Bare Act Search Results

The Apprentices (Amendment) Act, 2014 Complete Act

State: Central

Year: 2014

.....in the Official Gazette, appoint. 52 of 1961 Amendment of section 2 2. In the Apprentices Act, 1961 (hereinafter referred to as the principal Act), in section 2, (i) in clause (d), in sub-clause (1), after item (b), the following item shall be inserted, namely: (bb) any establishment which is operating business or trade from different locations situated in four or more States, or; (ii) for clauses (e), (j) and (k), the following clauses shall respectively be substituted, namely: (e) designated trade means any trade or occupation or any subject field in engineering or non-engineering or technology or any vocational course which the Central Government, after consultation with the Central Apprenticeship Council, may, by notification in the Official Gazette, specify as a designated trade for the purposes of this Act; ( j) graduate or technician apprentice means an apprentice who holds, or is undergoing training in order that he may hold a degree or diploma in engineering or non-engineering or technology or equivalent qualification granted by any institution recognised by the Government and undergoes apprenticeship training in any designated trade; (k) industry means any.....

The Textile Undertakings (Nationalisation) Laws (Amendment And Validation) Act, 2014 Complete Act

State: Central

Year: 2014

.....Laws (Amendment and Validation) Act, 2014, shall have and shall be deemed always to have effect for all purposes as if the provisions of this Act, as amended by the said Act, had been in force at all material times; (b) any lease-hold property divested from the National Textile Corporation to any person under the provisions of this Act, as it stood immediately before the commencement of the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Act, 2014, shall stand transferred to and vest or continue to vest, free from all encumbrances, in the National Textile Corporation in the same manner as it was vested in the National Textile Corporation before such divesting of that property under the provisions of this Act, as if the provisions of this Act as amended by the aforesaid Act, were in force at all material times; (c) no suit or other proceedings shall, without prejudice to the generality of the foregoing provisions, be maintained or continued in any court or tribunal or authority for the enforcement of any decree or order or direction given by such court or tribunal or authority, notwithstanding any undertaking filed by the National Textile Corporation.....

Companies Act, 2013, Section 258

Title: Order of Tribunal

State: Central

Year: 2013

On the date of hearing fixed by the Tribunal and on consideration of the report of the interim administrator filed under sub-section (1) of section 256, if the Tribunal is satisfied that the creditors representing three-fourths in value of the amount outstanding against the sick company present and voting have resolved that-- (a) it is not possible to revive and rehabilitate such company, the Tribunal shall record such opinion and order that the proceedings for the winding up of the company be initiated; or (b) by adopting certain measures the sick company may be revived and rehabilitated, the Tribunal shall appoint a company administrator for the company and cause such administrator to prepare a scheme of revival and rehabilitation of the sick company: Provided that the Tribunal may, if it thinks fit, appoint an interim administrator as the company administrator.

Companies Act, 2013, Section 256

Title: Appointment of Interim Administrator

State: Central

Year: 2013

.....date of its receipt; (b) appoint an interim administrator to convene a meeting of creditors of the company in accordance with the provisions of section 257 to be held not later than forty-five days from receipt of the order of the Tribunal appointing him to consider whether on the basis of the particulars and documents furnished with the application made under section 254, the draft scheme, if any, filed along with such application or otherwise and any other material available, it is possible to revive and rehabilitate the sick company and such other matters, which the interim administrator may consider necessary for the purpose and to submit his report to the Tribunal within sixty days from the date of the order: Provided that where no draft scheme is filed by the company and a declaration has been made to that effect by the Board of Directors, the Tribunal may direct the interim administrator to take over the management of the company; and (c) issue such other directions to the interim administrator as the Tribunal may consider necessary to protect and preserve the assets of the sick company and for its proper management. (2) Where an interim administrator has been.....

Companies Act, 2013, Section 269

Title: Rehabilitation and Insolvency Fund

State: Central

Year: 2013

(1) There shall be formed a Fund to be called the Rehabilitation and Insolvency Fund for the purposes of rehabilitation, revival and liquidation of the sick companies. (2) There shall be credited to the Fund-- (a) the grants made by the Central Government for the purposes of the Fund; (b) the amount deposited by the companies as contribution to the Fund; (c) the amount given to the Fund from any other source; and (d) the income from investment of the amount in the Fund. (3) A company which has contributed any amount to the Fund shall, in the event of proceedings initiated in respect of such company under this Chapter or Chapter XX, may make an application to the Tribunal for withdrawal of funds not exceeding the amount contributed by it, for making payments to workmen, protecting the assets of the company or meeting the incidental costs during proceedings. (4) The Fund shall be managed by an administrator to be appointed by the Central Government in such manner as may be prescribed.

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.

Companies Act, 2013, Section 265

Title: Winding Up of Company on Report of Company Administrator

State: Central

Year: 2013

(1) If the scheme is not approved by the creditors in the manner specified in sub-section (2) of section 262, the company administrator shall submit a report to the Tribunal within fifteen days and the Tribunal shall order for the winding up of the sick company. (2) On the passing of an order under sub-section (1), the Tribunal shall conduct the proceedings for winding up of the sick company in accordance with the provisions of Chapter XX.

Companies Act, 2013, Section 264

Title: Implementation of Scheme

State: Central

Year: 2013

.....case may be, declaring the scheme as failed and pass an order for the winding up of the company if three-fourths in value of the secured creditors consent to the modification of the scheme or winding up of the company. (6) Where an application under sub-section (4) has been made before the Tribunal and such application is pending before it, such application shall abate, if the secured creditors representing not less than three-fourths in value of the amount outstanding against financial assistance disbursed to the sick company have taken any measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002).

Companies Act, 2013, Section 263

Title: Scheme to Be Binding

State: Central

Year: 2013

On and from the date of the coming into operation of the sanctioned scheme or any provision thereof, the scheme or such provision shall be binding on the sick company and the transferee company or, as the case may be, the other company and also on the employees, shareholders, creditors and guarantors of the said companies.

Companies Act, 2013, Section 262

Title: Sanction of Scheme

State: Central

Year: 2013

.....sub-section (3), the Tribunal shall within sixty days therefrom, after satisfying that the scheme had been validly approved in accordance with this section, pass an order sanctioning such scheme. (5) Where a sanctioned scheme provides for the transfer of any property or liability of the sick company to any other company or person or where such scheme provides for the transfer of any property or liability of any other company or person in favour of the sick company, then, by virtue of, and to the extent provided in, the scheme, on and from the date of coming into operation of the sanctioned scheme or any provision thereof, the property shall be transferred to, and vest in, and the liability shall become the liability of, such other company or person or, as the case may be, the sick company. (6) The Tribunal may review any sanctioned scheme and make such modifications, as it may deem fit, or may by order in writing direct company administrator, to prepare a fresh scheme providing for such measures as the company administrator may consider necessary. (7) The sanction accorded by the Tribunal under sub-section (4) shall be conclusive evidence that all the requirements of the.....