Sick Industrial Companies (Special Provisions) Act, 1985,1986
Act No : 1
Section : POWERS OF BOARD TO MAKE SUITABLE ORDER ON THE COMPLETION OF INQUIRY
SECTION 17: POWERS OF BOARD TO MAKE SUITABLE ORDER ON THE COMPLETION OF INQUIRY
(1) If after making an inquiry under section 16-, the Board is satisfied that a company has become a sick industrial company, the Board shall, after considering all the relevant facts and circumstances of the case, decide, as soon as may be by order in writing, whether it is practicable for the company to 12[make its net worth exceed the accumulated losses] within a reasonable time.
(2) If the Board decides under sub-section (1) that it is practicable for a sick industrial company to make its net worth positive within a reasonable time, the Board, shall, by order in writing and subject to such restrictions or conditions as may be specified in the order, give such time to the company as it may deem fit to 12[make its net worth exceed the accumulated losses].
(3) If the Board decides under sub-section ( 1 ) that it is not practicable for a sick industrial company to12[make its net worth exceed the accumulated losses] within a reasonable time and that it is necessary or expedient in the public interest to adopt all or any of the measures specified in section 18-in relation to the said company, it may, as soon as may be, by order in writing, direct any operating agency specified in the order to prepare, having regard to such guidelines as may be specified in the order, a scheme providing for such measures in relation to such company.
(4) The Board may,-
(a) if any of the restrictions or conditions specified in an order made under sub-section (2) are not complied with by the company concerned, 13[or if the company fails to revive in pursuance of the said order,] review such order on a reference in that behalf from any agency referred to in sub-section (2) of section 15-or on its own motion and pass a fresh order in respect of such company under subsection (3);
(b) if the operating agency specified in an order made under sub-section (3) makes a submission in that behalf, review such order and modify the order in such manner as it may deem appropriate.
Read All Comments
