THE SCHEDULE
(Section 41)

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:

 

 
 
  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."

 

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