https://www.taxtmi.com/caselaws?id=109333 Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 imposes a duty on the Board of Directors to make a reference within sixty days of finalisation of audited accounts, but that period is not a limitation bar that extinguishes a delayed reference. The provision is part of a rehabilitation framework aimed at early detection of sickness and remedial intervention, and it must be read with the Act's broader scheme allowing references under section 16 and penal consequences for non-compliance under section 33. A delayed reference therefore cannot be rejected solely for being filed after sixty days, because that construction would undermine the Act's rehabilitative object. en-us Thu, 15 Jan 2004 00:00:00 +0530 Sat, 07 Apr 2012 18:51:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109333 Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 imposes a duty on the Board of Directors to make a reference within sixty days of finalisation of audited accounts, but that period is not a limitation bar that extinguishes a delayed reference. The provision is part of a rehabilitation framework aimed at early detection of sickness and remedial intervention, and it must be read with the Act's broader scheme allowing references under section 16 and penal consequences for non-compliance under section 33. A delayed reference therefore cannot be rejected solely for being filed after sixty days, because that construction would undermine the Act's rehabilitative object. Case-Laws Companies Law Thu, 15 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109333