Financial Daily from THE HINDU group of publications
Wednesday, Dec 17, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 17, 2003 |
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Government
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Industrial Policy Corporate - Regulatory Bodies & Rulings Rajya Sabha okays repeal of SICA Our Bureau
New Delhi , Dec. 16 THE curtains have fallen for the Board for Industrial and Financial Reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) today with the Rajya Sabha given its consent for the repeal of the Sick Industrial Companies (Special Provisions) Act (SICA), 1985. Moving the Bill for consideration in the Upper House, Mr Jaswant Singh, Finance Minister, said that the National Company Law Tribunal (NCLT) that would replace BIFR would ensure speedy rehabilitation of sick companies, which was not possible earlier. After the Government assured the Rajya Sabha that the 1,569 cases pending with BIFR could be referred afresh to the new body, the Upper House passed the Bill. The Minister informed the House that under NCLT, a special provision has been included to protect workers' dues and interests. The Bill envisages dissolution of BIFR and AAIFR so that NCLT will have consolidated powers. In order to overcome the deficiencies in SICA, the Government came out with amendments to the Companies Act, 1956 to establish the NCLT.
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