(7) If any difficulty arises in giving effect to the provisions of this Ordinance, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Ordinance as may appear to be necessary for removing the difficulty:
Provided that no order shall be made under this section after the expiry of a period of two years from the commencement of this Ordinance.
(2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.
Amendments of certain enactments.
41. The enactments specified in the Schedule shall be amended in the manner specified therein.
SKC. 1] THE GAZETTE 01 INDIA EXTRAORDINARY 19 THE SCHEDULE (See section 41) Year 1956 1986 1956 ActN 42 1 1 o. Short title The Securities Contracts (Regulation) Act, 1956.
The Sick Industrial Companies (Special Provisions) Act, 1985.
The Companies Act,
1956.
Amendment In section 2, in clause (h), after sub-clause (ib), insert the following:— "(KJ) security receipt as defined in clause (zg) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002.".
In section 15, in sub-section (/), after the proviso, insert the following:— "Provided further that no reference shall be made to the Board for Industrial and Financial Reconstruction after the commencement of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002, where financial assets have been acquired by any securitisation company or reconstruction company under sub-section (/) of section 5 of that Ordinance:
Provided also that on or after the commencement of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002, where a reference is pending before the Board for Industrial and Financial Reconstruction, such reference shall abate if the secured creditors, representing not less than threefourth in value of the amount outstanding against financial assistance disbursed to the borrower of such secured creditors, have taken any measures to recover their secured debt uruicr sub-section (4) of section 13 of that Ordinance.".
In section 4A, in sub-section (7), after clause (vr), insert the following:— "(yii) the securitisation company or reconstruction company which has obtained a certificate of registration under sub-section (4) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002.".
K.R. NARAYANAN, President.
SUBHASH C. JAIN, Secy, to the Govt. of India.
HUNTED BY THE MANAGER, GOVERNMENT OF INDIA PRESS (PLU), MINTO ROAD, NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 2002.