legal provisions for the closure of state PSU

kanwal (Querist) 17 February 2010 This query is : Resolved
what are the legal provisions under the companies Act, 1956 for the closure of state PSUs. which is the shortest and the easiest way for the closure.

what is about section 396 in respect of state PSU

are the ministry is passing orders under 396 for the pSU

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Manish Singh (Expert) 17 February 2010
winding up proceedings as applicable to companies applies similarly to the PSUs too.
But if the PSU comes under the definition of industry, it shall have to follow the procedures under SICA and must file reference to BIFR.

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