Industries (Development ＆ Regulation) Act, 1951

Section - 3 - Definitions

Definitions.

3. In this Act, unless the context otherwise requires,-

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(a)--Advisory Council- means the Central Advisory Council established under section 5;
[(aa)--ancillary industrial undertaking- means an industrial undertaking which, in accordance with the proviso to sub-section (1) of section 11B and the requirements specified under that sub-section, is entitled to be regarded as an ancillary industrial undertaking for the purposes of this Act;]
[(ab)]--current assets- means bank balances and cash and includes such other assets or reserves as are expected to be realised in cash or sold or consumed within a period of not more than twelve months in the ordinary course of business, such as stock-in-trade, amounts due from sundry debtors for sale of goods and for services rendered, advance tax payments and bills receivable, but does not include sums credited to a provident fund, a pension fund, a gratuity fund or any other fund for the welfare of the employees, maintained by a company owning an industrial undertaking;]