Amendment status not verified — confirm the current text below against the official source.
Repeal and saving SCHEDULE I SCHEDULE II _____ 239 THE ANGLO-FRENCH TEXTILES LIMITED (ACQUISITION AND TRANSFER OF TEXTILE UNDERTAKING) ACT, 1986 (Act No.7 of 1986) (2-5-1986) AN ACT to provide for the acquisition and transfer of the right, title and interest of the Anglo-French Textiles Limited for the purpose of ensuring continued and increased production of goods essential to the needs of the community and for matters connected therewith or incidental thereto. WHEREAS the Anglo-French Textiles Limited, Puducherry remained closed from the first week of July, 1983; AND WHEREAS various attempts and efforts made by the Puducherry Administration and the Government of India (Ministry of Textiles) in collaboration with the Financial Institutions like Industrial Development Bank of India, United Commercial Bank, etc. to reopen the mills through the existing management or by inducting a new management could not succeed; AND WHEREAS certain banks had advanced large sums of money to the company owning the said undertaking with a view to making the said undertaking viable and were unwilling to make any further advances; AND WHEREAS further investment of very large sums of money is necessary for reorganising and rehabilitating the said undertaking and thereby to protect the interests of the workmen employed therein and to augment the production of cloth and yarn so as to sub-serve the interests of general public; AND WHEREAS acquisition by the Government of the said undertaking is necessary in the interest of labour force, maintenance of production, ensuring credit line, and in the largest interest of the people of Puducherry; BE it enacted by the Legislative Assembly of Puducherry in the Thirty-seventh Year of the Republic of India as follows: -- 240 CHAPTER – I Preliminary Short title and commencement