Define Assets Reconstruction Company (ARC) as per the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and explain the main objectives of an ARC ?

"Asset Reconstruction Company" means a company registered with Reserve Bank under Section 3 of SARFAESI Act for the purposes of carrying on the business of asset reconstruction or securitisation, or both. The main objective of Asset Reconstruction Company ('ARC') are: to act as agent for any bank or financial institution for the purpose of recovering their dues from the borrowers on payment of fees or charges, to act as manager of the borrowers' asset taken over by banks, or financial institution, to act as the receiver of properties of any bank or financial institution and to carry on such ancillary or incidental business with the prior approval of Reserve Bank wherever necessary. If an ARC carries on any business other than the business of asset reconstruction or securitisation or the business mentioned above, it shall cease to carry on any such business within one year of doing such other business.