India - Income Tax Act 2010 - Saarc

1.1079 APPENDIXperson in favour of the sick industrial company, then, by virtue of, and to the extentprovided in, the scheme, on and from the date of coming into operation of the sanctionedscheme or any provision thereof, the property shall be transferred to, and vest in, and theliability shall become the liability of, such other company or person or, as the case may be,the sick industrial company.(7) The sanction accorded by the Board under sub-section (4) shall be conclusive evidencethat all the requirements of this scheme relating to the reconstruction or amalgamation,or any other measure specified therein have been complied with and a copy of thesanctioned scheme certified in writing by an officer of the Board to be a true copy thereof,shall, in all legal proceedings (whether in appeal or otherwise) be admitted as evidence.(8) On and from the date of the coming into operation of the sanctioned scheme or anyprovision thereof, the scheme or such provision shall be binding on the sick industrialcompany and the transferee company or, as the case may be, the other company and alsoon the shareholders, creditors and guarantors and employees of the said companies.(9) If any difficulty arises in giving effect to the provisions of the sanctioned scheme, theBoard may, on the recommendation of the operating agency or otherwise, by order doanything, not inconsistent with such provisions, which appears to it to be necessary orexpedient for the purpose of removing the difficulty.(10) The Board may, if it deems necessary or expedient so to do, by order in writing, directany operating agency specified in the order to implement a sanctioned scheme with suchterms and conditions and in relation to such sick industrial company as may be specifiedin the order.(11) Where the whole of the undertaking of the sick industrial company is sold under asanctioned scheme, the Board may distribute the sale proceeds to the parties entitledthereto in accordance with the provisions of section 529A and other provisions of theCompanies Act, 1956 (1 of 1956).(12) The Board may monitor periodically the implementation of the sanctioned scheme.SECTION 2 OF SPECIAL ECONOMIC ZONES ACT, 2005Definitions2. In this Act, unless the context otherwise requires,—** ** **(g) “Developer” means a person who, or a State Government which, has been grantedby the Central Government a letter of approval under sub-section (10) of section3 and includes an authority and a Co-Developer;** ** **(j) “entrepreneur” means a person who has been granted a letter of approval by theDevelopment Commissioner under sub-section (9) of section 15;** ** **(q) “International Financial Services Centre” means an International FinancialServices Centre which has been approved by the Central Government under subsection(1) of section 18;(r) “manufacture” means to make, produce, fabricate, assemble, process or bringinto existence, by hand or by machine, a new product having a distinctive name,character or use and shall include processes such as refrigeration, cutting,polishing, blending, repair, remaking, re-engineering and includes agriculture,aquaculture, animal husbandry, floriculture, horticulture, pisciculture, poultry,sericulture, viticulture and mining;** ** **