The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993

(1) This Act may be called the Industrial Finance Corporation(Transfer of Undertaking and Repeal) Act, 1993. (2) It shall be deemed to have come into force on the 1st day of October, 1992.

In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date as the Central Government may, by notification in theOfficial Gazette, appoint under section 3; (b) "Company" means the Industrial Finance Corporation of India Limited to be formed andregistered under the Companies Act, 1956 (1 of 1956); (c) "Corporation" means the Industrial Finance Corporation of India established undersub-section (1) of section 3 of the Industrial Finance Corporation Act, 1948 (15 of 1948).

On such date as the CentralGovernment may, by notification in the Official Gazette, appoint, there shall be transferred to, and vest in,the Company, the undertaking of the Corporation.

(1) Every shareholder of theCorporation immediately before the appointed day shall be deemed to be registered on and from theappointed day as a shareholder of the Company to the extent of the face value of the shares held by suchshareholder. (2) The undertaking of the Corporation which is transferred to and which vests in the Company undersection 3 shall be deemed to include all business, assets, rights, powers, authorities and privileges and allproperties, movable and immovable, real and personal, corporeal and incorporeal, in possession orreservation, present or contingent of whatever nature and wheresoever situate including lands, buildings,vehicles, cash balances, deposits, foreign currencies, disclosed and undisclosed reserves, reserve fund,special reserve fund, benevolent reserve fund, any other fund, stocks, investments, shares, bonds,debentures, security, management of any industrial concern, loans, advances and guarantees given toindustrial concerns, tenancies, leases and book debts and all other rights and interests arising out of suchproperty as were immediately before the appointed day in the ownership, possession or power of theCorporation in relation to its undertaking, within or without India, all books of accounts, registers, recordsand documents relating thereto and shall also be deemed to include all borrowings, liabilities andobligations of whatever kind within or without India then subsisting of the Corporation in relation to itsundertaking. (3) All contracts, deeds, bonds, guarantees, powers of attorney, other instruments and workingarrangements subsisting immediately before the appointed day and affecting the Corporation shall ceaseto have effect or to be enforceable against the Corporation and shall be of as full force and effect againstor in favour of the Company in which the undertaking of the Corporation has vested by virtue of this Actand enforceable as fully and effectually as if instead of the Corporation, the Company had been namedtherein or had been a party thereto. (4) Any proceeding or cause of action pending or existing immediately before the appointed day by oragainst the Corporation in relation to its undertaking may, as from the appointed day, be continued andenforced by or against the Company in which the undertaking of the Corporation has vested by virtue of this Act as it might have been enforced by or against the Corporation if this Act had not been enacted andshall cease to be enforceable by or against the Corporation.

With effect from theappointed day, all fiscal and other concessions, licences, benefits, privileges and exemptions granted tothe Corporation in connection with the affairs and business of the Corporation under any law for the timebeing in force shall be deemed to have been granted to the Company.