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TMI BlogInquiry into working of sick industrial companies.X X X X Extracts X X X X X X X X Extracts X X X X ..... ) upon receipt of a reference with respect to such company under section 424A; 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 Tribunal 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 enqui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be deemed to have commenced upon the receipt by the Tribunal of any reference or information or upon its own knowledge reduced to writing by the Tribunal. (5) Where the Tribunal deems it fit to make an inquiry or to cause an inquiry to be made into any industrial company under sub-section (1) or, as the case may be, under sub-section (2), it may appoint one or more persons who possess knowledge, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions to a special director appointed under sub-section (5) as it may deem necessary or expedient for proper discharge of his duties. (8) The appointment of a special director referred to in sub-section (5) shall be valid and effective notwithstanding anything to the contrary contained in any other provisions of this Act or in any other law for the time being in force or in the memorandum and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement; (d) not be liable to be prosecuted under any law for anything done or omitted to be done in good faith in the discharge of his duties in relation to the sick industrial company. - - statute, statutory provisions legislation, law, enactment, Acts, Rules ..... X X X X Extracts X X X X X X X X Extracts X X X X
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