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

 

Sections

Sick Industrial Companies (Special Provisions) Act, 1985

 

Preamble

   
 

CHAPTER I: PRELIMINARY

1.

Short title, extent, commencement and application

2.

Declaration

3.

Definitions

4.

Establishment of Board

5.

Constitution of appellate authority

6.

Term of office, conditions of service, etc. of Chairman and other members

7.

Removal of members from office in certain circumstances

8.

Secretary, officers and other employees of Board or appellate authority

9.

Salaries, etc. be defrayed out of the Consolidated Fund of India

10.

Vacancies, etc. not to invalidate proceedings of Board and appellate authority

11.

Members and staff of Board and appellate authority to be public servants

12.

Constitution of Benches of Board or appellate authority

13.

Procedure of Board and appellate authority

14.

Proceedings before Board or appellate authority to be judicial proceedings

   
 

CHAPTER III : REFERENCES, INQUIRIES AND SCHEMES

15.

Reference to Board

16.

Inquiry into working of sick industrial companies

17.

Powers of Board to make suitable order on the completion of inquiry

18.

Preparation and sanction of schemes

19.

Rehabilitation by giving financial assistance

19A.

Arrangement for continuing operations, etc. during inquiry

20.

Winding up of sick industrial company

21.

Operating agency to prepare complete inventory, etc.

22.

Suspension of legal proceedings, contracts, etc.

22A.

Direction not to dispose of assets

   
 

CHAPTER IV: PROCEEDINGS IN CASE OF POTENTIALLY SICK INDUSTRIAL COMPANIES, MISFEASANCE PROCEEDINGS, APPEALS AND MISCELLANEOUS

23.

Loss of fifty per cent net worth by industrial companies

23A.

Proceedings on report, etc. of loss of fifty per cent net worth

23B.

Power of Board to call for periodic information

24.

Misfeasance proceedings

25.

Appeal

26.

Bar of jurisdiction

27.

Delegation of powers

28.

Returns and information

29.

Power to seek the assistance of Chief Metropolitan Magistrate and District Magistrate

30.

Protection of action taken in good faith

31.

Saving of pending proceedings

32.

Effect of the Act on other laws

33.

Penalty for certain offences

34.

Offences by companies

35.

Power to remove difficulties

36.

Power to make rules

 

 

THE SCHEDULE : DECLARATION OF FIDELITY AND SECRECY

 

Sick Industrial Companies (Special Provisions) Act, 1985

 

 

 

 

 

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