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Start Free TrialIndustrial Reconstruction Bank of India Act, 1984 Chapter VIII
Title: Special Powers of the Reconstruction Bank
State: Central
Year: 1984
.....of management of an industrial concern shall be entitled to any compensation for the loss of office or for the premature termination, under this Act, of any contract of management entered into by him with such concern. (2) Nothing contained in sub-section (1) shall affect the right of any such managing or whole-time director, or any other director or manager or any such person in charge of management to recover from the industrial concern, moneys recoverable otherwise than by way of such compensation. Section 46 - Application of Act 1 of 1956 (1) Where the management of an industrial concern, being a company as defined in the Companies Act, 1956, is taken over by the Reconstruction Bank, then notwithstanding anything contained in the said Act or in the memorandum or articles of association of such concern,-- (a) it shall not be lawful for the shareholders of such concern or any other person to nominate or appoint any person to be a director of the concern; (b) no resolution passed at any meeting of the shareholders of such concern shall be given effect to unless approved by the Reconstruction Bank; (c) no proceeding for the winding up of such concern or for the.....
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter II
Title: Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions
State: Central
Year: 2002
.....2004 2. Substituted for "such order of rejection or cancellation" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 5 - Acquisition of rights or interest in financial assets (1) Notwithstanding anything contained in any agreement or any other law for the time being in force, any securitisation company or reconstruction company may acquire financial assets of any bank or financial institution-- (a) by issuing a debenture or bond or any other security in the nature of debenture, for consideration agreed upon between such company and the bank or financial institution, incorporating therein such terms and conditions as may be agreed upon between them; or (b) . by entering into an agreement with such bank or financial institution for the transfer of such financial assets to such company on such terms and conditions as may be agreed upon between them. (2) If the bank or financial institution is a lender in relation to any financial assets acquired under sub-section (1) by the securitisation company or the reconstruction company, such securitisation company or reconstruction company shall, on such acquisition, be deemed to be.....
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Chapter III
Title: Acquisition and Transfer of the Undertaking of the Industrial Reconstruction Corporation of India Limited
State: Central
Year: 1984
.....and shall apply to the Government for orders as to the dissolution of the Corporation. (2) The Central Government shall, after hearing such person as it may think fit, and upon perusing the accounts so audited, if satisfied that the amount has been realised and distributed in accordance with the provisions of this Act, make an order that the Corporation is dissolved from the date of the order and the Corporation shall stand dissolved accordingly. (3) A copy of the order made by the Central Government for the dissolution of the Corporation shall be filed by the Reconstruction Bank with the Registrar of Companies within thirty days from the date of such order, and the Registrar of Companies shall give effect to the said order as if it were an order made by the Court for the dissolution of the Corporation. (4) The provisions of this section shall have effect, notwithstanding anything to the contrary contained in the Companies Act, 1956, or in any other law for the time being in force.
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Chapter V
Title: Objects Of, and Business to Be Transacted by the Reconstruction Bank
State: Central
Year: 1984
.....of bills of exchange-and promissory notes, made, drawn, accepted or endorsed by any industrial concern or by any person selling capital goods manufactured by one industrial concern to another industrial concern; (j) promoting, owning, taking over, managing industrial concerns and acting as authorised person, where so appointed by the Central Government, to manage an industrial concern, including ancillaries; (k) transferring or acquiring for consideration any instrument relating to loans and advances; (l) providing technical, legal, administrative and marketing assistance, promoting, assisting and financing mergers, amalgamation or reconstruction of an industrial or business concern; (m) providing management assistance to industrial concerns including nationalised undertakings by deputing officers from its own cadre or a separate management pool constituted for the purpose; (n) undertaking research and surveys for evaluating or dealing with marketing or investments, carrying on techno-economic studies in connection with reconstruction and development of industry and establishment of institutes for such purposes including training of personnel; (o) granting,.....
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Section 40
Title: Enforcement of Claims by the Reconstruction Bank
State: Central
Year: 1984
.....assistance granted to it and the industrial concern fails to make such repayment, then, without prejudice to the provisions of Section 39 of this Act and of Section 69 of the Transfer of Property Act, 1882, any officer of the Reconstruction Bank generally or specifically authorised by the Board in this behalf, may apply to the concerned High Court for one or more of the following reliefs, namely :-- (i) for an order for the sale or lease of the property assigned, charged, hypothecated, mortgaged or pledged to the Reconstruction Bank as security for the assistance granted to it, or for the sale or lease of any other property, of the industrial concern, or (ii) for transferring the management of the industrial concern to the Reconstruction Bank or to its nominee; or (iii) for an ad interim injunction restraining the industrial concern from transferring or removing its machinery, plant or equipment from the premises of the industrial concern without the previous permission of the Board, where such transfer or removal is apprehended; or (iv) for an order for the appointment of a receiver where there is apprehension of the machinery, equipment or any other property of.....
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Complete Act
Title: Industrial Reconstruction Bank of India Act, 1984
State: Central
Year: 1984
.....the Reconstruction Bank Section61 - Obligations as to fidelity and secrecy Section62 - Provident fund Section63 - Indemnity of directors Section64 - Protection of action taken in good faith Section65 - Chairman, director, etc., to be public servants Section66 - Penalty for making false statement in applications for loans and advances Section67 - Offences by companies Section68 - Power to make rules Section69 - Power of Reconstruction Bank to make regulations Section70 - Power to remove difficulties Section71 - Amendment of certain enactments Section72 - Substitution in Acts, rules or regulations of the Reconstruction Bank in place of the Corporation ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE ScheduleIII - THIRD SCHEDULE
List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 3
Title: Registration of Securitisation Companies or Reconstruction Companies
State: Central
Year: 2002
.....or asset reconstruction, subject to such conditions, which it may consider, fit to impose. (5) The Reserve Bank may reject the application made under sub-section (2) if it is satisfied that the conditions specified in sub-section (3) are not fulfilled: Provided that before rejecting the application, the applicant shall be given a reasonable opportunity of being heard. (6) Every securitisation company or reconstruction company, shall obtain prior approval of the Reserve Bank for any substantial change in its management or change of location of its registered office or change in its name: Provided that the decision of the Reserve Bank, whether the change in management of a securitisation company or a reconstruction company is a substantial change in its management or not, shall be final. Explanation--For the purposes of this section, the expression "substantial change in management" means the change in the management by way of transfer of shares or amalgamation or transfer of the business of the company. ____________________ 1. Inserted vide The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004.
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Chapter II
Title: Transfer and Vesting of the Undertaking of Reconstruction Bank in Company
State: Central
Year: 1997
.....of the Reconstruction Bank have vested by virtue of this Act as it might have been enforced by or against the Reconstruction Bank if this Act had not been enacted and shall cease to be enforceable by or against the Reconstruction Bank. Section 5 - Provisions in respect of officers and other employees of Reconstruction Bank (1) Every officer or other employee of the Reconstruction Bank (except a Director of the Board or the Chairman and Managing Director) serving in the employment immediately before the appointed day shall, in so far as such officer or other employee is employed in connection with the undertakings which have vested in the Company by virtue of this Act, become, as from the appointed day, an officer or, as the case may be, other employee of the Company and shall hold his office or service therein by the same tenure, at the same remuneration, upon the same terms and conditions, with the same obligations and with the same rights and privileges as to leave, leave fare concession, welfare scheme, medical benefit scheme, insurance, provident fund, other funds, retirement, voluntary retirement, gratuity and other benefits as he would have held under the.....
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Chapter II
Title: Establishment of the Industrial Reconstruction Bank of India
State: Central
Year: 1984
.....at the time of such conversion.] _____________________ 1. Inserted by The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 w.e.f. 24.01.1997. Section 4A - Transitional Provisions regarding adjustment of capital of the Reconstruction Bank 1[4A. Transitional Provisions regarding adjustment of capital of the Reconstruction Bank (1) The Central Government may reduce share capital of the Reconstruction Bank by,-- (a) extinguishing or reducing the liability of any of its equity shares; (b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid up share capital which is lost, or is unrepresented by available assets; or (c) either with or without extinguishing or reducing liability on any of its equity shares, paying of any paid up share capital which is in excess of the wants of the Reconstruction Bank. (2) The Central Government may at any time, by notification in the Official Gazette, convert such number of equity shares held by it, as it may decide into redeemable preference shares. (3) The redeemable preference shares referred to in sub-section (2) shall carry such fixed rates of.....
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Chapter VI
Title: Reconstruction Assistance Fund
State: Central
Year: 1984
.....Assistance Fund shall be credited -- (a) all amounts received for the purposes of that Fund by way of loans, gifts, grants, donations or benefactions from Government or any other source; (b) repayments or recoveries in respect of loans, advances or other facilities granted from the Fund; (c) income or profits from investments made from the Fund; and (d) income accruing or arising to the Fund by way of interest or otherwise, on account of the application of the Fund in accordance with the provisions of section 27. Section 27 - Utilisation of Reconstruction Assistance Fund (1) Where the Reconstruction Bank considers it necessary or desirable so to do, it may, subject to the provisions of sub-sections (3) and (4), disburse or spend from the Reconstruction Assistance Fund any amount on account, or in consequence, of the grant of any loan or advance or on account, or in consequence, of entering into any arrangement, under section 18: Provided that before granting any such loan or advance to an industrial concern or entering into any such arrangement with or in relation to an industrial concern, the Reconstruction Bank shall obtain the prior approval of the Central.....
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