Insertion of new section 30B
Section 149 of the Finance Act, 2021 deals with insertion of new section 30B. Insertion of new section 30B. 149. After section 30A of the principal Act, the following section shall be inserted, namely:–– "30B.
Insertion of new section 30B.
149. After section 30A of the principal Act, the following section shall be inserted, namely:––
"30B. Special provisions related to pooled investment vehicle.—(1) Notwithstanding anything contained in the Indian Trust Act, 1882 (2 of 1882) or in any other law for the time being in force or in any judgment, decree or order of any Court, Tribunal or any other authority, a pooled investment vehicle, whether constituted as a trust or otherwise, and registered with the Securities and Exchange Board of India shall be eligible to borrow and issue debt securities in such manner and to such extent as may be specified under the regulations made by Securities and Exchange Board of India in this behalf.
(2) Every pooled investment vehicle referred to in sub-section (1) shall, subject to the provisions of the trust deed, be permitted to provide security interest to lenders in terms of the facility documents entered into by such pooled investment vehicle.
(3) Where any pooled investment vehicle referred to in sub-section (1) defaults in repayment of principal amount or payment of interest or any such amount due to the lender, the lender shall recover the defaulted amount and enforce security interest, if any, against the trust assets, by initiating proceedings against the trustee acting on behalf of such pooled investment vehicle in accordance with the terms and conditions specified in the facility documents:
Provided that on initiation of the proceedings against the trust assets, the trustee shall not be personally liable and his assets shall not be utilised towards recovery of such debt.
(4) The trust assets, which remain after recovery of defaulted amount, shall be remitted to the unit holders on proportionate basis.".
Section 149, The Finance Act, 2021.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 149
What does Section 149 of the Finance Act deal with?
Section 149 of the Finance Act is headed "Insertion of new section 30B". Insertion of new section 30B. 149. After section 30A of the principal Act, the following section shall be inserted, namely:–– "30B.
How do I find court cases under Section 149 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2021 149, section 149 Finance Act 2021, section 149 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 149 of the Finance Act, and has it changed?
4 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2021. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
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- 130. Substitution of new section for section 43513 words
- 131. Substitution of new section for section 52699 words
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