Companies Act, 1956

Section - 424A - Reference to Tribunal

[PART VIA

REVIVAL AND REHABILITATION OF SICK INDUSTRIAL COMPANIES

Reference to Tribunal.

424A. (1) Where an industrial company, has become a sick industrial company, the Board of directors of such company shall make a reference to the Tribunal, and prepare a scheme of its revival and rehabilitation and submit the same to the Tribunal along with an application containing such particulars as may be prescribed, for determination of the measures which may be adopted with respect to such company:

Provided that nothing contained in this sub-section shall apply to a Government company:

Provided further that a Government company may, with the prior approval of the Central Government or a State Government, as the case may be, make a reference to the Tribunal in accordance with the provisions of this sub-section and thereafter all the provisions of this Act shall apply to such Government company :

[Provided also that in case any reference had been made before the Tribunal and a scheme for revival and rehabilitation submitted before the commenc .... To read the full section download the app from Google Play store