https://www.taxtmi.com/caselaws?id=110426 A delayed reference under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 was held not to be incompetent merely because it was filed beyond sixty days from finalisation of duly audited accounts. The statutory scheme treated the sixty-day period as a promptness requirement for the board of directors, while section 33 supplied the penal consequence for non-compliance. Because the Act did not expressly direct rejection of a delayed reference as time-barred, the Board retained jurisdiction to consider the reference on merits and could not dismiss it solely for delay. en-us Fri, 11 Jun 2004 00:00:00 +0530 Mon, 16 Apr 2012 17:16:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110426 A delayed reference under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 was held not to be incompetent merely because it was filed beyond sixty days from finalisation of duly audited accounts. The statutory scheme treated the sixty-day period as a promptness requirement for the board of directors, while section 33 supplied the penal consequence for non-compliance. Because the Act did not expressly direct rejection of a delayed reference as time-barred, the Board retained jurisdiction to consider the reference on merits and could not dismiss it solely for delay. Case-Laws Companies Law Fri, 11 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110426