|
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 securitisation company or the reconstruction company
which has obtained a certificate of registration under
sub-section (4) of 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 securitisation
company or reconstruction company under sub-section (1) of
section 5 of that Act:
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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."
|
