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1
XLVI of
1956.
FINANCE DEPARTMENT
Mantralaya, Madam Cama Marg, Hutatma Rajguru Chowk,
Mumbai 400 032, dated the 1st November 2022.
MAHARASHTRA ORDINANCE No. X OF 2022.
AN ORDINANCE
further to amend the Maharashtra Contingency Fund Act.
WHEREAS both Houses of the State Legislature are not in session;
AND WHEREAS the Governor of Maharashtra is satisfied that
circumstances exist which render it necessary for him to take immediate
action further to amend the Maharashtra Contingency Fund Act, for the
purposes hereinafter appearing;
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In pursuance of clause (3) of article 348 of the Constitution of India, the following
translation in English of the Maharashtra Contingency Fund (Amendment) Ordinance, 2022
(Mah. Ord. X of 2022), is hereby published under the authority of the Governor.
By order and in the name of the Governor of Maharashtra,
SATISH WAGHOLE,
I/c. Secretary (Legislation) to Government,
Law and Judiciary Department.
[Translation in English of the Maharashtra Contingency Fund (Amendment) Ordinance,
2022 (Mah. Ord. X of 2022), published under the authority of the Governor.]
RNI No. MAHENG / 2009 / 35528
(1)
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2
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NOW, THEREFORE, in exercise of the powers conferred by clause (1)
of article 213 of the Constitution of India, the Governor of Maharashtra is
hereby pleased to promulgate the following Ordinance, namely :—
1.
(1) This Ordinance may be called the Maharashtra Contingency Fund
(Amendment) Ordinance, 2022.
(2) It shall come into force at once.
2.
During the period of operation of this Ordinance, the Maharashtra
Contingency Fund Act shall have effect as if, in section 2 thereof, for the
words “a sum of one hundred fifty crores of rupees” the words “a sum of
three hundred fifty crores of rupees” had been substituted.
Short title and
commencement.
Temporary
amendment
of section 2 of
XLVI of 1956.
XLVI of
1956.
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3
STATEMENT
The Corpus of the Contingency Fund of the State established and
maintained under the Maharashtra Contingency Fund Act (XLVI of 1956) is
rupees one hundred fifty crores.
2. The Government of Maharashtra has established the MAHA ARC
LIMITED, as an Asset Reconstruction Company and same is registered under
the Companies Act, 2013 (18 of 2013). An advance of Rs.111 crores from
Contingency Fund has been sanctioned vide Government Memorandum dated
27th September 2022 to provide share capital to the said company. Hence,
the present Net Owned Fund (NOF) of the said company is Rs. 111 crores.
As per the guidelines issued by the Reserve Bank of India for Asset
Reconstruction Company vide its letter dated 11th October 2022, the amount
of Minimum Net Owned Fund (NOF) has been increased to at least Rs. 300
crore instead of Rs. 100 crore. Therefore, the said company requires additional
Rs. 200 crores and accordingly a proposal of increasing total share capital of
the said company to Rs. 311 crores is received by the Government.
3. The nature of this expenditure is unforeseen; hence the necessary
budgetary provision is not available. This item of expenditure would
constitute “New Services” and therefore, it is required to be brought to the
notice of the State Legislature. The ensuing session of the State Legislature
is scheduled to commence on the 19th December 2022. Necessary orders for
making available funds for the above mentioned purposes can be issued only
after the expenditure on these “New Services” is brought to the notice of the
State Legislature, by way of Supplementary Demand and an Appropriation
Bill, passed by both Houses of the State Legislature, is published as an Act of
the State Legislature. However, as the expenditure for this item is required
to be incurred immediately, it has been decided to incur the expenditure by
the way of withdrawal of advances from the Contingency Fund.
4. The present corpus of the Contingency Fund is only rupees one
hundred fifty crores. At present, the available balance is inadequate for
meeting the expenditure on the abovementioned item and for other
unforeseen and immediate items of expenditure, which would be required to
be met from Contingency Fund. It is, therefore, considered expedient to
temporarily increase the existing corpus by rupees two hundred crores, to
make the corpus of the Contingency Fund of rupees three hundred fifty crores,
so as to meet the expenditure, as aforesaid.
5. As both Houses of State Legislature are not in session and the
Governor of Maharashtra is satisfied that circumstances exist which render
it necessary for him to take immediate action further to amend the
Maharashtra Contingency Fund Act (XLVI of 1956), for the purposes aforesaid,
this Ordinance is promulgated.
Mumbai,
BHAGAT SINGH KOSHYARI,
dated the 1st November 2022.
Governor of Maharashtra.
By order and in the name of the Governor of Maharashtra,
MANOJ SAUNIK,
Additional Chief Secretary to Government.
ON BEHALF OF GOVERNMENT PRINTING, STATIONERY AND PUBLICATION, PRINTED AND PUBLISHED BY DIRECTOR,
RUPENDRA DINESH MORE, PRINTED AT GOVERNMENT CENTRAL PRESS, 21-A, NETAJI SUBHASH ROAD, CHARNI ROAD,
MUMBAI 400 004 AND PUBLISHED AT DIRECTORATE OF GOVERNMENT PRINTING, STATIONERY AND PUBLICATIONS,
21-A, NETAJI SUBHASH ROAD, CHARNI ROAD, MUMBAI 400 004. EDITOR : DIRECTOR, RUPENDRA DINESH MORE.