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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 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 sectionHaj Committee Act, 2002 Section 23
Title: Disqualification for Being Nominated, or for Continuing, as a Member of the Committee
State: Central
Year: 2002
A person shall be disqualified for being nominated, or for continuing as a member of the State Committee, if he-- (i) is not a citizen of India; (ii) is not a resident of that State; (iii) is not a Muslim, except for an Executive Officer as provided in Clause (vi) of Sub-section (1) of Section 18, (iv) is less than twenty-five years of age; (v) is of unsound mind and stands so declared by a competent court; (vi) is an undischarged insolvent; (vii) has been convicted of an offence which, in the opinion of the State Government, involves a moral turpitude; (viii) has been on a previous occasion-- (a) removed from his office as a member; or (b) removed by an order of a competent authority either for not acting in the interest of the pilgrims or for corruption.
View Complete Act List Judgments citing this sectionHaj Committee Act, 2002 Section 26
Title: Filling Up of a Casual Vacancy
State: Central
Year: 2002
(1) When the seat of a member becomes vacant by his removal, resignation, death or otherwise, a new member shall be nominated in his place and such member shall hold office so long as the member whose place he fills would have been entitled to hold office if such vacancy had not occurred. (2) Any casual vacancy under Sub-section (1) shall be filled up by the same category to which the former member belonged.
View Complete Act List Judgments citing this sectionHaj Committee Act, 2002 Chapter V
Title: Miscellaneous
State: Central
Year: 2002
.....of Committee to be public servants The officers and employees of the Committees and other persons duly appointed to discharge any duty under this Act or rules or bye-laws made thereunder, shall be deemed to be public servants within the meaning of Section 21 of the Indian Penal Code. Section 40 - Idemnity No suit, prosecution or other legal proceeding shall lie against the Chairperson, Vice-Chairpersons or any member of the Committee or a State Committee in respect of anything in good faith done or purporting to have been done under this Act, except with the prior permission of the Central or State Government, as the case may be. Section 41 - Power to amend Schedule (1) If the Central Government is satisfied that it is necessary or expedient so to do, it may by notification published in the Official Gazette, amend the Schedule and thereupon the Schedule shall be deemed to have been amended accordingly. (2) A copy of every notification made under Sub-section (1) shall be laid before each House of Parliament as soon as may be after it is made. Section 42 - Redressal of grievances Any Haj pilgrim, who is aggrieved by the discharge of any of the duties performed by.....
View Complete Act List Judgments citing this sectionHaj Committee Act, 2002 Section 36
Title: Supersession of Committee
State: Central
Year: 2002
.....shall give a reasonable opportunity to the Committee to show cause why it should not be superseded. (2) When the Committee is superseded by an order under Sub-section (1),-- (a) all members shall, on such date as may be specified in the order, vacate their offices as such members without prejudice to their eligibility for nomination under Clause (d); (b) during the period of supersession of the Committee, all powers and duties conferred and imposed upon the Committee by or under this Act shall be exercised and performed by such officer or authority as the Central Government may appoint in that behalf; (c) all property vested in the Committee shall, until it is reconstituted, vest in the Central Government; (d) before the expiry of the period of supersession, nominations shall be made by the Central Government for the purpose of reconstituting the Committee. (3) An order of supersession made under this section together with a statement of the reasons therefor shall be laid before each House of Parliament as soon as may be after it has been made. (4) A State Government may exercise the same powers and duties in respect of a State Committee as mentioned in.....
View Complete Act List Judgments citing this sectionHaj Committee Act, 2002 Section 44
Title: Power to Make Rules
State: Central
Year: 2002
.....of election of members of the Committee, under Clause (ii) of Section 4; (ii) the terms and conditions of the Chairperson and members under Sub-section (2) of Section 6; (iii) the powers and duties of the Chairperson under Sub-section (3) of Section 7; (iv) the manner in which the members may be re-nominated under the proviso to Sub-section (2) of Section 8; (v) duties in connection with Haj under Clause (ix) of Sub-section (1) of Section 9; (vi) the functions of the Chief Executive Officer and the terms and conditions of service of the Chief Executive Officer and other employees of the Committee under Section 16; (vii) the number of members of a Joint State Committee or of a Committee for Union territory under the proviso to Clause (vi) of Sub-section (1) of Section 18; (viii) the manner in which the accounts shall be maintained by the Committee and the State Committees and the audit of such accounts under Section 34; (ix) issue of Haj Pilgrim Pass under Sub-section (1) of Section 35; (x) amendment of the schedule relating to the zones comprising contiguous States or Union territories under Section 41; (xi) any other matter which may be prescribed. (3).....
View Complete Act List Judgments citing this sectionHaj Committee Act, 2002 Section 47
Title: Power to Make Rules by State Governments
State: Central
Year: 2002
(1) The State Governments may, in consultation with the Central Government, by notification make rules to carry out the purposes of this Act in respect of the State Committees. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (i) terms and conditions of the Chairperson and members of the State Committee under Sub-section (2) of Section 20; (ii) the manner in which the members may be re-nominated under the proviso to Sub-section (2) of Section 22; (iii) duties of the State Committee under Sub-section (3) of Section 27; (iv) the functions of the Executive Officer and the terms and conditions of service of officers and other employees under Section 29; (v) any other matter which is required to be or may be prescribed. (3) Every rule made under this section shall be laid, as soon as may be after it is made, before the State Legislature.
View Complete Act List Judgments citing this sectionCompanies (Second Amendment) Act, 2002 Section 74
Title: Substitution of New Section for Section 470
State: Central
Year: 2002
For section 470 of the principal Act, the following section shall be substituted, namely:-- "470. Power of Tribunal to make calls.-- (1) The Tribunal may, at any time after making winding up order, and either before or after it has ascertained the sufficiency of the assets of the company,-- (a) make calls on all or any of the contributories for the time being on the list of the contributories, to the extent of their liability, for payment of any money which the Tribunal considers necessary to satisfy the debts and liabilities of the company, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves; and (b) make an order for payment of any calls so made. (2) In making a call, the Tribunal may take into consideration the probability that some of the contributories may, partly or wholly, fail to pay the call.".
View Complete Act List Judgments citing this sectionHaj Committee Act, 2002 Section 19
Title: Notification of Members
State: Central
Year: 2002
As soon as may be after the nomination of the members of a State Committee under Sub-section (1) of Section 18, the State Government shall publish, in the Official Gazette of that State the names of all such members.
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