BIFR query

Hi,

This is to inform you that recently there has been amendment in the provisions pertaining to sick companies and thus SICA has been repealed and all the provisoins pertaining to sick companies are duly trfd to companies act and thus monitoring authority is now on NCLT and BIFR will get wind up soon.

hi


for your information NCLT is not yet constituted because of Madras High Court judgement.

u may get this information from company secretary final book module 5 corporate restructure.

Thanks

Hi,

I just wanted to know that whether the promoter of the company which is under BIFR and of which rehabilation scheme is yet to approve, can sell their entire stake..

Please reply ASAP.

Regards,

 

Vikram Singh

 

 

If the company has just made an application befiore BIFR and no order is made declaring the company as SICK & Unless  there is a specific order by BIFR, under Sec.22 A of SICA act,  restraining the company and its directors not to dispose of shares and assets and change in the managemnet of the company, a promoter can sell the  entire stakes. There is no bar on  saleor transfer.