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Sick Industrial Companies (Special Provisions) Act, 1985


3. General

(1) The Secretary shall be the principal officer of the Board who shall exercise his power and perform his duties under the control of the Chairman.

(2) The Board in discharge of its functions under the Act, may take such assistance from the Secretary, as it may deem fit, and the Secretary shall be bound to assist the Board.

(3) In particular and without prejudice to the generality of the provisions of this rule, the Secretary shall have the following powers and perform the following duties, namely:-

(a) it shall be the duty of the Secretary to scrutinize the report submitted by the operating agency, in pursuance of the order of the Board made under sub-section (2) of section 16 of the Act, and submit a report to the Board on the point as to whether the said report is complete with respect to matters which the operating agency was required by the Board to enquire into or not, and seek directions of the Board as to carrying out of further inquiry if any, by the operating agency and submission by it of a further report;

(b) it shall be the duty of the Secretary to scrutinize the scheme prepared by any operating agency in pursuance of an order of the Board under sub-section (3) of section 17 or a fresh scheme prepared by an operating agency in pursuance of the order of the Board under sub-section (5) of section 18 of the Act, and submit a report on the point as to whether the said scheme has been prepared in accordance with the guidelines specified in the order of the Board;

(c) the Secretary shall have the right to collect from the Central Government, the Reserve Bank, any scheduled bank or any other bank, the public financial institutions, be State level institutions or other offices, initiations, companies, firms, such information as may be considered useful for the purpose of efficient discharge of the functions of the Board under the Act and place the said information before the Board;

(d) the Secretary may call upon any industrial company to furnish within such time, as may be specified by him, information in relation to compliance by the company of the provisions of sub-section (1) of section 23 and seek the directions of the Chairman as to further action, if any, to be taken in the matter;

(c) the official seal of the Board shall not be affixed to any order, summons, other process or any certified copy issued by the Board or any other document save under the authority in writing of the Secretary;

(f) the Secretary shall have the custody of the records of the Board;

(g) the official seal of the Board shall be in the custody and control of the Secretary.



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