Bare Act Search Results

Securitisation 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

.....of this Act; (e) settlement of dues payable by the borrower; (f) taking possession of secured assets in accordance with the provisions of this Act. Section 10 - Other functions of securitisation company or reconstruction company (1) Any securitisation company or reconstruction company registered under section 3 may-- (a) act as an agent for any bank or financial institution for the purpose of recovering their dues from the borrower on payment of such fees or charges as may be mutually agreed upon between the parties; (b) act as a manager referred to in clause (c) of sub-section (4) of section 13 on such fee as may be mutually agreed upon between the parties; (c) act as receiver if appointed by any court or tribunal: Provided that no securitisation company or reconstruction company shall act as a manager if acting as such gives rise to any pecuniary liability. (2) Save as otherwise provided in sub-section (1), no securitisation company or reconstruction company which has been granted a certificate of registration under sub-section (4) of section 3, shall commence or carry on, without prior approval of the Reserve Bank, any business other than that of.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 14

Title: Chief Metropolitan Magistrate or District Magistrate to Assist Secured Creditor in Taking Possession of Secured Asset

State: Central

Year: 2002

.....or found, to take possession thereof, and the Chief Metropolitan Magistrate or, as the case may be, the District Magistrate shall, on such request being made to him-- (a) take possession of such asset and documents relating thereto; and (b) forward such assets and documents to the secured creditor. (2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate of the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary. (3) No act of the Chief Metropolitan Magistrate or the District Magistrate done in pursuance of this section shall be called in question in any court or before any authority.

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Complete Act

State: Central

Year: 2002

.....to such modification of such security interest. SECTION 25: SECURITISATION COMPANY OR RECONSTRUCTION COMPANY OR SECURED CREDITORS TO REPORT SATISFACTION OF SECURITY INTEREST (1) The securitisation company or reconstruction company or the secured creditors, as the case may be, shall give intimation to the Central Registrar of the payment or satisfaction in full, of any security interest relating to the securitisation company or the reconstruction company or the secured creditor and requiring registration under this Chapter, within thirty days from the date of such payment or satisfaction. (2) The Central Registrar shall, on receipt of such intimation, cause a notice to be sent to the securitisation company or reconstruction company or the secured creditor calling upon it to show cause within a time not exceeding fourteen days specified in such notice, as to why payment or satisfaction should not be recorded as intimated to the Central Registrar. (3) If no cause is shown, the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register. (4) If cause is shown, the Central Registrar shall record a note to that effect in the Central.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter III

Title: Enforcement of Security Interest

State: Central

Year: 2002

.....security are in accordance with the provisions of this Act and the rules made thereunder. (3) If, the Debts Recovery Tribunal, after examining the facts and circumstances of the case and evidence produced by the parties, comes to the conclusion that any of the measures referred to in sub-section (4) of section 13, taken by the secured creditor are not in accordance with the provisions of this Act and the rules made thereunder, and require restoration of the management of the business of the borrower or restoration of possession of the secured assets to the borrower, it may by order, declare the recourse to any one or more measures referred to in sub-section (4) of section 13 taken by the secured creditors as invalid and restore the possession of the secured assets to the borrower or restore the management of the business to the borrower, as the case may be, and pass such order as it may consider appropriate and necessary in relation to any of the recourse taken by the secured creditor under sub-section (4) of section 13. (4) If, the Debts Recovery Tribunal declares the recourse taken by a secured creditor under sub-section (4) of section 13, is in accordance with the.....

Wealth-tax Act, 1957 Chapter II

Title: Charge of Wealth-tax and Assets Subject to Such Charge

State: Central

Year: 1957

.....the value of such gift shall be liable to beincluded in computing the net wealth of the person making the gift unless heproves to the satisfaction of the 23 [Assessing Officer] that themoney has actually been delivered to the other person at the time the entrieswere made.] 24 [(6) For the purposes of this Act, theholder of an impartible estate shall be deemed to be the individual owner of allthe properties comprised in the estate.] 25 [(7) Where the assessee is amember of a co-operative society,company or other association of persons and a building or part thereof isallotted or leased tohim under a house building scheme of the society, company or association,as the case may be, the assessee shall, notwithstanding anything contained inthis Act or any other law for the time being in force, be deemed to be the ownerof such building or part and the value of such building or part shall beincluded in computing the net wealth of the assessee; and, in determining thevalue of such building or part, the value of any outstanding instalments of theamount payable under such scheme by the assessee to the society, company orassociation towards the cost of such building or part and.....

Wealth-tax Act, 1957 Schedule III

Title: Rules for Determining the Value of Assets

State: Central

Year: 1957

.....in a finished form, meant for personal adornment or for the adornment of any idol, deity or any other object of religious worship, made of, or manufactured from gold, whether or not set with stones or gems, real or artificial, or with pearls, real, cultured or imitation, or with all or any of them and includes parts, pendants or broken pieces of gold ornaments; (6) "investment company" means a company whose gross total income consists mainly of income which is chargeable to income-tax under the heads "Income from house property", "Capital gains" and "Income from other sources". Explanation. -In this clause, the expression "gross total income" shall have the meaning assigned to it in section 80B of the Income-tax Act; (7) "jewellery" includes - (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel; (b) precious or semi-precious stones, whether or not set in any furniture, utensils or other article or worked or sewn into any apparel; (8) "preference share" has the.....

Income Tax Act, 1961 Section 54EB

Title: Capital Gain on Transfer of Long-term Capital Assets Not to Be Charged in Certain Cases

State: Central

Year: 1961

.....any part of the capital gain received or accrued as a result of transfer of the original asset in any long-term specified asset and such assessee takes any loan or advance on the security of such specified asset, he shall be deemed to have converted (otherwise than by transfer) such specified asset into money on the date on which such loan or advance is taken. (3) Where the cost of the long-term specified asset has been taken into account for the purposes of clause (a) or clause (b) of sub-section (1), a deduction from the amount of income-tax with reference to such cost shall not be allowed under section 88. __________________ 1. Inserted by the Finance Act, 2000, with effect from 1st April, 2001.

Indian Succession Act, 1925 Part 9

Title: Probate, Letters of Administration and Administration of Assets of Deceased

State: Central

Year: 1925

.....or suggestion, or by concealing from the Court something material to the case; or (c) the grant was obtained by means of an untrue allegation of a fact essential in point of law to justify the grant, though such allegation was made in ignorance or inadvertently; or (d) the grant has become useless and inoperative through circumstances; or (e) the person to whom the grant was made has wilfully and without reasonable cause omitted to exhibit an inventory or account in accordance with the provisions of Chapter VII of this Part, or has exhibited under that Chapter an inventory or account which is untrue in a material respect. Illustrations (i) The Court by which the grant was made had no jurisdiction. (ii) The grant was made without citing parties who ought to have been cited. (iii) The Will of which probate was obtained was forged or revoked. (iv) A obtained letters of administration to the estate of B, as his widow, but it has since transpired that she was never married to him. (v) A has been taken administration to the estate of B as if he had died intestate, but a Will has since been discovered. (vi) Since probate was granted, a latter Will has been.....

Ganges Printing Ink Factory Limited (Acquisition and Transfer of Assets)act, 1993 Complete Act

State: West Bengal

Year: 1993

GANGES PRINTING INK FACTORY LIMITED (ACQUISITION AND TRANSFER OF ASSETS)ACT, 1993 GANGES PRINTING INK FACTORY LIMITED (ACQUISITION AND TRANSFER OF ASSETS)ACT, 1993 18 of 1993 11th February, 1994 An Act to provide for the acquisition and transfer, in the public interest, of the assets of the Ganges Printing Ink Factory Limited, and for matters connected therewith or incidental thereto, WHEREAS the Ganges Printing Ink Factory Limited had been engaged in the manufacture of quality printing ink; AND WHEREAS an order has been made for the winding up of the Company and proceedings for its liquidation are pending in the High Court at Calcutta; AND WHEREAS for the purpose of utilising the production facilities and equipment of the Company with a view to increasing the production of printing ink and generating employment in the interest of the general public, it is necessary to acquire the assets of the Company; It is hereb y enacted as follows: Section 1 Short title and commencement (1) This Act may be called the Ganges Printing Ink Factory Limited (Acquisition and Transfer of Assets) Act, 1993. (2) It shall come into force on such date as the State Government may, by.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Preamble 1

Title: Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

State: Central

Year: 2002

THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 [Act, No. 54 of 2002] [17th December, 2002] PREAMBLE An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto. be it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:--