THE INDUSTRIAL DEVELOPMENT AND REGULATION ACT 1951

MBA II Roll NO 10-19

COMMENCEMENT AND DEFINATION:

1. Short title, extent and commencement (1) This Act may be called the Industries (Development and Regulation) Act, 1951. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint

2. Declaration as to expediency of control by the UnionC It is hereby declared that it is expedient in the public interest that the Union should take under its control the industries specified in the First Schedule. 3. Definitions In this Act, unless the context otherwise requires.--

(a) A Advisory Council@ means the Central Advisory Council established under section 5;

(aa) A 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;
(ab) A current assets@ means bank balances and cash and includes 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 ordinary 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;

(ac) Acurrent liabilities@ means liabilities which must be met on demand or within a period of twelve months from the date they are incurred; and includes any current liability which is suspended under section 18FB; (b) ADevelopment Council@ means a Development Council established under section 6;

POWER OF INSPECTION:
(1) For the purpose of ascertaining the position or working of any industrial undertaking or for any other purpose mentioned in this Act or the rules made thereunder, any person authorised by the Central Government in this behalf shall have the right(a) to enter and inspect any premises; (b) to order the production of any document, book, register or record in the possession or power of any person having the control of, or employed in connection with, any industrial undertaking; and (c) to examine any person having the control of, or employed in connection with, any industrial undertaking. 2) Any person authorized by the Central Government under sub-section (1) shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code (45 of 1860).

THANK YOU..