Government finally repeals SICA 13 years after repeal Act was passed

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took more than a decade to fructify, the Ministry of Finance vide a notification [pdf] dated 25th November 2016, has repealed the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) with effect from 1 December this year.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 . . .

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