An Act to provide for the acquisition and transfer of the undertakings of the Jute Companies, specified in the First Schedule with a view to securing the proper management of such undertakings so as to subserve the interest of the general public by ensuring the continued manufacture, production and distribution of articles, made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
WHEREAS the said Jute Companies has been engaged in the manufacture and production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951( 65 of 1951 ), namely, textiles made wholly or in part of jute;
AND WHEREAS the management of the undertakings of each of the said jute companies was taken over by the Central Government under the Industries (Development and Regulation) Act, 1951(65 of 1951);
AND WHEREAS it is necessary to acquire the undertakings of the said jute Companies to ensure that the interests of the general public are served by the continuance, by the undertakings of the said jute companies, of the manufacture, production and distribution of the aforesaid articles which are essential to the needs of the economy of the country;
BE it enacted by Parliament in the Thirty-fifth Year of the Republic of India as follows :-
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