Which of the following statements about section 74 of the Industrial Relations Code, 2020 is correct?

Section 74(1) of the Industrial Relations Code, 2020 requires an employer who intends to close down an undertaking to serve, at least sixty days before the intended closure, a notice on the appropriate Government stating clearly the reasons for it. Ninety days and prior permission belong to section 80, which applies only to Chapter X establishments. Section 74 itself applies wherever fifty or more workers are employed; the three-hundred-worker threshold is for Chapter X (section 77).