INDUSTRIAL POLICY RESOLUTIONS,1956

 INDUSTRIAL  POLICY  RESOLUTIONS,1956

INTRODUCTION:

               This  has discussed various Laws and regulatory acts, which a firm must follow. These laws make the business environment just and level playing field for all players. The government policies for Industries, Public-Private Partnership and its definition and chapter also include acts like sick firms, MRTP and competition.

• Industrial   policy  resolution  195
• The  industries  act 1951   (INRA)
• Public  privet  partnership
• The  ppp  process
• MSME
• Company law
• MRTP  ACT

Industrial  Policy  Resolutions,1956 

      According   to  the   industrial  policy  1956  govt  increase   the  role  of  public  sector   in  the  industrial  development   of  the  economy  the   main  objective  is  prevent   the  wealth  tram  few  hands.
           The Resolution emphasized the importance to the economy of securing a continuous increase in production and its equitable distribution, and pointed out that the State must play of progressively active role in the development of Industries.
  
The INDUSTRIES (Development  and  regulation) Act 1951 (IDRA) 
          Growth of the industrial sector at a higher rate and on a sustained basis is a major determinant of a country's overall economic development. In this regard, the Government of India has issued industrial policies, from time to time, to facilitate and foster the growth of Indian industry and maintain its productivity and competitiveness in the world market. In order to provide the central government with the means to implement its industrial policies, several legislations have been enacted and amended in response to the changing environment. The most important being the Industries (Development and Regulation) Act, 1951 ((DRA) which was enacted in pursuance of the Industrial Policy Resolution, 1948. The Act was formulated for the purpose of development and regulation of industries in India by the Central Government.

private partnership 

         Public private partnership means partnership between public sector and private sector in financing designing and developing infrastructure facilities. In a Public private partnership the private sector may contribute money expertise and technical instructure like power transport, education, healthcare, management etc are maintained through public private partnership.

The PPP process 

    

MSME 

               The government of India has enacted the micro, small and medium enterprise development.Act on 2006 ,It plays a important role for economic development of our country. The MSMEs have been defined on the basis of various parameters in different counties. These parameters are the number of employees, total net assets, sales and investment level. In India, the MSMEs were historically defined on the basis of number of employees which was later on changed to the investment involved in the enterprise. Over the years, the investment limits for the various units have been periodically revised.

Company Law 

Sec.2 (1) “Abridged Prospectus” means a memorandum containing such salient features of a prospectus as may be prescribed.

Sec.2(7) Body Corporate or corporation includes a company incorporated outside India but does not include-

A corporation sole

A co-operative society registered under any law relating to co-operative societies and

Any other body corporate which the central government may by notification in the official gazette, specify in this behalf.

Sec.2(8 ) “book and paper” and “book or paper” includes accounts, deeds, vouchers, writings and documents.

Sec.2(15) “document” includes summons, notice, requisition, order, other legal process and registers, whether issued, sent or kept in pursuance of this or any other Act or otherwise.

Sec.2(15) “employees stock option” means the option given to the whole-time directors, officers or employees of a company which give such directors , officers or employee the benefits or right to purchase or subscribe at a future date, the securities offered by the company at a pre-determined price.

Sec.2(17) “financial year” means in relation to anybody corporate the period in respect of which any profit and loss account of the body corporate laid before it in annual general meeting is made up, whether that period is a year or not: 

Sec.2(19AB) “industrial undertaking” means any undertaking to any industry carried on in one or more factories or units by any company as defined in clause (aa) of section 3 of industries Act 1951 but does not include a small scale industrial undertaking as defined in clause

Sec.2(B) “information memorandum” means a process undertaken prior to the filing of prospectus by which the demand for securities proposed to be issued by a company is elicited and the price and the terms of issue for such securities is assessed by means of a notice, circular, advertisement or document.

Sec.2(26) “managing director” means a director who by virtue of an agreement with the company or of a resolution passed by the company in general meeting or by its board of directors or by virtue of its memorandum or articles of association is entrusted which would not otherwise be exercisable by him and include a directs occupying the position of a managing director by whatever name called: 

Sec.2(27) “ member” in relation to a company does not include a bearer of a share-warrant of the company issued in pursuance of section 114

Sec.2(29) “net worth” means the sum total paid-up capital and free reserves after deducting the provisions or expenses as may be prescribed.

Sec.2(30) “officer” include any director, manger or secretary or any person in accordance with whose direction or instructions the board of directors or any one or more of the directors is or are accustomed to act.

Sec.2(31) “officer who is default” in relation to any provision referred to or section 5 has the meaning specified in that section.

Sec.2(31AA) “operating agency” means any group of experts consisting of persons having special knowledge of business or industry in which the sick industrial undertaking is engaged and include public financial institution, state level institution, scheduled bank or any other person as many be specified as the operating agency by the tribunal. 

Sec.2(36) “prospectus” means notice, circular, advertisement or other document inviting offers from the public for the subscription or purchase of any shares in or debentures of a body corporate.

Sec.2(38) “public holiday” means a public holiday within the meaning of the negotiable instruments Act 1881

Sec.2(41) “relative” means with reference to any person any one who is related to such person in any of the ways specified in section 6, and no others.

Sec.2(45AA) “securities” means securities as defined in clause (h) of section of the securities contracts (regulation)Act,1956 and includes hybrids.

Sec.2(46A) “shares with differential rights” means a share that is issued with differential right in accordance with the provisions of section 86 

Sec.2(46AA) “sick industrial company” means an industrial company which has  

The accumulated losses in any financial year equal to fifty per cent or more of its average net worth during four years immediately preceding such financial year or

Failed to its debts within any three consecutive quarters on demand made in writing for its repayment by a creditor or creditors of such company.

Sec.2(48) “total voting power” in regard to any matter relating to a body corporate means the total number of votes which may be cast in regard to that matter on a poll at a meeting of such body if all the members thereof and all other persons if any having a right to vote on that matter are present at the meeting and cast their votes. 

MRTP ACT 

         The MRTP ACT 1969 has its genesis in the directive principles of state policy embodied in the constitution of India. Competition Act, 2002 , In 1969 Govt. Has passed an act Monopolies Restrictive Trade Practices (MRTP). Replaced by a new act called competition Act 2002. The MRITPCommission receives complaints both from registered consumer and trade associations and also from individuals either directly or through various Govemment Departments.