SALIENT FEATURES OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

1. This law is enacted with an object of promotion and development and enhancing the competitiveness of Micro, Small and Medium Enterprises ( “MSME”) 2. This Act has improved and repealed earlier legislation viz. Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertaking Act, 1993. 3. This Act has applicability of Arbitration and Conciliation Act, 1996. 4. This Act provides for definition of the “Small Enterprise” and “Medium Enterprise” which were not statutorily defined earlier. Section 2 (g) & (m)...

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