Business Ethics and Corporate Governance, Second Edition

CORPORATE RESTRUCTURING

Besides, there are several substantive improvements in the law. It provides for initiation of restructuring of a corporate at a much earlier stage of financial sickness, thereby enhancing the possibility of its revival. It also provides for a safety net for the workers and the investors through better terms by setting up a rehabilitation fund and other allied measures. The jurisdiction and powers relating to winding up, presently vested with the High Courts, are also being shifted to the National Company Law Tribunal.

With globalization and opening up of the economy, the need was felt that the Indian market should be geared to face competition not only from within the country, but from outside as well. Based on several ...