Section 3(6) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(6)Every [asset reconstruction company] [Substituted by Act No. 44 of 2016.] shall obtain prior approval of the Reserve Bank for any substantial change in its management [including appointment of any director on the board of directors of the asset reconstruction company or managing director or chief executive officer thereof] [Inserted by Act No. 44 of 2016.] or change of location of its registered office or change in its name:Provided that the decision of the Reserve Bank, whether the change in management of a [asset reconstruction company] [Substituted by Act No. 44 of 2016.] is a substantial change in its management or not, shall be final.Explanation. For the purposes of this section, the expression substantial change in management means the change in the management by way of transfer of shares [change affecting the sponsorship in the company by way of transfer of shares or] [Inserted by Act No. 44 of 2016.] or amalgamation or transfer of the business of the company.
