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Start Free TrialSecuritisation 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 sectionHampi World Heritage Area Management Authority Act, 2002 Chapter III
Title: Officers of the Authority and their Duties
State: Karnataka
Year: 2002
.....year and thereafter submit copies of the same to the Authority and the State Government; (e) perform such other functions as may be prescribed. Section 9 - Appointment of the Planning Officer (1) The State Government shall appoint an officer of the Town Planning Department not below the rank of an Assistant Director of Town planning, to be the Planning Officer. (2) The Planning Officer shall report to the Commissioner, and shall exercise such powers and perform such duties as may be prescribed. Section 10 - Appointment of Accounts Officer etc (1) The State Government shall appoint an officer of the State Accounts Service, not below the rank of a Group A (Junior Scale) Officer to be the Accounts Officer of the Authority. (2) The Accounts Officer shall report to the Commissioner and shall exercise such powers and perform such duties as may be prescribed. (3) The State Government shall provide such other officers and staff as may be necessary to the Authority. The conditions of service and the powers and duties of officers and staff of the Authority shall be such as may be determined by regulations. (4) The Administrative expenses, salary and allowances of the.....
View Complete Act List Judgments citing this sectionCompanies (Second Amendment) Act, 2002 Section 47
Title: Insertion of New Part Via
State: Central
Year: 2002
.....practicable for the company to make its net worth exceed the accumulated losses or make the repayment of its debts referred to in clause (b) of sub-section (2) of section 424A within a reasonable time. (2) If the Tribunal decides under sub-section (1) that it is practicable for a sick industrial company to make its net worth exceed the accumulated losses or pay its debt referred to in that sub-section within a reasonable time, the Tribunal shall, by order in writing and subject to such restrictions or conditions as may be specified in the order, give such time to the company as it may deem fit to make its net worth exceed the accumulated losses or make repayment of the debts. (3) If the Tribunal decides under sub-section (1) that it is not practicable for a sick industrial company to make its net worth exceed the accumulated losses or make the repayment of its debts referred to in clause (b) of sub-section (2) of section 424A, within a reasonable time and that it is necessary or expedient in the public interest to adopt all or any of the measures specified in section 424D in relation to the said company it may, as soon as may be, by order in writing, direct any operating.....
View Complete Act List Judgments citing this sectionCompanies (Second Amendment) Act, 2002 Section 56
Title: Substitution of New Sections for Sections 440 and 441
State: Central
Year: 2002
For sections 440 and 441 of the principal Act, the following sections shall be substituted, namely:-- 440. Right to present winding up petition where company is being wound up voluntarily.-- (1) Where a company is being wound up voluntarily, a petition for its winding up by the Tribunal may be presented by -- (a) any person authorised to do so under section 439; or (b) the Official Liquidator. (2) The Tribunal shall not make a winding up order on a petition presented to it under sub-section (1), unless it is satisfied that the voluntary winding up cannot be continued with due regard to the interests of the creditors or contributories or both. 441. Commencement of winding up by Tribunal.-- (1) Where, before the presentation of a petition for the winding up of a company by the Tribunal, a resolution has been passed by the company for voluntary winding up, the winding up of the company shall be deemed to have commenced at the time of the passing of the resolution, and unless the Tribunal, on proof of fraud or mistake, thinks fit to direct otherwise, all proceedings taken in the voluntary winding up shall be deemed to have been validly taken. (2) In any other case, the.....
View Complete Act List Judgments citing this sectionCompanies (Second Amendment) Act, 2002 Section 120
Title: Substitution of New Section for Section 621a
State: Central
Year: 2002
.....required to be paid or credited for the compounding of an offence under this sub-section, the sum, if any, paid by way of additional fee under sub-section (2) of section 611 shall betaken into account. (2) Nothing in sub-section (1) shall apply to an offence committed by a company or its officer within a period of three years from the date on which a similar offence committed by it or him was compounded under this section. Explanation.--For the purposes of this section, any second or subsequent offence committed after the expiry of a period of three years from the date on which the offence was previously compounded, shall be deemed to be a first offence. (3) (a) Every application for the compounding of an offence shall be made to the Registrar who shall forward the same, together with his comments thereon to the Central Government. (b) Where any offence is compounded under this section, whether before or after the institution of any prosecution, an intimation thereof shall be given by the company to the Registrar within seven days from the date on which the offence is so compounded. (c) Where any offence is compounded before the institution of any prosecution, no.....
View Complete Act List Judgments citing this sectionCompanies (Second Amendment) Act, 2002 Section 131
Title: Insertion of New Section 647a
State: Central
Year: 2002
After section 647 of the principal Act, the following section shall be inserted, namely:-- "647A. Transfer of winding up proceedings to Tribunal.-- All proceedings (including proceedings relating to arbitration, compromises, arrangements and reconstruction and winding up of a company) pending before the commencement of the Companies (second Amendment) Act, 2002 before any District Court or High Court, under this Act, or the Insurance Act, 1938 (4 of 1938)or any other law for the time being in force other than under the Banking Regulation Act, 1949 (10 of 1949), shall be transferred to the Tribunal from the date to be notified by the Central Government, in the Official Gazette, and the Tribunal may proceed with the matter either de novo or from the stage it was so transferred: Provided that where the winding up of a company has commenced, subject to the supervision of the District Court or a High Court, before the commencement of the Companies (second Amendment) Act, 2002, such winding up shall continue to be under the supervision of the District Court or the High Court, as the case may be, and the company shall be wound up in the same manner and in the same incidents as if.....
View Complete Act List Judgments citing this sectionCompanies (Amendment) Act, 2002 Section 2
Title: Insertion of New Part Ixa
State: Central
Year: 2002
.....shall form part of the capital of the Producer Company. (8) Any reference to the inter-State co-operative society in any law other than this Act or in any contract or other instrument, shall be deemed to be reference to the Producer Company. (9) If, on the transformation date, there is pending any suit, arbitration, appeal or other legal proceeding of whatever nature by or against the inter-State co-operative society, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the incorporation of the Producer Company under section 581C or transformation of the inter-State co-operative society as a Producer Company under section 581J, as the case may be, but the suit, arbitration, appeal or other proceeding, may be continued, prosecuted and enforced by or against the Producer Company in the same manner and to the same extent as it would have, or may have been continued, prosecuted and enforced by or against the inter-State co-operative society as if the provisions contained in this Part had not come into force. 581M. Concession, etc., to be deemed to have been granted to Producer Company .-- With effect from the transformation.....
View Complete Act List Judgments citing this sectionCode of Civil Procedure (Amendment) Act, 2002 Section 13
Title: Amendment of Order Xx
State: Central
Year: 2002
In the First Schedule, in Order XX, in rule 1, for sub-rule (1), the following sub-rule shall he substituted, namely;-- "(1) The Court, after the case has been heard, shall pronounce judgment in an open Court, either at once, or as soon thereafter as may be practicable and when the judgment is to be pronounced on some future day, the Court shall fix a day for that purpose, of which due notice shall be given to the parties or their pleaders: Provided that where the judgment is not pronounced at once, every endeavour shall be made by the Court to pronounce the judgment within thirty days from the date on which the hearing of the case was concluded but, where it is not practicable so to do on the ground of the exceptional and extraordinary circumstances of the case, the Court shall fix a future day for the pronouncement of the judgment, and such day shall not ordinarily be a day beyond sixty days from the date on which the hearing of the case was concluded, and due notice of the day so fixed shall be given to the parties or their pleaders.".
View Complete Act List Judgments citing this sectionHampi World Heritage Area Management Authority Act, 2002 Section 8
Title: Duties of the Commissioner
State: Karnataka
Year: 2002
(1) The Commissioner shall be the Chief Executive and Administrative Officer of the Authority. (2) The Commissioner shall in addition to performing such functions as are conferred on him by or under this Act or under any law for the time being in force,- (a) be the Chief Executive of the Authortiy; (b) be responsible for all budgetary planning, enforcement and supervisory functions of the Authority; (c) furnish to the Authority all the information relating to the administration and accounts of the Authority as well as other matters whenever called upon by the Authority to do so; (d) prepare and submit the Annual Reports and audited accounts of the Authority for its approval within three months of the close of every financial year and thereafter submit copies of the same to the Authority and the State Government; (e) perform such other functions as may be prescribed.
View Complete Act List Judgments citing this sectionCompanies (Second Amendment) Act, 2002 Section 5
Title: Insertion of New Section 10fa
State: Central
Year: 2002
..... (1) On and from the commencement of the Companies (Second Amendment) Act, 2002, the Board of Company Law Administration constituted under sub-section (1) of section 10E shall stand dissolved. (2) On the dissolution of the Company Law Board, the persons appointed as Chairman, Vice-Chairman and members and officers and other employees of that Board and holding office as such immediately before such commencement shall vacate their respective offices and no such Chairman, Vice-Chairman and member and officer and other employee shall be entitled to claim any compensation for the premature termination of the term of his office or of any contract of service: Provided that every officer or other employee, who has been, immediately before the dissolution of the Company Law Board, appointed on deputation basis to that Board, shall, on such dissolution, stand reverted to his parent cadre, Ministry or Department, as the case may be: Provided further that every officer and other employee of the Company Law Board employed on regular basis by that Board, shall become, on and from the dissolution of the Board, the officer and employee, respectively, of the Central Government with.....
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