search this site - type your query and submit

Daily Email Newsletter (Sign-up Free)

Sec 12A, SARFAESI Act 2002: RBI Power To Call For Statements & Info

Section 12A (Power of Reserve Bank to call for statements and information) under Chapter II (Regulation of securitisation and reconstruction of financial assets of banks and financial institutions) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 —

The Reserve Bank may at any time direct a asset reconstruction company to furnish it within such time as may be specified by the Reserve Bank, with such statements and information relating to the business or affairs of such asset reconstruction company (including any business or affairs with which such company is concerned) as the Reserve Bank may consider necessary or expedient to obtain for the purposes of this Act.




Extra Notes for Readers

(1) Section 12A of SARFAESI Act, 2002 was inserted by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (Act 30 of 2004), sec. 7, (w.e.f. 11-Nov-2004).

(2) Section 12A of SARFAESI Act, 2002 was modified by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (Act 44 of 2016), sec. 3, (w.e.f. 1-Sep-2016).

No comments:

Post a Comment

In comment with "Name/Url" option, only Name is mandatory to be filled.