GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Board for Industrial and Financial Reconstruction
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Bureau for Industrial and Financial Reconstruction
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Board for Investment and Financial Reconstruction
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Bureau for Investment and Financial Reconstruction
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Detailed explanation-1: -Board for Industrial and Financial Reconstruction (BIFR): BIFR was established under the Sick Industrial Companies (Special Pro-visions) Act 1985 (SICA). It is an agency of Government of India, part of the Department of Financial services of the Ministry of Finance .
Detailed explanation-2: -In 2003, the Repeal Act on Sick Industrial Companies was passed, which took the place of SICA and asked to replace BIFR & AAIFR with NCLT (National Company Law Tribunal) and NCLAT (National Company Law Appellate Tribunal), respectively.
Detailed explanation-3: -The Board for Industrial and Financial Reconstruction (BIFR) was an agency of the Government of India, part of the Department of Financial Services of the Ministry of Finance. The BIFR was established under The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA).
Detailed explanation-4: -Answer: Board for industrial and financial reconstruction is now replaced by IRDA. Explanation: It is an autonomous statutory board that promotes insurance companies in India.