THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

ACT NO. 27 OF 2006 · Enacted [16th June, 2006.] · 32 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

NATIONALBOARD FOR MICRO, SMALL AND MEDIUM ENTERPRISES

Section 3.Establishment of Board.

Section 4.Removal of member from Board.

Section 5.Functions of Board.

Section 6.Powers and functions of Member-Secretary of Board.

CLASSIFICATION OF ENTERPRISES, ADVISORY COMMITTEE ANDMEMORANDUM OF MICRO, SMALL AND MEDIUM ENTERPRISES

Section 7.Classification of enterprises.

Section 8.Memorandum of micro, small and medium enterprises.

MEASURES FOR PROMOTION, DEVELOPMENT AND ENHANCEMENT OFCOMPETITIVENESS OF MICRO, SMALL AND MEDIUM ENTERPRISES

Section 9.Measures for promotion and development.

Section 10.Credit facilities.

Section 11.Procurement preference policy.

Section 12.Funds.

Section 13.Grants by Central Government.

Section 14.Administration and utilisation of Fund or Funds.

DELAYED PAYMENTS TO MICRO AND SMALL ENTERPRISES

Section 15.Liability of buyer to make payment.

Section 16.Date from which and rate at which interest is payable.

Section 17.Recovery of amount due.

Section 18.Reference to Micro and small Enterprises Facilitation Council.

Section 19.Application for setting aside decree, award or order.

Section 20.Establishment of Micro and Small Enterprises Facilitation Council.

Section 21.Composition of Micro and Small Enterprises Facilitation Council.

Section 22.Requirement to specify unpaid amount with interest in the annual statement of accounts.

Section 23.Interest not to be allowed as deduction from income.

Section 24.Overriding effect.

Section 25.Scheme for closure of business of micro, small and medium enterprises.

MISCELLANEOUS

Section 26.Appointment of Officers and other employees.

Section 27.Penalty for contravention of section 8 or section 22 or section 26.

Section 28.Jurisdiction of courts.

Section 29.Power to make rules.

Section 30.Power to make rules by State Government.

Section 31.Power to remove difficulties.

Section 32.Repeal of Act 32 of 1993.