Companies(second ammendment)2002

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Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2012 whether companies(second ammendment)2002
is came into effect or not
please answer.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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07 April 2012 The Companies (Second Amendment) Act, 2002
THE COMPANIES (SECOND AMENDMENT) ACT, 2002 ACT NO. 11 OF 2003
[13th January, 2003.]
An Act further to amend the Companies Act, 1956.
BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:-
1.
Short title and commencement.
1. Short title and commencement.-(1) This Act may be called the Companies (Second Amendment) Act, 2002.
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:
Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision.
2.
Amendment of section 2.
2. Amendment of section 2.-In section 2 of the Companies Act, 1956 (1 of 1956) (hereinafter referred to as the principal Act),-
(a) after clause (1A), the following clause shall be inserted, namely:-
'(1B) "Appellate Tribunal" means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR;';
(b) after clause (19A), the following clauses shall be inserted, namely:-
'(19AA) "industrial company" means a company which owns one or more industrial undertakings;
(19AB) "industrial undertaking" means any undertaking, pertaining to any industry carried on in one or more factories or units by any company, as defined in clause (aa) of section 3 of the Industries include a small-scale industrial undertaking as defined in clause (j)
of that section;'; (Development and Regulation) Act, 1951 (65 of 1951) bu does not (c) after clause (29), the following clause shall be inserted, namely:-
'(29A) "net worth" means the sum total of the paid-up capital and free reserves after deducting the provisions or expenses as may be prescribed.
Explanation.-For the purposes of this clause, "free reserves" means all reserves created out of the profits and share premium account but does not include reserves created out of revaluation of assets, write back of depreciation provisions and amalgamati n;';
(d) after clause (31A), the following clause shall be inserted, namely:-
'(31AA) "operating agency" means any group of experts consisting of persons having special knowledge of business or industry in which the sick industrial company is engaged and includes public financial institution, State level institution, scheduled ban or any other person as may be specified as the operating agency by the Tribunal;';
(e) in clause (33), for the words "High Courts", the words "the Tribunal" shall be substituted;
(f) after clause (46A), the following clauses shall be inserted, namely:-
'(46AA) "sick industrial company" means an industrial company which has-
(i) the accumulated losses in any financial year equal to fifty per cent. or more of its average net worth during four years immediately preceding such financial year; or (ii) failed to repay its debts within any three consecutive quarters on demand made in writing for its repayment by a creditor or creditors of such company;
(46AB) "State level institution" means any of the following institutions, namely:-
'(a) the State Financial Corporations established under section 3 or section 3A and institutions notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951);
(b) the State Industrial Development Corporations registered under this Act;';
(g) after clause (49), the following clause shall be inserted, namely:-
'(49A) "Tribunal" means the National Company Law Tribunal constituted under sub-section (1) of section 10FB;'.
3.
Amendment of section 10E.
3. Amendment of section 10E.-In section 10E of the principal Act, in sub-section (1A), for the words "conferred on it", at both the places where they occur, the words, brackets and figures "conferred on it before the commencement of the Companies (Second Amendment) Act, 2002"
shall be substituted.
4.
Amendment of section 10F.
4.Amendment of section 10F.-In section 10F of the principal Act, after the words "any decision or order of the Company Law Board", the words, brackets and figures "made before the commencement of the Companies (Second Amendment) Act, 2002" shall be inser ted.
5.
Insertion of new section 10FA.
5. Insertion of new section 10FA.-After section 10F of the principal Act, the following section shall be inserted, namely:-
"10FA. Dissolution of Company Law Board.-(1) On and from the commencement of the Companies (Second Amendment) Act, 2002, the Board of Company Law Administration constituted under sub-section (1) of section 10E shall stand dissolved.
(2) On the dissolution of the Company Law Board, the persons appointed as Chairman, Vice-Chairman and members and officers and other employees of that Board and holding office as such immediately before such commencement shall vacate their respective off ces and no such Chairman, Vice-Chairman and member and officer and other employee shall be entitled to claim any compensation for the premature termination ...

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2012 thanks sir, its really help me lot.

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