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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

Schedule

(See section 41)

Year

Act No.

Short title

Amendment

1956  42  The Securities Contracts (Regulation) Act, 1956. In section 4A, in sub-section (1 ), after clause (vi ), insert the following:—
“(vii ) the securitisation company or reconstruc-tion company which has obtained a certificate of registration under sub-section (4 ) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002”.
1986 1 The Sick Industrial Companies (Special Provisions) Act, 1985. In section 2, in clause ( h ), after sub-clause ( ib ), insert the following:—
“( ic ) security receipt as defined in clause ( zg ) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.”.
1956 1 The Companies Act, 1956. In section 15, in sub-section ( 1 ), after the proviso, insert the following:—
“Provided further that no reference shall be made to the Board for Industrial and Financial Reconstruction after the commencement of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, where financial assets have been acquired by any securitisation company or reconstruction company under sub-section ( 1 ) of section 5 of that Act:
Provided also that on or after the commencement of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, where a reference is pending before the Board for Industrial and Financial Reconstruction, such reference shall abate if the secured creditors, representing not less than three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower of such secured creditors, have taken any measures to recover their secured debt under sub-section ( 4 ) of section 13 of that Act.”.


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