Question
Which is a 'Sick industrial company'? Discuss Sick Industrial Companies (Special Provisions) Act (SICA), 1985.
Answer :
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A ‘sick industrial company’ refers to an industrial company that has accumulated losses to such an extent that its financial viability is seriously impaired. Under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), a sick industrial company was defined as an industrial company registered for not less than five years which had accumulated losses at the end of any financial year equal to or exceeding its entire net worth and had also incurred cash losses in that financial year and in the immediately preceding financial year. Net worth for this purpose meant the aggregate of paid-up capital and free reserves. Such a condition indicated erosion of the company’s capital base and signaled that without timely intervention, the company could collapse, affecting employment, creditors, investors, and the overall industrial climate. SICA was enacted in 1985 with the primary objective of timely detection of sick and potentially sick companies and the speedy determination of preventive, ameliorative, remedial, and other measures to revive and rehabilitate such companies. During the 1980s, many industrial units in India faced severe
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