Security Laws in India
Introduction
Constitution of Working Group
Based on the recommendations of Joint Parliamentary Committee (JPC) the Reserve Bank of India advised the Indian Banks’ Association to set up a Working Group to review and suggest changes in the laws relating to creation, enforcement and registration of Security Interest. Accordingly, with the approval of the Managing Committee, the IBA, in October 2003, formed a Working Group under the Chairmanship of Dr. Anil K Khandelwal, the then Executive Director of Bank of Baroda and presently, Chairman & Managing Director of Dena Bank to address the issues.
The Working Group comprised the following members:
1. Shri G M Ramamurthy
Executive Director
Industrial Development Bank of India Limited
2. Shri S C Gupta
Legal Advisor
Reserver Bank of India
3. Shri S K Sinha
General Manager & Advisor (Law)
State Bank of India
4. Shri K Prasad
General Manager (DBS, FID)
Reserve Bank of India
5. Shri R N Pradeep
General Manager (Law)
Bank of India
6. Shri M T Udeshi
Deputy General Manager (Law)
Bank of Baroda
7. Shri S Viswanathan
Asst. General Manager (Law)
Punjab National Bank
8. Shri V K Gupta
Asst. General Manager (Legal)
Dena Bank
9. Shri Sudhir Jha
Chief Manager (Law)
ICICI Bank Ltd.
10. Shri M R Umarji - Convenor
Chief Advisor (Legal)
Indian Banks’ Association
Terms of Reference for the Working Group were:
1. To review the various methods of creation of security interest presently available under different statutes and the rights of secured creditors vis-a’vis other creditors, both secured and unsecured, suggest measures, including legislative amendments, to create security interest without any defect.
2. To review the present registration requirements and publicity aspects relating to various types of security interest, both under the SARFAESI Act and other statutes and suggest measures for developing comprehensive registration mechanism providing sufficient publicity and
Constitution of Working Group
Based on the recommendations of Joint Parliamentary Committee (JPC) the Reserve Bank of India advised the Indian Banks’ Association to set up a Working Group to review and suggest changes in the laws relating to creation, enforcement and registration of Security Interest. Accordingly, with the approval of the Managing Committee, the IBA, in October 2003, formed a Working Group under the Chairmanship of Dr. Anil K Khandelwal, the then Executive Director of Bank of Baroda and presently, Chairman & Managing Director of Dena Bank to address the issues.
The Working Group comprised the following members:
1. Shri G M Ramamurthy
Executive Director
Industrial Development Bank of India Limited
2. Shri S C Gupta
Legal Advisor
Reserver Bank of India
3. Shri S K Sinha
General Manager & Advisor (Law)
State Bank of India
4. Shri K Prasad
General Manager (DBS, FID)
Reserve Bank of India
5. Shri R N Pradeep
General Manager (Law)
Bank of India
6. Shri M T Udeshi
Deputy General Manager (Law)
Bank of Baroda
7. Shri S Viswanathan
Asst. General Manager (Law)
Punjab National Bank
8. Shri V K Gupta
Asst. General Manager (Legal)
Dena Bank
9. Shri Sudhir Jha
Chief Manager (Law)
ICICI Bank Ltd.
10. Shri M R Umarji - Convenor
Chief Advisor (Legal)
Indian Banks’ Association
Terms of Reference for the Working Group were:
1. To review the various methods of creation of security interest presently available under different statutes and the rights of secured creditors vis-a’vis other creditors, both secured and unsecured, suggest measures, including legislative amendments, to create security interest without any defect.
2. To review the present registration requirements and publicity aspects relating to various types of security interest, both under the SARFAESI Act and other statutes and suggest measures for developing comprehensive registration mechanism providing sufficient publicity and