Sick Textile Undertakings (Nationalisation) Act : SPECIAL PROVISIONS FOR DISPOSAL OF ASSETS OF THE SICK

Sick Textile Undertakings (Nationalisation) Act,1974

Act No : 57

Section : SPECIAL PROVISIONS FOR DISPOSAL OF ASSETS OF THE SICK TEXTILE UNDERTAKINGS IN CERTAIN CIRCUMSTANCES

SECTION 11A: SPECIAL PROVISIONS FOR DISPOSAL OF ASSETS OF THE SICK TEXTILE UNDERTAKINGS IN CERTAIN CIRCUMSTANCES

If the National Textile Corporation considers it necessary or expedient for the better management, modernisation, restructuring or revival of a sick textile undertaking so to do, it may, with the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any^ land, plant, machinery or any other assets of any of the sick textile undertakings :

Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised for other than the purpose for which the sanction of the Central Government has been obtained.]