In an event that took more than a decade to fructify, the Ministry of Finance vide a notification [pdf] dated 25th November 2016, has repealed the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) with effect from 1 December this year. In 2003, the Sick Industrial Companies (Special Provisions) Repeal Act was enacted which gave the Central Government the power to repeal SICA, and dissolve the BIFR. However, the Act was never notified. Why did it take so long? Alok Dhir, founding partner at Dhir & Dhir Associates, explains, “When the [Sick Industrial Companies (Special Provisions) Repeal] Act was passed in […]
The post Government finally repeals SICA 13 years after repeal Act was passed
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