The Sick Industrial Companies (Special Provisions) Act, 1985

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The Sick Industrial Companies (Special Provisions) Act, 1985

THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 ACT NO. 1 OF 1986

[8th January, 1986.]

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:--

CHAP

PRELIMINARY

CHAPTER I

PRELIMINARY

1.

Short title, extent, commencement and application.

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.

(3) It shall come into force on such date 1* as the Central Government may, by notification in the Official Gazette, appoint and different dates 2* may be appointed for different provisions of this Act and any reference in any provision of this Act to the commencement of this Act shall be construed as a reference to the commencement of that provision.

(4) It shall apply, in the first instance, to all the scheduled industries other than the scheduled industry relating to ships and other vessels drawn by power.

(5) The Central Government may, in consultation with the Reserve Bank of India, by notification, apply the provisions of this Act, on and from such date as may be specified in the notification, to the scheduled industry relating to ships and other vessels drawn by power.

2.

Declaration.

2. Declaration. It is hereby declared that this Act is for giving effect to the policy of the State towards securing the principles specified in clauses (b) and (c) of article 39 of the Constitution.

3.

Definitions.

3. Definitions. (1) In this Act, unless the context otherwise requires,--

(a) "Appellate Authority" means the Appellate Authority for Industrial and Financial Reconstruction constituted under section 5;

(b) "Board" means the Board for Industrial and Financial Reconstruction established under section 4;

[See footnote 1 for this section]

(c) "Chairman" means the Chairman of the Board or, as the case may be, the Appellate Authority;

(d) "company" means a company as defined in section 3 of the Companies Act, 1956 (1 of 1956), 1***;

2*[(da) "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;]

(e) "industrial company" means a company which owns one or more industrial undertakings;

(f) "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 section 3 of the Industries (Development and Regulation) Act, 1951 (65 of 1951); and (ii) a small scale industrial undertaking as defined in clause (j) of the aforesaid section 3;

(g) "Member" means a Member of the Board or, as the case may be, the Appellate Authority and includes the Chairman thereof;

2*[(ga) "net worth" means the sum total of the paid-up c...

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