The Industries (Development and Regulation) Act, 1951

Act No. 65

31-Oct-1951

Section 1 — Short title, extent and commencement

1. Short title, extent and commencement .

(1)This Act may be called the In dustries (Develo pment and Regulation) Act, 1951 .

(2)It extends to the whole of India 1***

(3)It shall come into force on such date2 as the Central Government may, by notification in the Official Gazette, appoint.

Section 2 — Declaration as to expediency of control by the Union

2. Declaration as to expediency of control by the Union .-It is hereby declared that it is expedient in the public interest tha t the Union should take under its control the industries specified in the First Schedule.

Section 3 — Definitions

3. Definitions .-In this Act, unless t he context otherwise requires, -

(a)“Advisory Council ” means the Central Advisory Council established under section 5; 3[(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;] 4[5[(ab)] “current assets ” means bank balances and cash and include s 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 o rdinary 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; 5[(ac)]“current liabilities ” means liabilities which must be met on demand or within a period of twelve months from the date they are incurre d; and includes any current liability which is suspended under section 18FB ;]

(b)“Development Council ” means a Development Council established under section 6; 6[(bb) “existing industrial undertaking ” means-

(a)in the case of an industrial undertaking pe rtaining to any of the industries specified in the First Schedule as originally enacted, an industrial under taking which was in existence on the commencement of this Act or for the establishment of which effective steps had been taken before such commence ment, and

(b)in the case of an industrial undertaking pertaining to any of the industries added to the First Schedule by an amendment thereof, an industrial undertaking which is in existence on

Section 2 — 8th May, 1952, vide notification No. S.R.O. 811 (E), dated 8th May, 1952, see Gazette of India, Extraordinary, Part II,

2. 8th May, 1952, vide notification No. S.R.O. 811 (E), dated 8th May, 1952, see Gazette of India, Extraordinary, Part II,

Section 3 — ( i).

sec. 3( i). 15th February, 1962, vide notification No. S.R.O. 458/IDRA/1/1/62 (E), in respect of the State of Jammu and Kashmir, dated 7th February, 1962, see Gazette of India, Extraordinary, Part II, sec. 3( ii) and this Act has been extended in its application to the Union territory Goa, Daman and Diu by the Act 11 of 1963, s. 3 and the Schedule (w.e.f 1 -2-1963).

Section 5 — Clauses ( aa) and ( ab) re-lettered as clause ( ab) and ( ac) thereof by Act 4 of 1984, s. 2 (w.e.f. 12 -1-1984).

5. Clauses ( aa) and ( ab) re-lettered as clause ( ab) and ( ac) thereof by Act 4 of 1984, s. 2 (w.e.f. 12 -1-1984).