August 2011
Beginner
547 pages
16h 12m
English
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24.4 MANAGEMENT OF FINANCIAL DISTRESS IN INDIA
Industrial sickness was long the subject of the Reserve Bank of India. In 1976, the H.N. Ray Committee was appointed to suggest measures in this context, but nothing substantial could be done. Another committee, known as Tiwari Committee, was appointed in 1981 to suggest measures on dealing with the financial distress. The Committee suggested for a legislation in this respect and the establishment of a quasi-judicial body. As a result, the Sick Industrial Companies Act (SICA) came into existence in 1985. The Board for Industrial and Financial Reconstruction (BIFR) was set up in 1987. An appellate body was also formed. It was Appellate Authority for Industrial and Financial Reconstruction (AAIFR). ...
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