https://www.taxtmi.com/caselaws?id=459777 A company seeking sick industrial company status under the Sick Industrial Companies (Special Provisions) Act, 1985 had to show that it was an industrial company owning an industrial undertaking carried on in a factory, and that the statutory worker threshold was met on the relevant dates. The term "factory" under the Industries (Development and Regulation) Act, 1951 was read broadly to cover premises where manufacturing was being carried on or ordinarily carried on, but the inquiry depended on the material dates, including erosion of net worth, reference, and decision. Because the record did not prove that any unit had 50 or more workers in the relevant twelve-month periods, and no reliable employee records or statutory returns were produced, the company failed to establish industrial company status and therefore did not qualify as sick. en-us Mon, 19 Oct 2009 00:00:00 +0530 Fri, 27 Dec 2024 18:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459777 A company seeking sick industrial company status under the Sick Industrial Companies (Special Provisions) Act, 1985 had to show that it was an industrial company owning an industrial undertaking carried on in a factory, and that the statutory worker threshold was met on the relevant dates. The term "factory" under the Industries (Development and Regulation) Act, 1951 was read broadly to cover premises where manufacturing was being carried on or ordinarily carried on, but the inquiry depended on the material dates, including erosion of net worth, reference, and decision. Because the record did not prove that any unit had 50 or more workers in the relevant twelve-month periods, and no reliable employee records or statutory returns were produced, the company failed to establish industrial company status and therefore did not qualify as sick. Case-Laws Indian Laws Mon, 19 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459777