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The Companies Act, 1956

Preliminary (1 to 10D)

Section 4A- Public Financial Institutions

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;

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

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

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

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

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

(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.