Year Act No. Short title Amendment
1956 1 The Companies
Act, 1956.
In section 4A, in sub-section (1), after clause (vi), insert the
following:—
“(vii) the 1
[asset reconstruction company] which has
obtained a certificate of registration under sub-section (4) or
section 3 of the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002.”.
1956 42 The Securities
Contracts
(Regulation)
Act, 1956.
In section 2, in clause (h), after sub-clause (ib), insert the
following:—
“(ic) security receipt as defined in clause (zg) of section 2 of
the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002.”.
1986 1 The Sick
Industrial
Companies
(Special
Provisions)
Act, 1985.
In section 15, in sub-section (1), after the proviso, insert the
following:—
“Provided further that no reference shall be made to the
Board for Industrial and Financial Reconstruction after the
commencement of the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act,
2002, where financial assets have been acquired by any
2
[asset reconstruction company] under sub-section (1) of
section 5 of that Act:
Provided also that on or after the commencement of the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002, where a reference
is pending before the Board for Industrial and Financial
Reconstruction, such reference shall abate if the secured
creditors, representing not less than three-fourth in value of the
amount outstanding against financial assistance disbursed to the
borrower of such secured creditors, have taken any measures to
recover their secured debt under sub-section (4) of section 13 of
that Act.”.