The Industries (Development and Regulation) Act, 1951 [Act No. 65 of 1951].

This Act provides for development and regulation of certain industries by the Union of India. These industries are listed in the First Schedule of the Act. The Act is divided into 9 chapters: I. Preliminary; II. The Central Advisory Council and Development Councils; III. Regulation of Scheduled Industries; IIIA. Direct Management or Control of Industrial Undertakings by Central Government in Certain Cases; IIIAA. Management or Control of Industrial Undertakings Owned by Companies In Liquidation; IIIAB. Power to Provide Relief to Certain Industrial Undertakings; IIIAC. Liquidation or Reconstruction of Companies; IIIB. Control of Supply, Distribution, Price, etc., of Certain Articles; IV. Miscellaneous. The Act provides for establishment of Central Advisory Council by the Central Government to advise it on matters concerning the development and regulation of industries and Development Councils for any scheduled industry of group of industries. The Act requires new industrial undertakings to obtain license. The Central Government has been empowered to assume control of any industrial undertaking under certain circumstances including companies in liquidation. The Central Government has the power to ensure equitable distribution and availability at fair prices of any article or class of articles by regulating the supply and distribution thereof. Timber products including Plywood, Hardboard and furniture components etc. are industries mentioned in the First Schedule of the Act.