Bare Act Search Results

Sick Industrial Companies (Special Provisions) Act, 1985 Chapter III

Title: References, Inquiries and Schemes

State: Central

Year: 1985

.....Interest Act, 2002, where financial assets have been acquired by any securitisation company or reconstruction company under sub-secton (1) of section 5 of that Act: Provided also that on or after the commencement2of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, where a reference is pending before the Board for Industrial and Financial Reconstruction, such reference shall abate if the secured creditors, representing not less than three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower of such secured creditors, have taken any measures to recover their secured debt under sub-section (4) of section 13 of that Act] (2) Without prejudice to the provisions of sub-section (1), the Central Government or the Reserve Bank or a State Government or a public financial institution or a State level institution or a scheduled bank may, if it has sufficient reasons to believe that any industrial company has become, for the purposes of this Act, a sick industrial company, make a reference in respect of such company to the Board for determination of the measures which may be adopted.....

Sick Industrial Companies (Special Provisions) Act, 1985 Section 16

Title: Inquiry into Working of Sick Industrial Companies

State: Central

Year: 1985

.....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 days from the commencementof the inquiry. 1 [Explanation.--For the purposes of thissub-section, an inquiry shall be deemed to have commenced upon the receipt bythe Board of any reference or information or upon its own knowledge reduced towriting by the Board]. (4) Where the Board deems it fit to make an inquiryor to cause an inquiry to be made into any industrial company under sub-section(1) or, as the case may be, under sub-section (2), 2 [it may appoint]one or more persons, to be a special director or special directors of thecompany for safeguarding the financial and other interests of the company 1 [orin the public interest.] 1 [(4A) The Board may issue such directions to aspecial director appointed under.....

Sick Industrial Companies (Special Provisions) Act, 1985 Complete Act

State: Central

Year: 1985

SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 1 of 1986 An Act to make in the public interest, special provision with a view to securing the timely detection of sick and potentially sick companies owning industrial undertakings, the speedy determination by a board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companies and the expeditious enforcement of the measures so determined and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Thirty-sixth Year of the Republic of India as follows :- CHAPTER 01: PRELIMINARY SECTION 01: SHORT TITLE, EXTENT, COMMENCEMENT AND APPLICATION (1) This Act may be called the Sick Industrial Companies (Special Provisions) Act, 1985. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appoint- ed for different provisions of this Act and any reference in any provision of this Act to the commencement of this Act shall be.....