commission of Assessment to determine compensation for textile mill owners.
- S. 14Section 14 mandates the Commission to assess the value of existing assets and recommend compensation to the owner for the BHASKAR TEXTILE MILLS acquisition.
- S. 15Section 15 appoints a Commissioner of Payments to handle disbursements under the Act and allows the State Government to authorize others to assist.
- S. 16Section 16 mandates the State Government to pay the Commissioner an amount for the textile owner, with records and interest benefits for the owner.
- S. 17Section 17 mandates claimants against textile mill owners to file their claims with the Commissioner within 30 days of notice publication.
- S. 18Section 18 prioritizes claims in specified categories for BHASKAR TEXTILE MILLS acquisition, with category I taking precedence.
- S. 19Section 19 prioritizes and examines claims for compensation, halting further claims if insufficient funds are available.
- S. 20Section 20 outlines the process for claimants to file proofs of their claims and the consequences of failure to comply.
- S. 21Section 21 discharges the owner's liability by crediting or paying due amounts to relevant funds or claimants.
- S. 22Section 22 outlines the Commissioner's process for disbursing remaining funds to textile undertaking owners after meeting specified liabilities.
- S. 23- Any money paid to the Commissioner which remains undisbursed or unclaimed For a period of three years from the last da
- S. 24Section 24 overrides any conflicting laws or orders for the Act's provisions.
- S. 25Section 25 mandates the Corporation to ratify existing contracts within 180 days, with the right to modify them, unless deemed unfair or detrimental.
- S. 26Section penalizes wrongful withholding, retention, or destruction of textile mill property or documents by up to two years imprisonment and a fine.
- S. 27Section 27 holds company officers liable for offenses committed by the company, with exceptions for due diligence.
- S. 28Section 28 protects state officials and the corporation from legal actions for actions taken in good faith under the Act.
- S. 29Section 29 prevents civil court proceedings for winding up the textile company or appointing a receiver without state government consent.
- S. 30Delegation of powers
- S. 31(1) The State Government may after, previous publication by notification make rules to carry out any of the purposes of
- S. 32Section allows the State Government to resolve difficulties in implementing the Act, but only within two years of its commencement.
- S. 33Section 33 declares the Act aims to implement the state's policy based on specified principles from the State Constitution.
- S. 34(1) The Bhaskar Textile Mills (Acquisition and Transfer) Ordinance, 1985 is hereby repealed
- S. 1973Section allows dissatisfied claimants to appeal Commissioner's decisions to the principal civil court or High Court if Commissioner is a High Court judge.