"Appellate Authority " means the Appellate Authority for Industrial and Financial Reconstruction constituted under section 5;

"Board " means the Board for Industrial and Financial Reconstruction established under section 4;

"Chairman " means the Chairman of the Board or, as the case may be, the Appellate Authority;

[ "date of finalisation 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;] [ Insertd by Act 12 of 1994, Section 2 (w.e.f. 1.2.1994).]

"industrial company " means a company which owns one or more industrial undertakings;

an ancillary industrial undertaking as defined in clause (aa) of section 3 of the Industries (Development and Regulation) Act, 1951 (65 of 1951); and

a small scale industrial undertaking as defined in clause (j) of the aforesaid section 3;

[ "net worth " means the sum total of the paid-up capital and free reserves. [Insertd by Act 12 of 1994, Section 2 (w.e.f. 1.2.1994). ]

"notification " means a notification published in the Official Gazette;

[ "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;] [ Substituted by Act 12 of 1994, Section 2, for Clause (i)(w.e.f. 1.2.1994).]

"prescribed " means prescribed by rules made under this Act;

"Reserve Bank " means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);

"scheduled bank " means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);

"scheduled industry " means any of the industries specified for the time being in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951);

[ "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. [ Substituted by Act 12 of 1994, Section 2, for Clause (o)(w.e.f. 1.2.1994).]

State Financial Corporations established under section 3 or section 3-A and institutions notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951);

State industrial development corporations registered under the Companies Act, 1956 (1 of 1956);

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 (1 of 1956).

(b) Words and expressions used but not defined either in this Act or in the Companies Act, 1956 (1 of 1956) shall have the meanings, if any, respectively assigned to them in the Industries (Development and Regulation) Act, 1951 (65 of 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 or 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.