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Start Free TrialIndustrial Reconstruction Bank of India Act, 1984 Section 49
Title: Power of Central Government to Grant Relief in the Case of Certain Assisted Industrial Concerns
State: Central
Year: 1984
.....of the business of the assisted industrial concern; (g) the payment in cash or otherwise to the members and other creditors in full satisfaction of their claims -- (i) in respect of their interests or rights, in, or against, the assisted industrial concernbefore the reconstruction or amalgamation; or (ii) where their interests or rights aforesaid, in, or against, the assisted industrial concern has or have been reduced under clause (f), in respect of such interests or rights as so reduced; (h) the vesting of controlling interest, in the reconstructed industrial concern, in the Central Government or its nominee either by the appointment of additional director or by the allotment of additional shares; (i) the allotment to the members of the assisted industrial concern, for any share or shares held by them therein before its reconstruction or amalgamation (whether their interest on such shares has been reduced under clause (f) or not), of shares in the assisted industrial concern on its reconstruction, or, as the case may be, in the transferee industrial concern and where any member claims payment in cash and not allotment of shares, or where it is not possible.....
View Complete Act List Judgments citing this sectionOil Industry Development Act 1974 Section 10
Title: Power of Board to Appoint Directors of Oil Industrial Concern
State: Central
Year: 1974
.....relating to the concern, in so far as it makes, in relation to a Director, any provision for the holding of any share qualification, age limit, restrictions on the number of directorships, retirement by rotation or removal from office shall apply to any Director appointed by the Board under this section. OIL INDUSTRY DEVELOPMENT ACT 1974 Section 10 - Power of Board to appoint Directors of oil industrial concern When the management of an oil industrial concern is taken over by the Board, the Board may, by order notified in the Official Gazette appoint as many persons as it thinks fit to be the Directors of that concern and nothing in the Companies Act, 1956 or in any law or instrument relating to the concern, in so far as it makes, in relation to a Director, any provision for the holding of any share qualification, age limit, restrictions on the number of directorships, retirement by rotation or removal from office shall apply to any Director appointed by the Board under this section.
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Section 42
Title: Power of Reconstruction Bank to Appoint Directors or Administrators of an Industrial Concern when Management Thereof is Taken over
State: Central
Year: 1984
.....the Official Gazette, appoint as many persons as it thinks fit,-- (a) in any case in which the industrial concern is a company, as defined in the Companies Act, 1956, to be the directors of that industrial concern; or (b) in any other case, to be the administrator of that industrial concern. (2) The power to appoint directors or administrators under this section includes the power to appoint any individual, firm or body corporate to be the manager of the industrial concern on such terms and conditions as the Reconstruction Bank may think fit. (3) For the removal of doubts, it is hereby declared that the power to appoint directors, administrators or managers includes the power to remove or replace the person so appointed. (4) Nothing in the Companies Act, 1956 or in any other law for the time being in force or in any instrument relating to the industrial concern shall, in so far as it makes, in relation to a director, any provision for the holding of any share qualification, age limit, restriction on the number of directorships, retirement by rotation or removal from office, apply to any director appointed by the Reconstruction Bank under this section.
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Section 50
Title: Power of High Court to Authorise Reconstruction Bank to Prepare Scheme for Reconstruction, Etc., of Industrial Concern
State: Central
Year: 1984
.....revival or rehabilitation of the industrial concern referred to in sub-section (1), and the scheme so made may contain all or any of the matters specified in sub-section (7) of section 49; Provided that no such scheme shall provide for the amalgamation or merger of the company in liquidation or of any undertaking owned by it with any other company, or any other undertaking owned by such other company, except on the authority of a special resolution passed by the members of that other company. (3) The High Court may, if it is satisfied, after considering the scheme prepared under sub-section (2), that the scheme ensures the reconstruction, revival or rehabilitation of the industrial concern which is a company being wound up by the court; and such reconstruction, revival or rehabilitation would ensure an increase in the production of goods needed by the community, approve the scheme with or without any modification and the scheme so approved shall have effect, notwithstanding anything to the contrary contained in any other provisions of this Act or any other law, or any agreement, award or other instrument for the time being in force.
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Section 37
Title: Assistance to Industrial Concern when to Operate as a Charge on the Property Offered as Security
State: Central
Year: 1984
.....aforesaid, the dues relating to such assistance shall, without prejudice to the rights of any other creditor holding any prior charge or mortgage in respect of the property so specified, be, by virtue of the provisions of this section, a charge on the property specified in the declaration aforesaid. (2) Where any further immovable property is offered as security for the assistance referred to in sub-section (1), a fresh declaration shall be executed, as far as may be, in the form specified in the First Schedule. (3) Every declaration referred to in sub-section (1) or sub-section (2) shall be deemed to be a document registrable as an agreement under the provisions of the Registration Act, 1908, and no such declaration shall have effect unless it is so registered.
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Section 47
Title: Restriction on Filing of Suits for Dissolution, Etc., of an Industrial Concern Not Being a Company when Its Management is Taken over
State: Central
Year: 1984
Where the management of an industrial concern not being a company as defined in the Companies Act, 1956, is taken over by the Reconstruction Bank, no suit or proceedings for dissolution or for partition shall, in so far as it relates to that industrial concern, lie in any court or before any tribunal or other authority except with the consent of the Reconstruction Bank.
View Complete Act List Judgments citing this sectionOil Industry Development Act 1974 Chapter II
Title: The Oil Industry Development Board
State: Central
Year: 1974
.....or other person. (6) The Board may do all such things as may be incidental to or consequential upon the discharge of its functions under this Act. Section 6 - Functions of the Board (1) Subject to the provisions of this Act and the rules made there under, the Board shall render, in such manner, to such extent and on such terms and conditions as it may deem fit, financial and other assistance for the promotion of all such measures as are, in its opinion, conducive to the development of oil industry. (2) Without prejudice to the generality of the provisions of sub-section (1), the Board may render assistance under that sub-section by-- (a) making grants or advancing loans to any oil industrial concern or other person who is engaged or is to engage in any activity referred to in clause (k) of section 2; (b) guaranteeing on such terms and conditions as may be agreed upon loans raised by any oil industrial concern or other person which are repayable within a period not exceeding twenty-five years and are floated in the market or loans raised by an oil industrial concern or other person from any bank which is a scheduled bank, or a State co-operative bank, as defined.....
View Complete Act List Judgments citing this sectionSmall Industries Developement Bank of India Act, 1989 Chapter IV
Title: Business of the Small Industries Bank
State: Central
Year: 1989
.....and promissory notes made, drawn, accepted or endorsed by industrial concerns in the small-scale sector or by any person selling products manufactured by an industrial concern in the small-scale sector; (iii) subscribing to, or purchasing stocks, shares bonds or debentures of, any State Financial Corporation, State Industrial Development Corporation, State Small Industries Corporation, National Small Industries Corporation or 2 [such other financial institutions as may be approved by the Board in this behalf]; (iv) granting lines of credit or loans and advances to any State Financial Corporation, State Industrial Development Corporation, State Small Industries Corporation, National Small Industries Corporation or 2 [such other financial institutions as may be approved by the Board in this behalf|; (v) granting loans and advances to any industrial concern in the small-scale sector or subscribing to, or purchasing, or under-writing the issue of stocks, shares, bonds or debentures of, any such concern: Provided that nothing contained in this clause shall be deemed to preclude the Small Industries Bank from granting loans or advances to, or subscribing to the.....
View Complete Act List Judgments citing this sectionSmall Industries Developement Bank of India Act, 1989 Section 13
Title: Business of Small Industries Bank
State: Central
Year: 1989
.....and promissory notes made, drawn, accepted or endorsed by industrial concerns in the small-scale sector or by any person selling products manufactured by an industrial concern in the small-scale sector; (iii) subscribing to, or purchasing stocks, shares bonds or debentures of, any State Financial Corporation, State Industrial Development Corporation, State Small Industries Corporation, National Small Industries Corporation or 2 [such other financial institutions as may be approved by the Board in this behalf]; (iv) granting lines of credit or loans and advances to any State Financial Corporation, State Industrial Development Corporation, State Small Industries Corporation, National Small Industries Corporation or 2 [such other financial institutions as may be approved by the Board in this behalf|; (v) granting loans and advances to any industrial concern in the small-scale sector or subscribing to, or purchasing, or under-writing the issue of stocks, shares, bonds or debentures of, any such concern: Provided that nothing contained in this clause shall be deemed to preclude the Small Industries Bank from granting loans or advances to, or subscribing to the.....
View Complete Act List Judgments citing this sectionSmall Industries Developement Bank of India Act, 1989 Section 41
Title: Special Provisions for Enforcement of Claims by Small Industries Bank
State: Central
Year: 1989
.....advance under section 40 and such industrial concern fails to make such repayment, then, without prejudice to the provisions of section 38 of this Act and section 69 of the Transfer of Property Act, 1882 (4 of 1882), any officer of that Bank, generally or specially authorised by that Bank in this behalf, may apply to the court for one or more of the following reliefs, namely:-- (a) for an order for the sale of the property assigned, charged, hypothecated, mortgaged or pledged to that Bank as security for the loan or advance; or (b) for enforcing the liability of any surety; or (c) for an ad interim injunction restraining the industrial concern in the small-scale sector from transferring or removing its machinery, plant or equipment from the premises of such industrial concern without the permission of the Small Industries Bank, where such transfer or removal is apprehended. (2) An application under sub-section (1) shall state the nature and extent of the liability of the industrial concern in the small-scale sector to the Small Industries Bank, the ground on which it is made and such other particulars as may be necessary for obtaining the relief prayed for. (3) Where.....
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