law: Sick Industrial Companies (Special Provisions) Act, 1985
  3. Definitions 
  (1) In this Act, unless the context otherwise requires- 
  (a) "appellate authority" means the
  
  appellate authority for industrial and financial reconstruction constituted under
  
  section 5;
  (b) "board" means the Board for
  
  Industrial and Financial Reconstruction established under section 4;
  (c) "Chairman" means the Chairman of
  
  the Board, or as the case may be, the appellate authority;
  (d) "company" means a company as
  
  defined in section 3 of the Companies Act, 1956 1[***];
   2  [(da) "date of finalization of the
  
  duly audited accounts" means the date on which the audited accounts of the
  
  company are adopted at the annual general meeting of the company;]
  (e) "industrial company" means
  
  company which owns one or more industrial undertakings;
  (f) "industrial undertakings" means
  
  any undertaking pertaining to a scheduled industry carried on in one or more
  
  factories by any company but does not include-
  (i) an ancillary industrial undertaking as
  
  defined in clause (aa) of section 3 of the Industries (Development and
  
  Regulation) Act, 1951; and
  (ii) a small scale industrial undertaking as
  
  defined in clause (j) of the aforesaid section 3;
  (g) "member" means a member of the
  
  board or, as the case may be, the appellate authority and includes the Chairman
  
  thereof;
   2  [(ga) "net worth" means the
  
  sum total of the paid-up capital and free reserves.
  Explanation:- For the purposes of
  
  this clause, "free reserves" means all reserves credited out of the
  
  profits and share premium account but does not include reserves credited out of
  
  re-evaluation of assets, write-back of depreciation provisions and
  
  amalgamation;]
  (h) "notification" means a
  
  notification published in the Official Gazette.
   3  [(i) "operating agency" means
  
  any public financial institution, State level institution, scheduled bank or
  
  any other person as may be specified by general or special order as its agency
  
  by the board;]
  (j) "prescribed" means prescribed by
  
  rules made under this Act;
  (k) [Omitted by Act 12 of 1994];
  (l) "Reserve Bank" means the Reserve
  
  Bank of India constituted under section 3 of the Reserve Bank of India Act,
  
  1934;
  (m) "scheduled bank" means a bank
  
  for the time being included in Schedule II to the Reserve Bank of India Act,
  
  1934;
  (n) "scheduled industry" means any
  
  of the industries specified for the time being in Schedule I to the Industries
  
  (Development and Regulation) Act, 1951;
   3  [(o) "sick industrial
  
  company" means an industrial company (being a company registered for not
  
  less than five years) which has at the end of any financial year accumulated
  
  losses equal to or exceeding its entire net worth.
   Explanation: For the removal of
  
  doubts, it is hereby declared that an industrial company existing immediately
  
  before the commencement of the Sick Industrial Companies (Special Provisions)
  
  Amendment Act, 1993, registered for not less than five years and having at the
  
  end of any financial year accumulated losses equal to or exceeding its entire
  
  net worth, shall be deemed to be a sick industrial company;]
  (p) "State level institution" means
  
  any of the following institutions, namely,- 
  (i) State Financial Corporations established
  
  under section 3 or section 3A and institutions notified under section 46 of the
  
  State Financial Corporations Act, 1951 (63 of 1951);
  (ii) State Industrial Development Corporations
  
  registered under the Companies Act, 1956 (1 of 1956);
  (iii) Such other institutions, being companies
  
  and not being public financial institutions, engaged in the development or
  
  financing of industrial undertakings, as the Central Government may, by
  
  notification, specify:
  PROVIDED that no institution shall be so specified
  
  unless not less than fifty-one per cent of the paid-up share capital thereof is
  
  held by any State Government or Governments or by any institution or
  
  institutions mentioned in sub-clauses (i) and (ii) or partly by one or more
  
  public financial institutions or institutions mentioned in sub-clauses (i) and
  
  (ii) and partly by one or more State Governments.
  (2) (a) Words and expressions used and not defined in this Act
  
  shall have the meanings, if any, respectively assigned to them in the Companies
  
  Act, 1956.
  (b) Words and expressions used but not defined
  
  either in the Act or in the Companies Act, 1956, shall have the meanings, if
  
  any, respectively assigned to them in the Industries (Development and
  
  Regulation) Act, 1951.
  (3) Any reference in this Act to any other enactment or any
  
  provision thereof, shall, in relation to an area in which such enactment of such
  
  provision is not in force, be construed as a reference to the corresponding law
  
  or the relevant provision of the corresponding law, if any, in force in that
  
  area.