Information Utilities (Sec. 209-216)

“Save as otherwise provided in this Code, no information utility shall carry on its
business under this Code except under and in accordance with a certificate of registration issued
in that behalf by the Board” VL Note : –

“(1) Every application for registration shall be made to the Board in such form and
manner, containing such particulars, and accompanied by such fee, as may be specified by
regulations:
Provided that every application received by the Board shall be acknowledged within
seven days of its receipt.
(2) On receipt of the application under sub-section (1), the Board may, on being
satisfied that the application conforms with all requirements specified under sub-section (1),
grant a certificate of registration to the applicant or else, reject, by order, such application.
(3) The Board may issue a certificate of registration to the applicant in such form and
manner and subject to such terms and conditions as may be specified.
(4) The Board may renew the certificate of registration from time to time in such
manner and on payment of such fee as may be specified by regulations (5) The Board may, by order, suspend or cancel the certificate of registration granted
to an information utility on any of the following grounds, namely: –
(a) that it has obtained registration by making a false statement or misrepresentation
or any other unlawful means;
(b) that it has failed to comply with the requirements of the regulations made by
the Board;
(c) that it has contravened any of the provisions of the Act or the rules or the
regulations made thereunder;
(d) on any other ground as may be specified by regulations:
Provided that no order shall be made under this sub-section unless the information
utility concerned has been given a reasonable opportunity of being heard:
Provided further that no such order shall be passed by any member except whole-time
members of the Board. ” VL Note : –

“Any information utility which is aggrieved by the order of the Board made under
section 210 may prefer an appeal to the National Company Law Appellate Tribunal in such
form, within such period, and in such manner, as may be specified by regulations” VL Note : –

“The Board may, for ensuring that an information utility takes into account the objectives
sought to be achieved under this Code, require every information utility to set up a governing
board, with such number of independent members, as may be specified by regulations” VL Note : –

“An information utility shall provide such services as may be specified including core
services to any person if such person complies with the terms and conditions as may be
specified by regulations” VL Note : –

“For the purposes of providing core services to any person, every information utility
shall–
(a) create and store financial information in a universally accessible format;
(b) accept electronic submissions of financial information from persons who are
under obligations to submit financial information under sub-section (1) of section 215,
in such form and manner as may be specified by regulations; (c) accept, in specified form and manner, electronic submissions of financial
information from persons who intend to submit such information;
(d) meet such minimum service quality standards as may be specified by
regulations;
(e)get the information received from various persons authenticated by all
concerned parties before storing such information;
(f) provide access to the financial information stored by it to any person who
intends to access such information in such manner as may be specified by regulations;
(g) publish such statistical information as may be specified by regulations.
(h) have inter-operatability with other information utilities.” VL Note : –

“(1) Any person who intends to submit financial information to the information utility
or access the information from the information utility shall pay such fee and submit information
in such form and manner as may be specified by regulations.
(2) A financial creditor shall submit financial information and information relating to
assets in relation to which any security interest has been created, in such form and manner as
may be specified by regulations.
(3) An operational creditor may submit financial information to the information utility
in such form and manner as may be specified.” VL Note : –

“(1) A person who intends to update or modify or rectify errors in the financial
information submitted under section 215, he may make an application to the information utility
for such purpose stating reasons therefor, in such manner and within such time, as may be
specified
(2) A person who submits financial information to an information utility shall not
provide such information to any other person, except to such extent, under such circumstances,
and in such manner, as may be specified.” VL Note : –