Inquiry into working of sick industrial companies.
16. (1) The Board may make such inquiry as it may deem fit for determining whether any industrial company has become a sick industrial company-
| (a) | - | upon receipt of a reference with respect to such company under section 15; or |
| (b) | - | upon information received with respect to such company or upon its own knowledge as to the financial condition of the company. |
(2) The Board may, if it deems necessary or expedient so to do for the expeditious disposal of an inquiry under sub-section (1), require by order any operating agency to enquire into and make a report with respect to such matters as may be specified in the order.
(3) The Board or, as the case may be, the operating agency shall complete its inquiry as expeditiously as possible and endeavour shall be made to complete the inquiry within sixty days from the commencement of the inquiry.
[
Explanation.-For the purposes of this sub-section, an inquiry shall be deemed to have commenced upon the receipt by the Board of any reference or information or upon its own knowledge reduced to writing by the Board.]
(4) Where the Board deems it fit to make an inquiry or to cause an inquiry to be made into any industrial company under sub-section (1) o
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