Sick Textile Undertakings (Nationalisation) Act,1974

Act No : 57

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Section : TRANSFER OF ASSETS, ETC., TO BE VOID IN CERTAIN CASES

SECTION 31: TRANSFER OF ASSETS, ETC., TO BE VOID IN CERTAIN CASES

(1) Except with the prior approval of the Central Government, no owner of a sick textile undertaking, specified in the Schedule to the Sick Textile Undertakings (Taking Over of Management) Act, 1972, the management of which could not be taken over by the Central Government by reason of any decree, order or injunction of any Court or otherwise shall, on and from the date of introduction of the Sick Textile Undertakings (Nationalisation) Bill, 1974, in the House of the People, transfer by sale, mortgage or otherwise, any property or other assets forming part of the said sick textile undertaking and any such transfer without the previous approval of the Central Government shall be void and inoperative.

(2) Any person who contravenes the provisions of sub-section (1) shall be punishable with imprisonment for a term which may extend to two years or with fine which may extend to ten thousand rupees, or with both.

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