law: Sick Industrial Companies (Special Provisions) Act, 1985
  15. Reference to Board 
  (1) When an industrial company has become a sick industrial
  
  company, the Board of Directors of the company, shall, within sixty days from
  
  the date of finalization of the duly audited accounts of the company for the
  
  financial year as at the end of which the company has become a sick industrial
  
  company, make a reference to the Board for determination of the measures which
  
  shall be adopted with respect to the company:
  PROVIDED  that if the Board of Directors has sufficient
  
  reasons even before such finalization to form the opinion that the company had
  
  become a sick industrial company, the Board of Directors shall, within sixty
  
  days after it has formed such opinion, make a reference to the Board for the
  
  determination of the measures which shall be adopted with respect to the
  
  company.
  (2) Without prejudice to the provisions of sub-section (1), the
  
  Central Government or the Reserve Bank or a State Government or a public
  
  financial institution or a State level institution or a scheduled bank may, if
  
  it has sufficient reasons to believe that any industrial company has become,
  
  for the purposes of this Act, a sick industrial company, make a reference in
  
  respect of such company to the Board for determination of the measures which
  
  may be adopted with respect to such company:
  PROVIDED  that a reference shall not be made under this
  
  sub-section in respect of any industrial company by,- 
  (a) the government of any State unless all or any of the
  
  industrial undertakings belonging to such company are situated in such State;
  (b) a public financial institution or a State level institution
  
  or a scheduled bank unless it has, by reason of any financial assistance, or
  
  obligation rendered by it, or undertaken by it, with respect to, such company,
  
  an interest in such company.