The information provided in this space is not intended to be and shall not be construed as legal or tax advice. Each user, surfer or recipient is advised to consult with its own legal and tax advisors for interpretations, validity and accuracy or otherwise of any statutes, guidelines, directions, guidance notes, rules or regulations, referred to or reproduced hereunder or any contents of this section. The concept of securitisation companies and reconstruction companies (“SC/RCs”) was introduced to Indian legal and financial system in June 2002 when the Securitisation and Reconstruction of Financial Assets and enforcement of Security Interest Ordinance, 2002 was promulgated. The same was repopulated as the Securitisation and Reconstruction of Financial Assets and enforcement of Security Interest (Second) Ordinance, 2002 in August 2002. Finally it came to be replaced by the Securitisation and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002 (“SARFAESI Act”) on receipt of assent of the President of India on December 17, 2002 subsequent to passing of the Bill by both the houses of the Parliament. The SARFAESI Act is deemed to have come into force on JUNE 21, 2002, the day on which the first Ordinance was promulgated.

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