The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986

The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 was enacted to provide for the acquisition and transfer of the Swadeshi Cotton Mills Company Limited to the National Textile Corporation. The Act provides for the vesting of the assets, rights, and liabilities of the Swadeshi Cotton Mills Company Limited in the National Textile Corporation. The compensation for the acquisition is also specified in the Act. This Act is important for the textile industry in India as it facilitated the acquisition and transfer of a major textile company to the nationalized sector.