Sick Industrial Companies (Special Provisions) Act, 1985,1986
Act No : 1
Section : DEFINITIONS
SECTION 03: 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-;
(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)-2[***];
3[(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 undertakings" 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;
3[(ga) "net worth" means the sum total of the paid-up capital and free reserves.
Explanation: For the purposes of this clause, "free reserves" means all reserves credited out of the profits and share premium account but does not include reserves credited out of re-evaluation of assets, write back of depreciation provisions and amalgamation;]
(h) "notification" means a notification published in the Official Gazette;
4[(i) "operating agency" means any public financial institution. State level institution, scheduled bank or any other person as may be specified by general or special order as its agency by the Board;]
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