The Maharashtra Textile Companies (Acquisition and Transfer of Undertakings) Act, 1982
The Maharashtra Textile Companies (Acquisition and Transfer of Undertakings) Act, 1982
This 1982 Act regulates the state takeover of two private textile firms, Vijay Manufacturing Company and Western India Spinning and Manufacturing Company. The law applies directly to these companies, their creditors, the Maharashtra State Textile Corporation, and the mill workers. It matters because it transferred ownership and assets to the Maharashtra government to protect the livelihoods of the workers, who became state employees with their preserved benefits. It also deposited compensation in court to resolve the companies' outstanding debts. Ultimately, the law ensured that these vital local textile undertakings could continue operating under public management instead of shutting down permanently.
- 1. Short title and commencement.
- 2. Definitions.
- 3. Acquisition and transfer of rights of Textile Companies in respect of their undertakings.
- 4. General effect of vesting.
- 5. Duty to deliver possession of undertakings and documents relating thereto.
- 6. Duty to furnish particulars.
- 7. Shares to be issued by State Textile Corporation for the value of assets transferred to it by State Government.
- 8. Payment of amount for acquisition.
- 9. Management and administration of undertakings.
- 10. Employment of certain employees of companies to continue under Corporation.
- 11. Penalties.
- 12. Offences by companies.
- 13. Protection of action taken in good faith.
- 14. Power to remove difficulties.
- 15. Repeal and saving.
PDF: pending for this language.