Section Text
In this Act, unless the context otherwise requires,--
(a) "Advisory Committee" means the committeeconstituted by the Central Government under sub-section (2) of section 7;
(b) "appointed day" means the day followingimmediately after the expiry of the period of fifteen days from the day ofacceptance or the day of deemed acceptance of any goods or any services by abuyer from a supplier.
Explanation.--For the purposes of this clause,--
(i) "the day of acceptance" means,--
(a) the day of the actual delivery of goods or the renderingof services; or
(b) where any objection is made in writing by the buyerregarding acceptance of goods or services within fifteen days from the day ofthe delivery of goods or the rendering of services, the day on which suchobjection is removed by the supplier;
(ii) "the day of deemed acceptance" means, where noobjection is made in writing by the buyer regarding acceptance of goods orservices within fifteen days from the day of the delivery of goods or therendering of services, the day of the actual delivery of goods or the renderingof services;
(c) "Board" means the National Board for Micro,Small and Medium Enterprises established under section 3;
(d) "buyer" means whoever buys any goods orreceives any services from a supplier for consideration;
(e) "enterprise" means an industrial undertaking ora business concern or any other establishment, by whatever name called, engagedin the manufacture or production of goods, in any manner, pertaining to anyindustry specified in the First Schedule to the Industries (Development andRegulation) Act, 1951(65 of 1951) or engaged in providing or rendering of anyservice or services;
(f) "goods" means every kind of movable propertyother than actionable claims and money;
(g) "medium enterprise" means an enterpriseclassified as such under sub-clause (iii) of clause (a) or sub-clause (iii) ofclause (b) of sub-section (1) of section 7;
(h) "micro enterprise" means an enterpriseclassified as such under sub-clause (i) of clause (a) or sub-clause (i) ofclause (b) of sub-section (1) of section 7;
(i) "National Bank" means the National Bank forAgriculture and Rural Development established under section 3 of the NationalBank for Agriculture and Rural Development Act, 1981(61 of 1981);
(j) "notification" means a notification publishedin the Official Gazette;
(k) "prescribed" means prescribed by rules madeunder this Act;
(l) "Reserve Bank" means the Reserve Bank of Indiaconstituted under section 3 of the Reserve Bank of India Act, 1934(2 of 1934);
(m) "small enterprise" means an enterpriseclassified as such under sub-clause (ii) of clause (a) or sub-clause (ii) ofclause (b) of sub-section (1) of section 7;
(n) "supplier" means a micro or small enterprise,which has filed a memorandum with the authority referred to in sub-section (1)of section 8, and includes,--
(i) the National Small Industries Corporation, being acompany, registered under the Companies Act, 1956(1 of 1956);
(ii) the Small Industries Development Corporation of a Stateor a Union territory, by whatever name called, being a company registered underthe Companies Act, 1956(1 of 1956);
(iii) any company, co-operative society, trust or a body, bywhatever name called, registered or constituted under any law for the time beingin force and engaged in selling goods produced by micro or small enterprises andrendering services which are provided by such enterprises;
(o) "Small Industries Bank" means the SmallIndustries Development Bank of India established under sub-section (1) ofsection 3 of the Small Industries Development Bank of India Act, 1989(39 of1989);
(p) "State Government", in relation to a Unionterritory, means the Administrator thereof appointed under article 239 of theConstitution.