Sick Industrial Companies (Special Provisions) Act, 1985,1986

Act No : 1

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Section : OPERATING AGENCY TO PREPARE COMPLETE INVENTORY, ETC

SECTION 21: OPERATING AGENCY TO PREPARE COMPLETE INVENTORY, ETC

Where 29[for the proper discharge of the functions of the Board under this Act], the circumstances so require, the Board may through any operating agency, cause to be prepared-

(a) with respect to30[a company], a complete inventory of-

(i) all assets and liabilities of whatever nature;

(ii) all books of account, registers, maps, plans, records, documents of title or ownership of property and all other documents of whatever nature relating thereto;

(b) a list of shareholders and a list of creditors showing separately in the list of creditors, the secured creditors and the unsecured creditors;

(c) a valuation report in respect of the shares and assets in order to arrive at the reserve price for the sale of a part or whole of the industrial undertaking of the company or for fixation of the lease rent or shares exchange ratio;

(d) an estimate of reserve price, lease rent or share exchange ratio; and

(e) proforma accounts, where no up to date audited accounts are available.

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