Kerala Spinners, Alappuzha (Acquisition and Transfer of Undertaking) Act, 2010
No: 4 Dated: Apr, 06 2010
Kerala Spinners, Alappuzha (Acquisition and Transfer of Undertaking) Act, 2010
(Act 4 of 2010)
An Act to provide for the acquisition and transfer of the Kerala Spinners Lt., Komalapuram, Alappuzha and for the acquisition and transfer of the right, title and interest of the owners in respect of the undertaking with a view to reorganizing and reviving the undertaking and for matters connected therewith or incidental thereto.
Preamble. - Whereas, it is expedient to provide for the acquisition and transfer of the Kerala Spinners Ltd., Komalapuram, Alappuzha and for the acquisition and transfer of the right, title and interest of the owners in respect of the undertaking with a view to reorganizing and reviving the undertaking and for matters connected therewith or incidental thereto;
Be it enacted in the Sixty first year of the Republic of India as follows:-
CHAPTER I
Preliminary
1. Short title and commencement. - (1) This Act may be called the Kerala Spinners, Alappuzha (Acquisition and Transfer of Undertaking) Act, 2010.
(2) It shall be deemed to have come into force on the 19th day of November, 2009.
2. Definitions. - In this Act, unless the context otherwise requires,-
(a) "appointed day" means the 7th day of September, 2006;
(b) "authorised person" means the person or body of persons appointed under section 18AA of the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), to take over the management of the Sick Textile undertakings;
(c) "bank" means, "the Indian Overseas Bank", a Scheduled Bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (Central Act,2 of 1934);
(d) "Commissioner" means the Commissioner of payments appointed under section 16;
(e) "owner" when used in relation to the sick textile undertaking, means the person or firm who or which was, immediately before the takeover of the management of the undertaking under section 18AA of the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), the immediate proprietor or lessee or occupier of the sick textile undertaking or any part thereof;
(f) "prescribed" means prescribed by rules made under this Act;
(g) "sick textile undertaking" means the textile undertaking specified in the First Schedule and has been declared as sick company by the, Board for Industrial and Financial Reconstruction (BIFR);
(h) "specified date" means such date as the Government may, for the purpose of any provision of this Act, by notification in the Gazette, specify and different dates may be specified for different provisions of this Act;
(i) "State Textile Corporation" means the Kerala State Textile Corporation Limited formed and registered under the Companies Act, 1956 (Central Act 1 of 1956)
(j) "textile company" means a company specified in column (2) of the First Schedule as owning the undertaking specified in the corresponding entry in column (1) of that Schedule;
(k) "subsidiary textile corporation" means a company formed by the State Textile Corporation as its subsidiary;
(2) Words and expressions used but not defined in this Act and defined in the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), shall have the meanings respectively assigned to them in that Act.
(3) Words and expressions used but not defined either in this Act or in the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), but defined in the Companies Act, 1956 (Central Act 1 of 1956), shall have the meanings respectively assigned to them in the Companies Act, 1956 (Central Act 1 of 1956).