section 13
Power of Government to make reference to Board
The Maharashtra State Enterprises (Restructuring and other Special Provisions) Act, 2000General200018 sections
Statutory text
- (1) For the purposes of this Act, the authority to make a reference to the Board shall vest only in the Government.
- (2) The Government may make a reference to the Board in respect of any State Enterprise where the Government,—
- (i) wants to withdraw its ownership or management from the State Enterprise and desires to divest its control in the ownership or management; or
- (ii) is of the opinion, after recording reasons in writing, that the financial position of the State Enterprise is not satisfactory and requires immediate remedial measures; or
- (iii) is of the opinion that two or more State Enterprises or subsidiaries thereof can be merged to bring about improvement in their financial position or operations and management.
- (3) The management of a State Enterprise may pass a resolution requesting the Government to make a reference to the Board, where the financial position of such Enterprise is, in the opinion of the management, in need of immediate expert guidance or not sound and needs to be improved or is beyond the point of revival. In such cases, the Government shall, within a period of one month from the date of receipt of such resolution, make a reference to the Board: Provided that, no such reference shall be made to the Board by the Government or no such resolution shall be passed by the management of a State Enterprise where the provisions of the Sick Industrial Companies (Special provisions) Act, 1985, are attracted or have become applicable.
- (4) A reference made to the Board by Government under this section shall not be withdrawn by the Government.
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