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bd40bc7c7a PROCEEDINGS ON REPORT, ETC. (1) If, in the course of scrutiny or implementation of any scheme or proposal, it appears to the Board that any person who has taken part in the promotion, formation or management of the sick industrial company or its undertaking, including any past or present director, manager or officer or employee of the sick industrial company (a) has misapplied or retained, or become liable or accountable for, any money or property of the sick industrial company; or (b) has been guilty of any misfeasance, malfeasance or non-feasance or breach of trust in relation to the sick industrial company, the Board may, by order, direct him to repay or restore the money or property or any part thereof, with or without interest, as it thinks just, or to contribute such sum to the assets of the sick industrial company or the other person, entitled thereto by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust, as the Board thinks just and also report the matter to the Central Government for any other action which that Government may deem fit. Where, for the proper discharge of the functions of the Board under this Act, the circumstances so require, the Board may, through any operating agency, cause to be prepared (a) with respect to a company, a complete inventory of (i) all assets and liabilities of whatever nature; (ii) all books of account, registers, maps, plans, records, documents of title or ownership of property and all other documents of whatever nature relating thereto; (b) a list of shareholders and a list of creditors showing separately in the list of creditors, the secured creditors and the unsecured creditors; (c) a valuation report in respect of the shares and assets in order to arrive at the reserve price for the sale of a part or whole of the industrial undertaking of the company or for fixation of the lease rent or share exchange ratio; (d) an estimate of reserve price, lease rent or share exchange ratio; and (e) Performa accounts, where no up-to-date audited accounts, are available. (3) No order shall be made by the Board under this section against any person unless such person has been given an opportunity for making his submissions. BAR OF JURISDICTION.27. DEFINITIONS. sickindustrialact By VakilNo1 The Sick Industrial Companies Act, 1985 Page Contents1.
OF LOSS OF FIFTY PER CENT NET WORTH.23B. (2) The Board may, for the purpose of efficient discharge of its functions under this Act, collect from, or furnish to, (a) the Central Government, (b) the Reserve Bank, (c) the scheduled bank or any other bank, (d) the public financial institution, (e) the State level institution, (f) the sick industrial company and in case of amalgamation, the other company, such information as it may consider useful for the purpose in such manner and within such time as it may think fit. (1) The Central Government may remove from office any Member, who (a) has been adjudged as insolvent, or (b) has been convicted of an offence, which, in the opinion of the Central Government, involves moral turpitude, or (c) has become physically or mentally incapable of acting as a Member, or (d) has acquired such financial or other interest as is likely to affect prejudicially his functions as a Member, or (e) has so abused his position as to render his continuance in office prejudicial to the public interest. Related Judgements FERRO ALLOYS CORPORATION LTD. (6) Any special director appointed under sub-section (4) shall (a) hold office during, the pleasure of the Board and may be removed or substituted by any person by order in writing by the Board; (b) not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto; (c) not be liable to retirement by rotation and shall not be taken into account for computing, the number of directors liable to such retirement; (d) not be liable to be prosecuted under any law for anything, done or omitted to be done in good faith in the discharge of his duties in relation to the sick industrial company. SUSPENSION OF LEGAL PROCEEDINGS, CONTRACTS, ETC. v. TERM OF OFFICE, CONDITIONS OF SERVICE, ETC., OF CHAIRMAN AND OTHER MEMBERS.7. (1) Where an order is made under sub-section (3) of section 17 in relation to any sick industrial company, the operating agency specified in the order shall prepare, as expeditiously as possible and ordinarily within a period of ninety days from the date of such order, a scheme with respect to such company providing for any one or more of the following measures, namely :- (a) the financial reconstruction of the sick industrialcompany; (b) the proper management of the sick industrial company by change in or take over of, management of the sick industrial company; (c) the amalgamation of (i) the sick industrial company with any other company, or (ii) any other company with the sick industrial company (hereafter in this section, in the case of sub-clause (i), the other company, and in the case of sub-clause (ii), the sick industrial company, referred to as transferee company); (d) the sale or lease of a part or whole of any industrial undertaking of the sick industrial company; (da) the rationalisation of managerial personnel, supervisory staff and workmen in accordance with law; (e) such other preventive, ameliorative and remedial measures as may be appropriate; (f) such incidental, consequential or supplemental measures as may be necessary or expedient in connection with or for the purposes of the measures specified in clauses (a) to (e). 26.