ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Misconceived and Unworkable-Sick Industries Bill

The proposed bill to deal with industrial sickness in no way addresses the lacunae in the existing act, and instead makes provisions which are detrimental to the interests of workers, suppliers of raw materials and state electricity hoards. The board of directors is deprived of judicial authority and the infrastructure to determine the nature of sickness and issue orders to ameliorate it. All this is being done, it appears, for the sole purpose of ensuring repayment of the dues of secured creditors and not with the intention of a long-term revival of the sick company.

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