Monday, June 27, 2011

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (31) - OFFICER IN DEFAULT
       2 (31A) - OPTION IN SECURITIES 
       2 (31AA) -OPERATING AGENCY

(31) "officer who is in default", in relation to any provision referred to in section 5, has the meaning specified in that section;

21[(31A) "option in securities" has the same meaning as in clause (d) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);]
 
22[(31AA) "operating agency" means any group of experts consisting of persons having special knowledge of business or industry in which the sick industrial company is engaged and includes public financial institution, State level institution, scheduled bank or any other person as may be specified as the operating agency by the Tribunal;]

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