TMI BlogPreparation and sanction of schemes.X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) the proper management of such industrial company by change in, or take over of, the management of such industrial company; (c) the amalgamation of ____ (i) such industrial company with any other company; or (ii) any other company with such industrial company (hereafter in this section, in the case of sub-clause (i), the other company, and in the case of sub-clause (ii), such industrial company, referred to as "transferee-company"); (d) the sale or lease of a part or whole of any industrial undertaking of such industrial company; (e) the rationalisation of managerial personnel, supervisory staff and workmen in accordance with law; (f) such other preventive ameliorative and remedia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rpose of altering the capital structure thereof, or for such other purposes as may be necessary to give effect to the reconstruction or amalgamation; (e) the continuation by or against the sick industrial company or, as the case may be, the transferee company of any action or other legal proceeding pending against the sick industrial company immediately before the date of the order made under sub-section (3) of section 424C; (f) the reduction of the interest or rights which the shareholders have in the sick industrial company to such extent as the Tribunal considers necessary in the interests of the reconstruction, revival or rehabilitation or repayment of debts of such sick industrial company or for the maintenance of the bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of publicity therefor; (l) issue of the shares in the sick industrial company at the face value or at the intrinsic value which may be at discount value or such other value as may be specified to any industrial company or any person including the executives and employees of such sick industrial company; (m) such incidential, consequential and supplemental matters as may be necessary to secure that the reconstruction or amalgamation or other measures mentioned in the scheme are fully and effectively carried out. (3) (a) The scheme prepared by the operating agency shall be examined by the Tribunal and a copy of the scheme with modification, if any, made by the Tribunal shall be sent, in draft, to the sick industri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cify in this behalf: ____ Provided that the Tribunal may extend the said period of sixty days to ninety days for reasons to be recorded in writing for such extension: Provided further that different dates may be specified for different provisions of the scheme. (5) The Tribunal may, on the recommendations of the operating agency or otherwise, review any sanctioned scheme and make such modifications as it may deem fit or may by order in writing direct any operating agency specified in the order, having regard to such guidelines including the guidelines framed by the Reserve Bank of India in this behalf in order to prepare a fresh scheme providing for such measures as the operating agency may consider necessary. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0) On and from the date of the coming into operation of the sanctioned scheme or any provision thereof, the scheme or such provision shall be binding on the sick industrial company and the transferee company or, as the case may be, the other company and also on the shareholders, creditors and guarantors and employees of the said companies. (11) The creditors of a sick industrial company may also prepare a scheme for revival or rehabilitation of such sick industrial company and submit the same to the Tribunal for its sanction: Provided that no scheme shall be submitted by the creditors to the Tribunal unless such scheme has been approved by atleast three-fourth in value of creditors of the sick industrial company. (12) All the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
