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p> १४.२२ hrs. SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) REPEAL BILL, 2001 Title: Consideration and pasing of the Sick Industrial Companies (Special Provsions) Repeal Bill, 2001 moved by Shri Jaswant Singh. (Bill passed as amended) THE MINISTER OF FINANCE (SHRI JASWANT SINGH): I beg to move:

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

The Sick Industrial Companies (Special Provisions) Act, (SICA) 1985 was enacted to tackle the problem of Industrial sickness. The Act has not been effective in checking the problems because it suffers from several deficiencies. And, it is in view of the problems observed in the BIFR mechanism, Sick Industrial Companies (Special Provisions) Bill, 2001 for the repeal of SICA, 1985 and the abolition of BIFR / Appellate Authority for Industrial and Financial Reconstruction (AAIFR) was introduced in this House on 30th August, 2001.

SHRI RAMESH CHENNITHALA (MAVELIKARA): Mr. Chairman, Sir, the industrial sickness is a universal phenomenon. Every country has its own laws to tackle this problem. Sickness is due to various reasons. But one of the most important reasons is mismanagement.

In our country, multiple laws and agencies are existing to solve the problem of industrial sickness. Unfortunately, there is no coordination between these agencies and the multiple laws and the Government is giving the conflicting pills.

The passage of the Securitization Bill and the Companies (Amendment) Bill, 2000 is, no doubt, monumental as it gives a pendency rate, but it also embodies lack of clarity on the basic issues as the Government approaches sickness. Of course, the Finance Minister is here. He has been addressing this problem of sickness through various agencies. It is strictly not coming under his purview, but when we are discussing this repeal Bill, I think, that a serious thought has to be given on this issue also.

I would plead, through the House, and urge upon the hon. Minister to look into this aspect. I myself had gone to this factory and had inspected it. I may be allowed to give a copy of my inspection report to the hon. Minister and request him to consider reviving HPF.

16.00 hrs. Sir, as regards IDPL, are we having something in our mind? After WTO, how are we going to solve the medical problem and the problems being faced by the pharmaceutical industry? Shall we always look upon the foreign countries when we have the manpower as also the human resources? We have this resource at our disposal in IDPL, Chennai. It is the only subsidiary unit. I have pleaded in this House many times that the IDPL unit, Chennai has to be revived because it is facing the consequences of WTO.

As regards Salem Steel Plant, all of us know that it is showing profit. But till now the Government of India has not come forward to extend the financial support to have more profits and also to sort out the unemployment problem.

Last but not least, the sugar industries, not only in Tamil Nadu but also all over India, are facing a lot of problems. The problems are being faced not only by the workers and industrialists but also by the farming community which depend on sugar industry.

I once again plead that for the benefit of the people of Tamil Nadu and the people of India, the hon. Finance Minister has to take the States into confidence before referring the units to BIFR or before putting them in sickness list. I urge upon the Government of India to take the opinion of the State Government before it is finalised.