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BIFR query

Navneet (13 Points)

10 May 2007

Dear Frnds

I have query regarding SICA.

what are the provisions/ Criteria for a Company to come out of BIFR Purview ( Apart from Positive Net Worth Criteria).

Pls. reply as early as possible

With Regards

Navneet

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4 Replies

Itzmeamruta (25 Points)
Replied 10 May 2007

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you that recently there has been amendment in the provisions pertaining to sick companies and thus SICA has been repealed and all the provisoins pertaining to sick companies are duly trfd to companies act and thus monitoring authority is now on NCLT and BIFR will get wind up soon.

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Nikhil (34 Points)
Replied 10 May 2007

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

Vikram Kumar SIngh (Service) (20 Points)
Replied 29 July 2008

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

Gopal (CEO) (89 Points)
Replied 17 September 2009

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.