Rajya Sabha on 8 December 2014 passed the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Bill, 2014 during the parliamentary session.
The Bill was introduced in the Lok Sabha by the Union Minister of Textiles Santosh Kumar Gangwar on 1 December 2014.
The Bill seeks to amend the Sick Textile Undertaking (Nationalisation) Act, 1974 and the Textile Undertakings (Nationalisation) Act, 1995 in order to revive sick Textile Mills.
The amendments are made to protect assets of sick textile undertakings and ensure lease-hold right of such units remain with the central government.
Provisions of Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Bill, 2014
• According to the Statement of Objects and Reasons of the Bill, the Bills seeks to clarify the vesting of lease-hold land with the central government in order to prevent the vacating of this land by National Textile Corporation (NTC) at the expiry of the lease.
• Court proceedings directing lease-hold land that are meant to be divested from NTC will not be maintained or continued.
• Lease-hold rights over land will continue to be exercised by NTC on behalf of the central government.
• Even though lease-hold rights of the land are vested in the central government, NTC has the right to prosecute or defend any proceedings in respect of this land.
• No proceedings can be instituted against NTC on the ground that textile operations were discontinued in the textile undertaking.
• Any lease-hold property divested from NTC to other persons as a result of court proceedings must be returned to NTC.
• The transfer of any property from NTC through any order of a civil court or other authority, which is not in keeping with either Act as amended by the Bill, will be deemed void.
What: passed by Rajya Sabha
When: 8 December 2014
DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.