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THE TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1995

Title : THE TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1995

Year : 1995



The owner of every textile under taking shall be given by the Central Government, in cash and in the manner specified in Chapter VI, for the transfer to, and vesting in it, under sub-section (1) of section 3 of such textile undertaking and the right, title and interest of the owner in relation to such textile undertaking, an amount equal to the amount specified against it in the corresponding entry in colum (4) of the First Schedule.



(1) In consideration of the retrospective operation of the provisions of sections 3, 4 and 5, there shall be given, in cash, by the Central Government, to the owner of every textile undertaking, the management of which was taken over by the Central Government an amount equal to an amount calculated at the rate specified in section 5 of the Textile Undertakings (Taking Over of Management) Act, 1983, or as the case may be, as specified in section 5 of the Laxmirattan and A thereto West Cotton Mills (Taking Over of Management) Act, 1976 for the period commencing on the appointed day and ending on the date on which the Textile Undertakings (Nationalisation) Ordinance, 1995 was promulgated.

(2) In addition to the amount referred to in Section 8 there shall be given by the Central Government, in cash, to the owner of every textile undertaking, simple interest at the rate of four per cent, per annum on the amount specified against such owner in the corresponding entry in column (4) of the First Schedule for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the Central Government to the Commissioner.
 
(3) The amount representing interest calculated at the rate specified in sub-section (2) shall be given in addition to the amount specified in the First Schedule.

(4) For the removal of doubts, it is hereby declared that the liabilities of the owners in relation to the textile undertakings which have vested in the Central Government under section 3 shall be discharged from the amount referred to in the First Schedule and also from the amounts determined under sub-sections (1) and (2) in accordance with the rights and interests of the creditors of the owner.

Last updated on July, 2016

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