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Start Free TrialSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter III
Title: Enforcement of Security Interest
State: Central
Year: 2002
.....management of the business of the borrower 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 the borrower. (2) Nothing contained in sub-section (1) shall affect the right of any such managing director or any other director or manager of any such person in charge of management to recover from the business of the borrower, moneys recoverable otherwise than by way of such compensation. Section 17 - Right to appeal (1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter,1[may make an application along with such fee, as may be prescribed,] to the Debts Recovery Tribunal having jurisdiction in the matter within forty-five days from the date on which such measure had been taken. 2["Provided that different fees may be prescribed for making the application by the borrower and the person other than the borrower. Explanation- For the removal of doubts, it is hereby declared that the communication of reasons to the borrower by the.....
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 18B
Title: Appeal to High Court in Certain Cases
State: Central
Year: 2002
1[18B. Appeal to High Court in certain cases Any borrower residing in the State of Jammu and Kashmir and aggrieved by any order made by the Court of District Judge under Section 17A may prefer an appeal, to the High Court having jurisdiction over such Court, within thirty days from the date of receipt of the order of the Court of District Judge: Provided that no appeal shall be preferred unless the borrower has deposited, with the Jammu and Kashmir High Court, fifty per cent of the amount of the debt due from him as claimed by the secured creditor or determined by the Court of District Judge, whichever is less: Provided further that the High Court may, for the reasons to be recorded in writing, reduce the amount to not less than twenty-five per cent of the debt referred to in the first proviso.".] ______________________ 1. Inserted by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004.
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 19
Title: Right of Borrower to Receive Compensation and Costs in Certain Cases
State: Central
Year: 2002
.....or the Appellate Tribunal or the High Court on an appeal preferred under section 18 or section 18A, holds that the possession of secured assets by the secured creditor is not in accordance with the provisions of this Act and rules made thereunder and directs the secured creditors to return such secured assets to the concerned borrowers, such borrower shall be entitled to the payment of such compensation and costs as may be determined by such Tribunal or Court of District Judge or Appellate Tribunal or the High Court referred to in section 18B.".] ______________________ 1. Substituted for " If the Debts Recovery Tribunal or the Appellate Tribunal, as the case may be on an appeal filed Under section 17 or section 18 holds the possession of secured assets by the secured creditor as wrongful and directs the secured creditor to return such secured assets to the concerned borrower, such borrower shall be entitled to payment of such compensation and costs as may be determined by such Tribunal or Appellate Tribunal." by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004.
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Amending Act 1
Title: Amendment Act
State: Central
Year: 2002
.....of Security Interest Act, 2002 and further to amend the Recovery of debts Due to Banks and Financial Institutions Act, 1993 and the Companies Act, 1956. BE it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and commencement-- (1) This Act may be called the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. (2) Save as otherwise provided in this Act, the provisions of this Act shall be deemed to have come into force on the 11th day of November, 2004. CHAPTER II AMENDMENTS TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 2. Amendment of section 2 :-- Interest Act, 2002 (54 of 2002) (hereafter in this Chapter referred to as the principal Act), in sub-section (1),-- (i) after clause (h), the following clause shall be inserted, namely:-- '(ha) "debt" shall have the meaning assigned to it in clause (g) of section 2 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993);'; (ii) in clause (j), the words "in accordance with the directions or guidelines issued by.....
View Complete Act List Judgments citing this sectionSecurities and Exchange Board of India (Amendment) Act, 2002 Section 20
Title: Substitution of New Sections for Sections 15l and 15m
State: Central
Year: 2002
For sections 15L and 15M of the principal Act, the following sections shall be substituted, namely:-- "15L. Composition of Securities Appellate Tribunal.-- A Securities Appellate Tribunal shall consist of a Presiding Officer and two other Members, to be appointed, by notification, by the Central Government: Provided that the Securities Appellate Tribunal, consisting of one person only, established before the commencement of the Securities and Exchange Board of India (Amendment) Act, 2002, shall continue to exercise the jurisdiction, powers and authority conferred on it by or under this Act or any other law for the time being in force till two other Members are appointed under this section. 15M. Qualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal.-- (1) A person shall not be qualified for appointment as the Presiding Officer of a Securities Appellate Tribunal unless he is a sitting or retired Judge of the Supreme Court or a sitting or retired Chief Justice of a High Court: Provided that the Presiding Officer of the Securities Appellate Tribunal shall be appointed by the Central Government in consultation with the Chief Justice.....
View Complete Act List Judgments citing this sectionFinance Act, 2002 Chapter III
Title: Direct Taxes
State: Central
Year: 2002
.....into with the Government of India. Explanation.--For the purposes of this clause,--(i) "agreement" includes any arrangement or understanding or action in concert,-- (A) whether or not such arrangement, understanding or action is formal or in writing; or (B) whether or not such arrangement, understanding or action is intended to be enforceable by legal proceedings; (ii) "service" means service of any description which is made available to potential users arid includes the provision of services in connection with business of any industrial or commercial nature such as accounting, banking, communication, conveying of news or information, advertising, entertainment, amusement, education, financing, insurance, chit funds, real estate, construction, transport, storage, processing, supply of electrical or other energy, boarding and lodging.'. Section 14 - Amendment of section 32 In section 32 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2003,-- (a) in clause (ii).-- (i) in the second proviso, for the words, brackets and figures "or clause (ii)", at both the places where they occur, the words, brackets, figures and letter "or clause.....
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 24
Title: Insertion of New Section 50c
State: Central
Year: 2002
.....of the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23 A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation.--For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted or assessed by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed by such authority shall be taken as the full value of the consideration received or accruing as a result of the transfer.'.
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 63
Title: Insertion of New Section 158a
State: Central
Year: 2002
In section 158A of the Income-tax Act, with effect from the 1st day of June, 2002,-- (a) in sub-section (1),-- (i) for the words and figures "before the Supreme Court on a reference under section 257 or in appeal under section 261", the words, figures and letter "before the Supreme Court on a reference under section 257 or in appeal under section 260A before the High Court or in appeal under section 261 before the Supreme Court" shall be substituted; (ii) for the words and figures "for a reference before the High Court under section 256 or the Supreme Court under section 257 or in appeal before the Supreme Court under section 261", the words, figures and letter "in appeal before the High Court under section 260A or in appeal before the Supreme Court under section 261" shall be substituted; (b) in sub-section (4), in clause (b), for the words and figures "for a reference before the High Court under section 256 or the Supreme Court under section 257 or in appeal before the Supreme Court under section 261", the words, figures and letter "in appeal before the High Court under section 260A or the Supreme Court under section 261" shall be substituted.
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 111
Title: Amendment of Section 18c
State: Central
Year: 2002
In section 18C of the Wealth-tax Act, with effect from the 1st day of June, 2002,-- (a) in sub-section (1),-- (i) after the words and figures "before the High Court or the Supreme Court on a reference under section 27", the words, figures and letter "or in appeal under section 27A before the High Court" shall be inserted; (ii) for the words and figures "for a reference before the High Court or the Supreme Court under section 27 or in appeal before the Supreme Court under section 29", the words, figures and letter "in appeal before the High Court under section 27A or the Supreme Court under section 29" shall be substituted; (b) in sub-section (4), in clause (b), for the words and figures "for a reference before the High Court or the Supreme Court under section 27 or in appeal before the Supreme Court under section 29", the words, figures and letter "in appeal before the High Court under section 27A or the Supreme Court under section 29" shall be substituted.
View Complete Act List Judgments citing this sectionFinance Act, 2002 Schedule VIII
Title: Eighth Schedule
State: Central
Year: 2002
THE EIGHTH SCHEDULE (See section 147) Item No. Description of goods Rate of duty (1) (2) (3) 1. Motor spirit, commonly known as petrol Rs. seven per litre 2 High speed diesel oil Re. one per litre.
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