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[Cites 0, Cited by 0] [Section 36] [Entire Act]

State of Gujarat - Subsection

Section 36(2) in The Gujarat Sick Textile Undertakings (Nationalisation) Act, 1986

(2)Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under this Act.First Schedule(See Sections 2(1)(H), 2(1)(K), 7, 15 and 22(3))
Sr. No. Name of the undertaking Name of the owner Amount (Rs. In lakhs)
1 2 3 4
1 Priyalaxmi Textile Mills, Baroda. Kesaria Investmnet Limited, New Delhi 676.48
2 Shri Shubhlaxmi Mills Ltd., Cambay. Shri Shubhlaxmi Mills Lts., Cambay. 663.64
3 Kanti Cotton Mills Pvt. Ltd., Surendranagar. Kanti Cotton Mills Pvt. Ltd., Surendranagar. 179.97
4 New Jahangir Vakil Millas Co. Ltd., Bhavnagar. New Jahangir Vakil Mills Co., Ltd., Bhavnagar 561.49
Second Schedule(See Sections 7(2), 18, 19, 20 and 22)Order of Priorities for the Discharge of Liabilities in Respect of the Sick Textile UndertakingsCategory I
(i)All dues of employees of the sick textile undertaking relating to pre-take over management period and post-take over management period.
(ii)Arrears relating to contribution towards provident fund/contributions under the Employees' State Insurance Act, 1948 payable by the owner.
Category II
(i)Loans inclusive of interest advanced by the Central or the State Government, Gujarat State Textile Corporation Ltd., Industrial Development Bank of India, Industrial Finance Corporation of India and any bank.
(ii)Sundry creditors of the post take-over management period.
Category III
(i)Arrears of excise duty, sales tax and other statutory dues of Government and dues relating to electricity and dues of a local authority of pre-take over management period.
(ii)Sundry creditors of pre-take over management period.
(iii)Other liabilities.