Bare Act Search Results

Sick Industrial Companies (Special Provisions) Act, 1985 Complete Act

State: Central

Year: 1985

SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 1 of 1986 An Act to make in the public interest, special provision with a view to securing the timely detection of sick and potentially sick companies owning industrial undertakings, the speedy determination by a board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companies and the expeditious enforcement of the measures so determined and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Thirty-sixth Year of the Republic of India as follows :- CHAPTER 01: PRELIMINARY SECTION 01: SHORT TITLE, EXTENT, COMMENCEMENT AND APPLICATION (1) This Act may be called the Sick Industrial Companies (Special Provisions) Act, 1985. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appoint- ed for different provisions of this Act and any reference in any provision of this Act to the commencement of this Act shall be.....

Sick Industrial Companies (Special Provisions) Act, 1985 Amending Act 1

Title: Amendment Act

State: Central

Year: 1985

.....defined in the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986), shall have the meanings respectively assigned to them in that Act. 3. Repeal of Act 1 of 1986 and dissolution of Appellate Authority and Board The Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as the repealed enactment) is hereby repealed and the Appellate Authority and the Board stand dissolved. 4. Consequential provisions On the dissolution of the Appellate Authority and the Board,-- (a) (i) the persons appointed as Chairman and Member of the Appellate Authority or the Board; and (ii) every other person appointed by the Central Government, Appellate Authority or the Board, and holding office as such immediately before the commencement of this Act, shall vacate his office and no such Chairman, Member or other person shall be entitled to claim any compensation for premature termination of the term of his office or of any contract of service: Provided that every officer or employee who has been, immediately before the dissolution of the Appellate Authority or the Board, appointed on deputation basis to the Appellate Authority or the Board,.....

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

Title: References, Inquiries and Schemes

State: Central

Year: 1985

.....Interest Act, 2002, where financial assets have been acquired by any securitisation company or reconstruction company under sub-secton (1) of section 5 of that Act: Provided also that on or after the commencement2of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, where a reference is pending before the Board for Industrial and Financial Reconstruction, such reference shall abate if the secured creditors, representing not less than three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower of such secured creditors, have taken any measures to recover their secured debt under sub-section (4) of section 13 of that Act] (2) Without prejudice to the provisions of sub-section (1), the Central Government or the Reserve Bank or a State Government or a public financial institution or a State level institution or a scheduled bank may, if it has sufficient reasons to believe that any industrial company has become, for the purposes of this Act, a sick industrial company, make a reference in respect of such company to the Board for determination of the measures which may be adopted.....

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.

Sick Industrial Companies (Special Provisions) Act, 1985 Section 18

Title: Preparation and Sanction of Schemes

State: Central

Year: 1985

.....and not allotment of shares, or where it is not possible to allot shares to any shareholder the payment of cash to those shareholders in full satisfaction of their claims-- (i) in respect of their interest in shares in the sick industrial company before its reconstruction or amalgamation; or (ii) where such interest has been reduced under clause (f) in respect of their interest in shares as so reduced; (h) any other terms and conditions for the reconstruction or amalgamation of the sick industrial company; (i) sale of the industrial undertaking of the sick industrial company free from all encumbrances and all liabilities of the company or other such encumbrances and liabilities as may be specified, to any person, including a co-operative society formed by the employees of such undertaking and fixing of reserve price for such sale; (j) lease of the industrial undertaking of the sick industrial company to any person, including a co-operative society formed by the employees of such undertaking; (k) method of sale of the assets of the industrial undertaking of the sick industrial company such as by public auction or by inviting tenders or in any other manner as may be.....

Sick Industrial Companies (Special Provisions) Act, 1985 Preamble 1

Title: Sick Industrial Companies (Special Provisions) Act, 1985

State: Central

Year: 1985

THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 [Act, No. 1 of 1986] [8th January, 1986] PREAMBLE An Act to make., in the public interest, special provisions with a view to securing the timely detection of sick and potentially sick companies owning industrial undertakings, the speedy determination by a Board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companies and the expeditious enforcement of the. measures so determined and for matters connected therewith or incidental thereto. be it enacted by Parliament in the Thirty-sixth Year of the Republic of India as follows:--

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

Title: Preliminary

State: Central

Year: 1985

.....company;] (p) "State level institution" means anyof the following institutions, namely:-- (i) State Financial Corporations established undersection 3 or section 3A and institutions notified under section 46 of the StateFinancial Corporations Act, 1951 (63 of 1951); (ii) State industrial development corporationsregistered under the Companies Act, 1956 (1 of 1956); (iii) Such other institutions, being companies andnot being public financial institutions, engaged in the development orfinancing of industrial undertakings, as the Central Government may, bynotification, specify: Provided that no institution shall be so specifiedunless not less than fifty-one per cent, of the paid-up share capital thereofis held by any State Government or Governments or by any institution orinstitutions mentioned in sub-clauses (i) and (ii) or partly by one or morepublic financial institutions or institutions mentioned in sub-clauses (i) and(ii) and partly by one or more State Governments. (2) (a) Words and expressions used and not definedin this Act shall have the meanings, if any, respectively assigned to them inthe Companies Act, 1956 (1 of 1956). (b) Words and expressions used but.....

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

.....firm, means a partner in the firm. Section 35 - Power to remove difficulties If any difficulty arises in giving effect to the provisions of this Act or the rules, schemes or orders made thereunder, the Central Government may, by notification, remove the difficulty: Provided that no such notification shall be made by the Central Government after the expiry of a period of three years from the date on which this Act receives the assent of the President. Section 36 - Power to make rules (1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (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:-- (a) the salaries and allowances payable to and other terms and conditions of service of the Chairman and other Members under sub-section (7) of section 6; (b) the powers which may be exercised and the duties which may be performed by the Secretary to the Board or the Appellate Authority under sub-section (1) of section 8; (c) the restrictions and conditions subject to which officers and employees may be appointed to the Board.....

Sick Industrial Companies (Special Provisions) Act, 1985 Complete Act

Title: Sick Industrial Companies (Special Provisions) Act, 1985

State: Central

Year: 1985

.....for continuing operations, etc., during inquiry Section20 - Winding up of sick industrial company Section21 - Operating agency to prepare complete inventory, etc. Section22 - Suspension of legal proceedings, contracts, etc. Section22A - Direction not to dispose of assets Chapter IV Section23 - Loss of fifty per cent, net worth by industrial companies Section23A - Proceedings on report, etc., of loss of fifty per cent, net worth Section23B - Power of Board to call for periodic information Section24 - Misfeasance proceedings Section25 - Appeal Section26 - Bar of jurisdiction Section27 - Delegation of powers Section28 - Returns and information Section29 - Power to seek the assistance of Chief Metropolitan Magistrate and District Magistrate Section30 - Protection of action taken in good faith Section31 - Saving of pending proceedings Section32 - Effect of the Act on other laws Section33 - Penalty for certain offences Section34 - Offences by companies Section35 - Power to remove difficulties Section36 - Power to make rules Schedule1 - THE SCHEDULE Amending Act1 - AMENDMENT ACT

Sick Industrial Companies (Special Provisions) Act, 1985 Section 16

Title: Inquiry into Working of Sick Industrial Companies

State: Central

Year: 1985

.....condition of the company. (2) The Board may, if it deems necessary orexpedient so to do for the expeditious disposal of an inquiry under sub-section(1), require by order anyoperating agency to enquire into and make a report with respect to such mattersas may be specified in the order. (3) The Board or, as the case may be, the operatingagency shall complete its inquiry as expeditiously as possible and endeavourshall be made to complete the inquiry within sixty days from the commencementof the inquiry. 1 [Explanation.--For the purposes of thissub-section, an inquiry shall be deemed to have commenced upon the receipt bythe Board of any reference or information or upon its own knowledge reduced towriting by the Board]. (4) Where the Board deems it fit to make an inquiryor to cause an inquiry to be made into any industrial company under sub-section(1) or, as the case may be, under sub-section (2), 2 [it may appoint]one or more persons, to be a special director or special directors of thecompany for safeguarding the financial and other interests of the company 1 [orin the public interest.] 1 [(4A) The Board may issue such directions to aspecial director appointed under.....