OBJECTIVES OF SICA
The objectives of this Act (SICA) as incorporated in its preamble, emphasises the following points:
The SICA had been enacted in the public interest to deal with the problems of industrial sickness with regard to the crucial sectors where public money is locked up. | |
It contains special provisions for timely detection of sick and potentially sick industrial companies, speedy determination and enforcement of preventive, remedial and other measures with respect to such companies. | |
Those measures are to be taken by a body of experts. | |
The measures are mainly |
(a) Legal
(b) Financial restructuring
(c) Managerial