11. Management, etc., of sick textile undertakings.—The National Textile Corporation or any
person which that Corporation may, by order in writing, specify, shall be entitled to exercise the powers
of general superintendence, direction, control and management of the affairs and business of a sick textile
undertaking, the right, title and interest of an owner in relation to which have vested in that Corporation
under sub-section (2) of section 3, and do all such things as the owner of the sick textile undertaking is
authorised to exercise and do.
1
[11A. Special provision for disposal of assets of the sick textile undertakings in certain
circumstances.—If the National Textile Corporation considers it necessary or expedient for the better
management, modernisation, restructuring or revival of a sick textile undertaking so to do, it may, with
the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any
land, plant, machinery or any other assets of any of the sick textile undertakings:
Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised for any
purpose other than the purpose for which the sanction of the Central Government has been obtained.]
12. Duty of persons in charge of management of sick textile undertakings to deliver all assets,
etc.—On the vesting of the management of a sick textile undertaking in the National Textile Corporation
all persons in charge of the management of such sick textile undertaking immediately before such vesting
shall be bound to deliver to the National Textile Corporation all assets, books of account, registers or
other documents in their custody relating to the sick textile undertaking.
13. Accounts.—The National Textile Corporation shall maintain the accounts of sick textile
undertakings in accordance with the provisions of the Companies Act, 1956 (1 of 1956)