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THE INTEREST ON DELAYED PAYMENTS TO SMALL SCALE AND ANCILLARY INDUSTRIAL UNDERTAKINGS ACT, 1993

Title : THE INTEREST ON DELAYED PAYMENTS TO SMALL SCALE AND ANCILLARY INDUSTRIAL UNDERTAKINGS ACT, 1993

Year : 1993


No appeal against any decree, award or other order shall be entertained by any court or other authority unless the appellant
(not being a supplier) has deposited with it seventy-five per cent.
of the amount in terms of the decree, award or, as the case may be, other order in the manner directed by such court or, as the case may be, such authority.

7A.1* Establishment of Industry Facilitation Council.-

The State Government may, by notification in the Official Gazette, establish one or more Industry Facilitation Councils at such places exercising such jurisdiction and for such areas, as may be specified in the notification.

7B. Composition of Industry Facilitation Council.-

(1) The Industry Facilitation Council shall consist of one or more members to be appointed from amongst the following categories :-

(i) Director of Industries by whatever name called or any other officer not below the rank of such Director, of the State Government;

(ii) Representatives of banks and financial institutions;

(iii) Office-bearers or representatives of State Industry Associations; and

(iv) Persons having special knowledge in the field of Industry, Finance, Law, Trade and Commerce.

(2) The person appointed under clause (i) of sub-section (1) shall be the Chairperson of the Industry Facilitation Council.

(3) The composition of the Industry Facilitation Council, the manner of filling vacancies among, and the procedure to be followed in the discharge of their functions by, the members shall be such as may be prescribed by rules by the State Government.

7C. Laying of rules before State Legislature.-

Every notification issued and every rule made by the State Government under this Act shall be laid, as soon as may be after it issued or made, before the State Legislature.

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1. Ins. by u s.6, ibid.

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Where any buyer is required to get his annual accounts audited under any law for the time being in force, such buyer shall specify the amount together with the interest in his annual statement of accounts as remains unpaid to any supplier at the end of each accounting year.
Last updated on August, 2016

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