The Companies Act, 1956

 

 

4A. Public financial institutions

 

¹[4A. Public financial institutions.-

 

(1) Each of the financial institutions specified in this sub-section shall be regarded, for the purposes of this Act, as a public financial institution, namely:-

 

(i) the Industrial Credit and Investment Corporation of India Limited, a company formed and registered under the Indian Companies Act, 1913 (7 of 1913);

 

(ii) the Industrial Finance Corporation of India, established under section 3 of the Industrial Finance Corporation Act, 1948 (7 of 1948);

 

(iii) the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964);

 

(iv) the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956);

 

(v) the Unit Trust of India, established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963);

 

²[(vi) the Infrastructure Development Finance Company Limited, a company formed and registered under this Act.]

 

³[(vii) the securitisation company or reconstruction company which has obtained a certificate of registration under sub-section (4) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.]

 

(2) Subject to the provisions of sub-section (1) the Central Government may, by notification in the Official Gazette, specify such other institution as it may think fit to be a public financial institution:

 

Provided that no institution shall be so specified unless-

 

(i) it has been established or constituted by or under any Central Act, or

 

(ii) not less than fifty-one per cent, of the paid-up share capital of such institution is held or controlled by the Central Government.]

 

1. Ins. by Act 41 of 1974, sec. 2 (w.e.f. 1-2-1975).

2. Ins. by Act 21 of 1999, sec. 2 (w.r.e.f. 31-10-1998).

3. Ins. by Act 54 of 2002, sec. 41 and Sch. (w.e.f. 21-6-2002).

 

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The Companies Act, 1956

 

Indian Laws -Bare Acts