Definitions

In this Act, unless the context otherwise requires,—

1. (1) "Government" means the State Government;
2. (2) "Government company" means a Government company as defined in the Companies Act, 1956 (Central Act 1 of 1956), in which not less than fifty-one per cent of the paid-up share capital is held by the Government or by a Government company which is a subsidiary of such Government company: Explanation.—In this clause, "Government company" and "subsidiary company" shall have the same meanings as defined in the Companies Act, 1956 (Central Act 1 of 1956);
3. (3) "industry" means any business, trade, undertaking, manufacture or calling of employers and includes any calling, service, employment, handicraft, or industrial occupation or avocation and "industrial" shall be construed accordingly;
4. (4) "relief undertaking" means a State industrial undertaking in respect of which a declaration under section 3 is in force;
5. (5) "State industrial undertaking" means an industrial undertaking—
   • (a) which is started or which or the management of which is, under any law or agreement, acquired or otherwise taken over by the Government or by a Government company and is run or proposed to be run by, or under the authority of, the Government or a Government company;
   • (b) to which any loan, advance, or grant has been given, or in respect of any loan whereof, a guarantee has been given, by the Government or a Government company.