Section 4A - Public financial institutions. - Companies Act, 1956

[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 ( 15 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); [2] [(v) specified company [3] referred to in the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002;] [4] [(vi) the Infrastructure Development Finance Company Limited, a company formed and registered under this Act.] [5] [(vii) * * *] (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.] ------------------------------ Note:- [1] Inserted by the Companies (Amendment) Act, 1974, 41 of 1974, section 3, w.e.f. 1-2-1975. [2] Substituted by section 18 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) for the following: "(v) the Unit Trust of India, established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963);" [3] (i) Administrator of the Specified Undertaking of the Unit Trust of India; and (ii) UTI Trustee Company. [4] Inserted by the Companies (Amendment) Act, 1999, w.r.e.f. 31-10-1998. [5] Omitted by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004, w.r.e.f. 11-11-2004. It was inserted by the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, w.r.e.f. 21-6-2002. Prior to omission it read as under: "(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."