Section - 424D - Companies Act, 1956

Section - 424D - Preparation and sanction schemes

Preparation and sanction of schemes.

424D. (1) Where an order is made under sub-section (3) of

in relation to any sick industrial company, the operating agency specified in the order shall prepare as expeditiously as possible and ordinarily within a period of sixty days from the date of such order, having regard to the guidelines framed by the Reserve Bank of India in this behalf, a scheme with respect to such company providing for any one or more of the following measures, namely:—

(a) the financial reconstruction of such industrial company;

(b) the proper management of such industrial company by change in, or take over of, the management of such industrial company;

(i) such industrial company with any other company; or

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