An Act to provide for the acquisition of certain shares of the British India Corporation Limited with a view to sccuring the proper Management f the affairs of the Company and the continuity and development of the production of goods which we vital to the needs of the country and for matters connected therewith or Incidental thereto WHEREAS Messrs British India Corporation Limited, Kanpur are engaged in the manufacture and production of pure and blended woollen fabrics which are vital to the needs of the general public; AND WHEREAS as a result .of an investigation made under section 15 of the Industries (Development and Regulation) Act, 1951certain directions were issued to the Company under section 16of the Act which inter alia, included the modernisation of the plant and machinery of the undertakings of the Company, AND WHWREAS forR the purpose of carrying out. the said directions, public financial institutions had advanced large sums of money to the Company; AND WHEREAS the Central Government and certain public financial institutions have also invested considerable .funds in the share capital .of the Company. AND WHEREAS the State Bank of India has advanced considerable sums to the Company and a part thereof has been guaranteed by the Central Government; AND WHEREAS futher investment of large sums of money is necessary for the maintenance and development of the production of the undertakings of the Company and for securing the proper management of the affairs of the Company, AND WHEREAS acquisition by the Central Government of an effective control over the affairs of the Company is necessary to enable it to make the investments aforesaid; BE it enacted by Parliament in the Thirty-second Year of the Republic of India as follows :-

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