Sick Industrial Companies Special Provisions Act 1985 - Law Dictionary Search Results
Home Dictionary Name: sick industrial companies special provisions act 1985Sick Industrial Company
Sick Industrial Company, means an industrial company (being a company registered for not less than five years) which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth. [Sick Industrial Companies (Special Provisions) Act, 1985, s. 3(1)(o)]...
Industrial undertaking
Industrial undertaking, means any undertaking pertaining to a scheduled industry carried on in one or more factories by any company but does not include--(i) an ancillary industrial undertaking as defined in clause (aa) of s. 3 of the Industries (Development and Regulation) Act, 1951; and(ii) a small scale industrial undertaking as defined in clause (j) of the aforesaid s. 3. [Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986), s. 3 (1) (f)]Means any undertaking pertaining to a scheduled industry and includes an undertaking engaged in any other industry, or in any trade, business or service which may be regulated by Parliament by law. [Central Industrial Security Force Act, 1968 (50 of 1968), s. 2 (1) (b)]Means any undertaking pertaining to a scheduled industry carried on in one or more factories by any person or authority including Government. [Indus-tries (Development and Regulation) Act, 1951 (65 of 1951), s. 3 (d)]...
Date of finalisation of the duly audited accounts
Date of finalisation of the duly audited accounts, means the date on which the audited accounts of the company are adopted at the annual general meeting of the company. [Sick Industrial Companies (Special Provisions) Act, 1985, s. 3 (1) (da)]...
Net-worth
Net-worth, means the sum total of the paid-up capital and free reserves. [Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986), s. 3 (1) (ga)]The concept of 'Net Worth' always denotes the excess of the book value of all assets over liabilities and market value of the assets is never taken into consideration; in fact the market value of assets which gives the 'current worth' becomes a relevant factor when in liquidation the question has to be considered whether the company possesses assets which would be sufficient to meet all its creditors or not, Commissioner of Income Tax v. Mahindra and Mahindra Limited, AIR 1984 SC 1182 (1193): (1983) 4 SCC 392: (1983) 3 SCR 773....
Industrial company
Industrial company, means a company which owns one or more industrial undertakings. [Sick Indus-trial Companies (Special Provisions) Act, 1985 (10 of 1986), s. 3 (1) (e)]A company running a cold storage is not an 'indus-trial company' within the meaning of s. 2(7) (c) of the Finance Act (1973), Delhi Cold Storage (P) Ltd.v. CIT, AIR 1991 SC 2125. [Finance Act, 1973, s. 2(7)(c)]...
Suit
Suit, a following. It is used in divers senses:-(1) An action in the Supreme Court, or a proceeding by petition in the Divorce branch of that Court; a prosecution; a petition to a Court, etc. See Jud. Act, 1873, s. 100. By Jud. Act, 1925, s. 225, suit includes action.(2) Suit of Court, an attendance which a tenant owes to his lord's Court.(3) Suit Covenant, where one has covenanted to do suit and service in his lord's Court.(4) Suit Custom, where service is owed time out of mind.(5) Suithold, a tenure in consideration of certain services to the superior lord.(6) The following one in chase, as fresh suit, Cowel.The word 'suit' does not include an appeal or an application. [Limitation Act, 1963, s. 2 (l)]The word 'suit' will include appellate proceedings, Nachiappa Chettiar v. Subramaniam Chettiar, AIR 1960 SC 307: (1960) 2 SCR 209.The word 'suit' includes an appeal from the judgment in the suit. The only difference between a suit and an appeal is that an appeal only reviews and corrects...
Court
Court, compensation officer appointed under (English) Bihar Land Reforms Act, 1950 is not a 'Court' within the meaning of s. 195(1)(b) of the Code of Criminal Procedure Code 1973, Keshab Moroyan Banerjee v. State of Bihar, AIR 2000 SC 485 (490). [Bihar Land Reforms Act (30 of 1950), s. 19]Court, means the principle civil court of original jurisdiction in a district and including the High Court in exercise of the ordinary original civil jurisdiction, having jursidiction to decide the questions forming the subject matter of suit, but does not incude any civil court of a grade inferior to such civil court or any court of small causes.S. 2(*) Arbitration and Conciliation Act, 1996, Raipur Development Authority v. Sarin Construction Company, Raipur, AIR 2006 Chattisgarh 12.The tribunal which is to exercise the jurisdiction for executing the decree in question is 'a court' within the scope of s. 45C of the Banking Companies Act, Ram Narain v. Simla Banking and Industrial Co. Ltd., AIR 1956 S...
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