Legal Question in Administrative Law in India

Re: applicability of companies' second amendament act

The 2nd amendment to the Companies Act 2002 was passed, however, the Central Government is yet to notify the date from which the amendment Act 2002 will be made applicable. Different date may be appointed for different provision of the amendment Act 2002. The Central Government has not yet notified the amendment Act 2002. Similarly, the Sick Industrial Companies (Special Provisions) Repeal Act of 2001 is also yet to be notified. In view of the absence of any notification of appointed date for the Companies Second Amendment Act and for the SICA Repeal Act the existing provisions of the Companies Act of the SICA will be in force. Once the Central Government notify the appointed dates for the Companies Amendment Act 2002 and for the SICA Repeal Act the provisions for SICK Industries and its revival and rehabilitation shall be under the new Part VIA of the Companies Amended Act and Sections 424A to Section 424L shall be applicable. These provisions are almost similar to the provisions under SICA. The powers of the BIFR and the AAIFR shall be entrusted to National Company Law Tribunal once the Tribunal is set up by the Government.