The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act

Transfer and vesting of the textile undertakings

General effect of vesting

Company to be liable for certain prior liabilities

Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation

Shares to be issued by National Textile Corporation for the value of assets transferred to it by the  Central Government


ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS


(1) On the appointed day, every textile
undertaking and the right, title and interest of the Company in relation to every such textile undertaking
shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government.

(2) Every such textile undertaking which stands vested in the Central Government by virtue of
sub-section (1) shall, immediately after it has so vested, stand transferred to, and vested in, the National
Textile Corporation.

LAWGIST

# 3 Transfer and vesting of the textile undertakings