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Published : November 30, 2011 | Author : manishyadavnliu
Category : Consumer laws | Total Views : 5478 | Rating :

  
manishyadavnliu
Manish Yadav
 

The Securitization Act, 2002 has been enacted to ensure speedy recovery of debt through mortgage. As the mortgage is regulated by Transfer of Property Act, 1882 and the procedure for recovery of mortgage money is through the ordinary process of law given in Civil Procedure Code, 1908.Therefore there is a need to make a critical study of the impact of Securitization Act, 2002 on mortgage transaction vis-a-vis recovery of mortgage money. This article examines as to how far the Law is lender friendly/unfriendly.

There is a need to make an in-depth study of the Securitization Act vis a vis mortgage transaction specially in the wake of free market, globalization and Foreign Direct Investment in real estate. Therefore the present scholar seeks to make a brief study of the legal provisions relating mortgage as given in the Transfer of Property Act, 1882 and then to understand a critical study of the salient features of the Securitization Act, 2002 vis-à-vis the object and reasons of the law and to critically examine the impact of these provisions on the Mortgage transaction.

This article aimed to find out the relevancy of the SARFEASI Act in the economic growth of the nation and how far this Act helping the banks and financial institutions in reducing their non-performing assets (NPAs) and what is the impact of this Act on the mortgage transaction in India?

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The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002




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Article Comments

Posted by MOHAN on February 28, 2017
when to approach HC or waiver of pre deposit u\s 18 in sarfaesi act


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A major wave of economic reforms was initiated in India in the year 1991. A thrust towards economic liberalization162 led to a new era in Indian corporate governance. The year 1992 witnessed the establishment of SEBI as the Indian securities markets regulator. SEBI rapidly began ushering in securities market reforms that gradually led to corporate governance reforms as well. Curiously, the first corporate governance initiative was sponsored by industry. In 1998, a National Task force constituted by the Confederation of Indian Industry (CII) recommended a code for “Desirable Corporate Governance,” which was voluntarily adopted by a few companies. Thereafter, a committee chaired by Mr. Kumar Mangalam Birla submitted a report to SEBI “to promote and raise the standard of Corporate Governance in respect of listed companies.” Based on the recommendations of the Kumar Mangalam Birla committee the Equity Listing Agreement that was applicable to all listed companies of a certain size. India’s corporate governance norms therefore came to be governed through a clause in the listing agreement popularly referred to as “Clause 49.” Although both the CII Code as well as the Kumar Mangalam Birla Committee Report expressly cautioned against mechanically importing forms of corporate governance from the developed world, several concepts introduced by them were indeed those that emerged in countries such as the U.S. and the U.K. These include the concepts such as an independent board and audit committee. Now-a-days the role of the independent directors is drawing wide attention especially in the context of public companies. This class of directors is actually elected directors who are not executive directors and who not participate in day-tot-day activities of the company. The Kumarmangalam Birla Committee has defined an independent director as an entity who does not have a “material pecuniary relationship or transactions with the company, its promoter, its managements or its subsidiaries, which in judgment of the Board, may effect the independence of the judgment”. Three years later the Naresh Chandra committee gave governance more thought. Finally, in 2004 the Narayanmurthy committee affected changes to clause 49 of the listing agreement.

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