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Companies Act, 2013, Section 266

Title: Power of Tribunal to Assess Damages Against Delinquent Directors, Etc.

State: Central

Year: 2013

.....to the interests of the company, the Tribunal shall, by order, direct the public financial institutions, scheduled banks and State level institutions not to provide, for a maximum period of ten years from the date of the order, any financial assistance to such person or any firm of which such person is a partner or any company or other body corporate of which such person is a director, by whatever name called, or to disqualify the said director, promoter, manager from being appointed as a director in any company registered under this Act for a maximum period of six years. (3) No order shall be made by the Tribunal under this section against any person unless such person has been given a reasonable opportunity of being heard.

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Companies Act, 1956 Chapter 8

Title: Miscellaneous Provisions

State: Central

Year: 1956

.....Government or a public financial institution or a State level institution or a scheduled bank, as the case may be, come to know, of the relevant facts giving rise to causes of such reference or within sixty days of final adoption of accounts, whichever is earlier. (5) The Tribunal may, on receipt of a reference under sub-section (1), pass an order as to whether a company in respect of which a reference has been made has become a sick industrial company and such order shall be final. _______________________ 1. Inserted vide The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 424B - Inquiry into working of sick industrial companies (1) The Tribunal may make such inquiry as it may deem fit for determining whether any industrial company has become a sick industrial company-- (a) upon receipt of a reference with respect to such company under section 424A; or (b) upon information received with respect to such company or upon its own knowledge as to the financial condition of the company. (2) The Tribunal may, if it deems necessary or expedient so to do for the expeditious disposal of an inquiry under sub-section (1),.....

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Companies Act, 1956 Section 424K

Title: Misfeasance Proceedings

State: Central

Year: 1956

.....other than a bona fide purpose of the company or had managed the affairs of the company in a manner highly detrimental to the interests of the company, the Tribunal shall by order, direct the public financial institutions, scheduled banks and State level institutions not to provide, during a period often years from the date of the order, any financial assistance to such person or any firm of which such person is a partner or any company or other body corporate of which such person is a director (by whatever name called). (3) No order shall be made by the Tribunal under this section against any person unless such person has been given an opportunity for making his submissions. (4) This section shall apply notwithstanding that the matter is one for which the person may be criminally liable.

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Companies Act, 1956 Amending Act 4

Title: Companies (Second Amendment) Act, 2002

State: Central

Year: 1956

.....one or more industrial undertakings; (19AB) "industrial undertaking" means any undertaking, pertaining to any industry carried on in one or more factories or units by any company, as defined in clause (aa) of section 3 of the Industries (Development and Regulation) Act, 1951 (65 of 1951) but does not include a small-scale industrial undertaking as defined in clause (j) of that section;'; (c) after clause (29), the following clause shall be inserted, namely:-- '(29A) "net worth" means the sum total of the paid-up capital and free reserves after deducting the provisions or expenses as may be prescribed. Explanation.--for the purposes of this clause, "free reserves" means all reserves created out of the profits and share premium account but does not include reserves created out of revaluation of assets, write back of depreciation provisions and amalgamation;'; (d) after clause (31A), the following clause shall be inserted, namely:-- '(31AA) "operating agency" means any group of experts consisting of persons having special knowledge of business or industry in which the sick industrial company is engaged and includes public financial institution, State level institution,.....

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Companies (Second Amendment) Act, 2002 Section 47

Title: Insertion of New Part Via

State: Central

Year: 2002

.....Government or a public financial institution or a State level institution or a scheduled bank, as the case may be, come to know, of the relevant facts giving rise to causes of such reference or within sixty days of final adoption of accounts, whichever is earlier. (5) The Tribunal may, on receipt of a reference under sub-section (1), pass an order as to whether a company in respect of which a reference has been made has become a sick industrial company and such order shall be final. 424B. Inquiry into working of sick industrial companies.--(1) The Tribunal may make such inquiry as it may deem fit for determining whether any industrial company has become a sick industrial company-- (a) upon receipt of a reference with respect to such company under section 424A; or (b) upon information received with respect to such company or upon its own knowledge as to the financial condition of the company. (2) The Tribunal may, if it deems necessary or expedient so to do for the expeditious disposal of an inquiry under sub-section (1), require by order any operating agency to enquire into the scheme for revival and make a report with respect to such matters as may be specified in.....

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

Title: Proceedings in Case of Potentially Sick Industrial Companies, Misfeasance Proceedings, Appeals and Miscellaneous

State: Central

Year: 1985

.....company have resulted in erosion of fifty per cent. or more of its peak net worth during the immediately preceding four financial years, report the fact of such erosion to the Board. (2) If the Board has, upon information received or upon its own knowledge, reason to believe that the accumulated losses of any industrial company have resulted in erosion of fifty per cent. or more of its peak net worth during the immediately preceding four financial years, it may call for such information from the company as it may deem fit. (3) Where the Board is of the opinion that an industrial company referred to in sub-section (1) is not likely to make its net worth exceed its accumulated losses within a reasonable time while meeting all its financial obligations and that the company as a result thereof is not likely to become viable in future, it may require by order an operating agency to inquire into and make a report with respect to such matters as may be specified in the order. (4) After consideration of the report of the operating agency, the Board may publish or cause to be published a notice in such daily newspapers as the Board may consider necessary, for suggestions and.....

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Sick Industrial Companies (Special Provisions) Act, 1985 Section 24

Title: Misfeasance Proceedings

State: Central

Year: 1985

.....purpose other than a bona fide purpose of the company or had managed the affairs of the company in a manner highly detrimental to the interests of the company, the Board shall, by order, direct the public financial institutions, scheduled banks and State level institutions not to provide, during a period of ten years from the date of the order, any financial assistance to such person or any firm of which person is a partner or any company or other body corporate of which such person is a director (by whatever name called). (3) No order shall be made by the Board under this section against any person unless such person has been given an opportunity for making his submissions. (4) This section shall apply notwithstanding that the matter is one for which the person may be criminally liable.

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Hindu Religious Institutions and Charitable Endowments Act, 1997 Chapter VI

Title: Notified Institutions

State: Karnataka

Year: 1997

.....(2), it is satisfied that the committee has; (a) failed to discharge the duties or perform the functions in accordance with the provisions of this Act or the rules made thereunder; or (b) disobeyed any lawful orders issued under the provisions of this Act or the rules made thereunder by the State Government or the Commissioner, Deputy Commissioner or Assistant Commissioner; or (c) committed any malfeasance or misfeasance or is guilty of breach of trust or misappropriation in respect of the properties of the institution or endowment; (2) Where the prescribed authority proposes to take action under sub-section (1) it shall frame the charge against the Chairman and give him an opportunity of meeting such charge or testing the evidence adduced against the charge and of adducing evidence in favour of the Committee; and the order of dissolution shall state every charge framed against the Committee, explanation offered by the committee and the finding on such charge together with the reasons therefor. (3) Pending enquiry under sub-section (2) the prescribed authority may suspend the Committee and appoint an administrator in accordance with section 29. (4) Any person.....

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Hindu Religious Institutions and Charitable Endowments Act, 1997 Section 28

Title: Power to Dissolve the Committee of Management

State: Karnataka

Year: 1997

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Hindu Religious Institutions and Charitable Endowments Act, 1997 Chapter IX

Title: Powers and Functions of Commissioner and Other Officers

State: Karnataka

Year: 1997

.....shall in all such cases, except where it appears that the object of passing the interim order would be defeated or delayed, give notice of the facts brought to his notice to the person concerned before passing the order. (3) After hearing the Chairman, Manager, Executive Officer or other person concerned and after holding such enquiry as he thinks fit, the Commissioner may confirm, discharge, vary or set aside the interim order or pass any other appropriate order. (4) In case of disobedience or breach of the terms of any order passed under this section, the Commissioner may apply to the Court for an appropriate order to prevent the illegal removal or alienation of the property belonging to the Notified Institution or Delcared Institution. Section 52 - Power of removal and dismissal The Commissioner may either on the application of any person interested in a notified institution or on receipt of a report under section 51 or suo-motu remove or dismiss a Chairman, Manager, or any other person responsible for managing the affairs of such institution who,- (a) makes persistent default in submission of Budget accounts, report or return, or (b) wilfully disobeys and.....

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