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MR. DEPUTY-SPEAKER: Hon. Members, four hours have been allotted for this Bill.

SHRI K. YERRANNAIDU (SRIKAKULAM): Sir, this is a very small Bill. I do not think we need four hours for this.

MR. DEPUTY-SPEAKER: The BAC has allotted this time. If we can do it earlier, it is better.

MR. DEPUTY-SPEAKER: Motion moved:

"That the Bill to repeal the Sick Industrial Companies (Special Provisions) Act, 1985, be taken into consideration."

SHRI A.C. JOS (TRICHUR): Sir, the hon. Minister, while moving this Bill, mentioned orally that the proposed National Company Law Tribunal will take care of the abated cases. I still wonder why the Minister has given an oral assurance to this House and that too very vaguely. As the hon. Minister himself suggested, this Bill came in 2002 and was referred to the Standing Committee. The Standing Committee is an extension of this House itself and the Standing Committee consists of representatives from all political parties. Whatever one might say, the Standing Committee system in our Parliament is functioning very satisfactorily and we can feel proud in claiming that.

MR. DEPUTY-SPEAKER: Please conclude now.

SHRI A.C. JOS : I know I am taking time. But I will conclude soon.

MR. DEPUTY-SPEAKER: There is one more speaker from your party who wants to speak on this Bill. So, please conclude soon.

SHRI A.C. JOS : I know you are gazing at me.

MR. DEPUTY-SPEAKER: I am not gazing at you. You can take the entire time allotted to your party, but the other speaker will not be able to speak in this debate.

SHRI A.C. JOS : Sir, four hours have been allotted for this debate. Kindly allow me one minute more.

As rightly pointed by Shri A.C. Jos, in respect of FACT, the Government of Kerala came forward and said that a cooperative society would be formed and that they were ready to take over FACT. Eve then, the banks and other financial institutions are coming in their way and they are not ready to accept any kind of proposal and, as a result, these institutions are becoming more sick. The attitude of the banks and the financial institutions should be changed; viable institutions which can be revived should be helped honestly, which is lacking today.

The hon. Member Shri A.C. Jos has spoken of FACT. He also said that we have not done anything. Regrettably, he said that we have not done anything. I would like to say that we have accepted the recommendations of the Standing Committee. There are already some amendments in this Bill regarding the registration of abated cases, rehabilitation scheme already approved by the BIFR, the waiver of fees, etc. I will not go into the other details. But very briefly I do wish to say that one of the principal concerns, and understandably again, was about the workers’ dues, workers’ rights and their interests. Workers’ interests have been, I assert this authoritatively, preserved in the NCLT Bill. Section 22 of the SICA was routinely misused for not paying workers’ dues. A principal change has taken place. There is no provision in the NCLT now which is similar, which has the same authority of power as Section 22 of the previous SICA. Apart from this, the NCLT now provides for a Rehabilitation Fund which also can be used for paying of the workers’ dues. These are some of the measures that have already been incorporated here. I am sure they will get the hon. Members’ approval.