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ACT NO. 1 OF 2004. [1st January, 2004.] An Act to repeal the Sick Industrial Companies (Special Provisions) Act, 1985. BE it enacted by Parliament in the Fifty-fourth Year of the Republic of India as follows:— Short title and commencement.—(1) This Act may be called the Sick Industrial Companies (Special Provisions) Repeal Act, 2003.
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 ...
Amendment Act 12 of 1994-Statement of Objects and Reasons.-The Sick Industrial Companies (Special Provisions) Act, 1985 was enacted with a view to securing timely detection of sick and potentially sick industrial companies.
Act : CHAPTER I: PRELIMINARY 1. 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.
Oct 4, 2023 · The Sick Industrial Companies Act of 1985 (SICA) was an Indian law enacted to detect unviable ("sick") companies that could pose systematic financial risk.
Section 15 in The Sick Industrial Companies (Special Provisions) Act, 1985. 15. Reference to Board .-. (1) Where an industrial company has become a sick industrial company, the Board of Directors of the company shall, within sixty days from the date of finalisation of the duly audited accounts of the company for the financial year as at the end ...
17. Powers of Board to make suitable order on the completion of inquiry .-. (1) If after making an inquiry under section 16, the Board is satisfied that a company has become a sick industrial company, the Board shall, after considering all the relevant facts and circumstances of the case, decide, as soon as may be, by order in writing, whether ...
Section 19 in The Sick Industrial Companies (Special Provisions) Act, 1985. 19. Rehabilitation by giving financial assistance.—. (1) Where the scheme relates to preventive, ameliorative, remedial and other measures with respect to any sick industrial company, the scheme may provide for financial assistance by way of loans, advances or ...
Jul 30, 2020 · The Companies (Second Amendment) Act, 2002 was introduced to provide for revival and rehabilitation of sick companies. The amendment act, 2002 sought to replace the two-tiered mechanism of BIFR and Appellate Authority for Industrial and Financial Reconstruction (AAIFR) in SICA with NCLT and NCLAT. However, the said amendments were not notified.
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 ex...
