Rajya Sabha, the upper house of the Indian Parliament, has too passed the Textile Undertakings (Nationalization) Laws (Amendment and Validation) Bill, 2014, a week after the Bill was passed by Lok Sabha. The Bill aims at reviving sick textile mills and replacing an Ordinance promulgated by the Government of India in October this year. The Bill amends the Sick Textile Undertaking (Nationalization) Act, 1974 and the Textile Undertakings (Nationalisation) Act, 1995. The amendments are made to protect assets of sick textile undertakings and ensure that lease-hold rights of such units remain with the Central Government. According to the provisions of the Bill, lease-hold rights over land will continue to be exercised by the National Textile Corporation (NTC) on behalf of the Central Government.
