Title : Offences by Companies
State : Central
Year : 1985
(1) Where any offence, punishable under this Act has been committed by a company, every person who, at the time the offence was committed was in charge of, and was responsible to the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly; Provided that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1), where any offence punishable under this Act has been committed by a company and it is proved that..... View Complete Act List Judgments citing this sectionTitle : Operating Agency to Prepare Complete Inventory, Etc.
State : Central
Year : 1985
Where1[for the proper discharge of the functions of the Board under this Act] the circumstances so require, the Board may, through any operating agency, cause to be prepared-- (a) with respect to2[a company], a complete inventory of-- (i) all assets and liabilities of whatever nature; (ii) all books of account, registers, maps, plans, records, documents of title or ownership of property and all other documents of whatever nature relating thereto; (b) a list of shareholders and a list of creditors showing separately in the list of creditors, the secured creditors and the unsecured creditors; (c) a valuation report in respect of the shares and assets in order to arrive at the reserve price for the sale of a part or whole of the industrial undertaking of the company or for..... View Complete Act List Judgments citing this sectionTitle : Loss of Fifty Per Cent, Net Worth by Industrial Companies
State : Central
Year : 1985
(1) If the accumulated losses of an industrial company, as at the end of any financial year (hereinafter referred to as the relevant financial year) have resulted in erosion of fifty per cent., or more of its peak net worth during the immediately1[preceding four financial years],-- (a) the company shall, within a period of sixty days from the date (hereinafter referred to as the relevant date) of finalisation of the duly audited accounts of the company for the relevant financial year-- (i) report the fact of such erosion to the Board; and (ii) hold a general meeting of the shareholders of the company for considering such erosion; (b) the Board of Directors shall, at least twenty-one days before the date on which the meeting under sub-clause (ii) of clause (a) is held, forward to..... View Complete Act List Judgments citing this sectionTitle : Power to Make Rules
State : Central
Year : 1985
(1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (a) the salaries and allowances payable to and other terms and conditions of service of the Chairman and other Members under sub-section (7) of section 6; (b) the powers which may be exercised and the duties which may be performed by the Secretary to the Board or the Appellate Authority under sub-section (1) of section 8; (c) the restrictions and conditions subject to which officers and employees may be appointed to the Board or the Appellate Authority under sub-section (2) of section 8; (d) the salaries and allowances..... View Complete Act List Judgments citing this sectionTitle : Inquiry into Working of Sick Industrial Companies
State : Central
Year : 1985
(1)The Board may make such inquiry as it may deem fit for determining whether anyindustrial company has become a sick industrial company-- (a) upon receipt of a reference with respect tosuch company under section 15; or (b) upon information received with respect to suchcompany or upon its own knowledge as to the financial condition of the company. (2) The Board may, if it deems necessary orexpedient so to do for the expeditious disposal of an inquiry under sub-section(1), require by order anyoperating agency to enquire into and make a report with respect to such mattersas may be specified in the order. (3) The Board or, as the case may be, the operatingagency shall complete its inquiry as expeditiously as possible and endeavourshall be made to complete the inquiry within sixty..... View Complete Act List Judgments citing this sectionTitle : Powers of Board to Make Suitable Order on the Completion of Inquiry
State : Central
Year : 1985
(1) If after making an inquiry under section 16, the Board is satisfied that a company has become a sick industrial company, the Board shall, after considering all the relevant facts and circumstances of the case, decide, as soon as may be by order in writing, whether it is practicable for the company to1[make its net worth exceed the accumulated losses] within a reasonable time. (2) If the Board decides under sub-section (1) that it is practicable for a sick industrial company to1[make its net worth exceed the accumulated losses] within a reasonable time, the Board, shall, by order in writing and subject to such restrictions or conditions as may be specified in the order, give such company as it may deem fit to1[make its net worth exceed the accumulated losses.] (3) If the Board..... View Complete Act List Judgments citing this sectionTitle : Winding Up of Sick Industrial Company
State : Central
Year : 1985
1[(1) Where the Board, after making inquiry under section 16 and after consideration of all the relevant facts and circumstances and after giving an opportunity of being heard to all concerned parties, is of opinion that the sick industrial company is not likely to make its net worth exceed the accumulated losses within a reasonable time while meeting all its financial obligations and that the company as a result thereof is not likely to become viable in future and that it is just and equitable that the company should be wound up, it may record and forward its opinion to the concerned High Court.] (2) The High Court shall, on the basis of the opinion of the Board, order winding up of the sick industrial company and may proceed and cause to proceed with the winding up of the sick..... View Complete Act List Judgments citing this sectionTitle : Returns and Information
State : Central
Year : 1985
(1) The Board shall furnish from time to time to the Central Government such returns as the Central Government may require. (2) The Board may, for the purpose of efficient discharge of its functions under this Act, collect from, or furnish to,-- (a) the Central Government, (b) the Reserve Bank, (c) the scheduled bank or any other bank, (d) the public financial institution,1[***] (e) the State-level institution,2[or] 3[(f) the sick industrial company and in case of amalgamation, the other company,] such information as it may consider useful for the purpose in such manner and within such time as it may think fit. ________________________ 1. The word "or " omitted by Act 12 of 1994, sec. 17 (w.e.f. 1-2-1994). 2. The word "or" Inserted by Act 12 of 1994, sec. 17..... View Complete Act List Judgments citing this sectionTitle : Reference to Board
State : Central
Year : 1985
(1) When an industrial company has become a sick industrial company, the Board of Directors of the company, shall, within sixty days from the date of finalisation of the duly audited accounts of the company for the financial year as at the end of which the company has become a sick industrial company, make a reference to the Board for determination of the measures which shall be adopted with respect to the company: Provided that if the Board of Directors had sufficient reasons even before such finalisation to form the opinion that the company had become a sick industrial company, the Board of Directors shall, within sixty days after it has formed such opinion, make a reference to the Board for the determination of the measures which shall be adopted with respect to the company: ..... View Complete Act List Judgments citing this sectionTitle : Preparation and Sanction of Schemes
State : Central
Year : 1985
(1) Where an order is made under sub-section (3) of section 17 in relation to any sick industrial company, the operating agency specified in the order shall prepare, as expeditiously as possible and ordinarily within a period of ninety days from the date of such order, a scheme with respect to such company providing for any one or more of the following measures, namely:-- 1 [(a) the financial reconstruction of the sick industrial company;] (b) the proper management of the sick industrial company by change in, or take over of, management of the sick industrial company; 2 [(c) the amalgamation of-- (i) the sick industrial company with any other company, or (ii) any other company with the sick industrial company; (hereafter in this section, in the case of sub-clause (i), the..... View Complete Act List Judgments citing this section