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The Industries (Development and Regulation) Act, 1951 (Act No. 65 of 1951) *** [31 st October, 1951] An Act to provide for the development and regulation of certain industries. BE it enacted by Parliament as follows :- CHAPTER I PRELIMINARY 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) AAdvisory Council@ means the Central Advisory Council established under section 5; (aa) Aancillary 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) Acurrent 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;

Industrial Development Regulation Act

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