Industries (Development ＆ Regulation) Act, 1951

Section - 18AA - Power to take over industrial undertakings without investigation under certain circumstances

[Power to take over industrial undertakings without investigation under certain circumstances.

18AA. (1) Without prejudice to any other provision of this Act, if from the documentary or other evidence in its possession, the Central Government is satisfied, in relation to an industrial undertaking, that-

(a)	-	the persons in charge of such industrial undertaking have, by reckless investments or creation of incumbrances on the assets of the industrial undertaking, or by diversion of funds, brought about a situation which is likely to affect the production of articles manufactured or produced in the industrial undertaking, and that immediate action is necessary to prevent such a situation; or
(b)	-	it has been closed for a period of not less than three months (whether by reason of the voluntary winding up of the company owning the industrial undertaking or for any other reason) and such closure is prejudicial to the concerned scheduled industry and that the financial condition of the company owning the industrial undertaking and the condition of the plant and machinery of such undertaking are such that it is possible to restart the undertaking and such restarting is necessary in the interests of the general public,

it may, by a notified order, authorise any per .... To read the full section download the app from Google Play store