Section 28 in Board For Industrial And Financial Reconstruction Regulations, 1987
28. The Board, after considering the scheme prepared by the operating agency and report thereon, if any, of the Secretary, submitted in pursuance of an order made by the Board, on the point as to whether the scheme has been prepared in accordance with the guidelines specified in the order of the Board made under sub-section (3) of section 17, shall prepare a draft scheme and cause a copy of the same to be sent to the sick industrial company and the operating agency:
Provided that in case the said scheme envisages amalgamation of the sick industrial company with another [* * *] company [or vice versa] [ Added by BIFR (Amendment) Regulations, 1994.] , a copy thereof shall also sent to the transferee [* * *] [ Certain words omitted by BIFR (Amendment) Regulations, 1994.] company and any other [* * *] [ Certain words omitted by BIFR (Amendment) Regulations, 1994.] company concerned in the amalgamation for suggestions and objections, if any. The suggestions and objections, if any, shall be furnished to the Board within such time as may be specified by the Board:Provided that the Board may, at the request of the concerned party and on sufficient cause being shown, suitably extend the time for submission of suggestions and objections.
