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Industrial Finance Corporation Act, 1948


23. Business which the Corporation may transact.

5*[6*** The Corporation shall, subject to the provisions of this Act, be authorised to carry on and transact the following kinds of business, namely:-

  1. guaranteeing 6***

  1. loans raised by industrial concerns which 6*** are floated in the public market;

  1. Omitted by Act 2 of 1982, s. 9 (w.e.f. 12.3.1982).

  2. Ins. by Act 74 of 1982, s. 10.

  3. Ins. by Act 2 of 1982, s. 10. (w.e.f. 12.3.1982).

  4. Subs. by s.11, ibid. (w.e.f. 12.3.1982).

  5. Subs. by Act 66 of 1960, s. 5, for sub-section (1).

  6. Omitted by Act 2 of 1982, s. 12. (w.e.f. 12.3.1982).

  1. loans raised by industrial concerns FROM scheduled banks 1*[5*** Co-operative Banks or such other financial institutions as may be notified by the Central Government in this behalf] 1*[(b) guaranteeing deferred payments due FROM any industrial concern;]3* * * * *

  1. guaranteeing 4*xxx loans raised from, or credit arrangements made with, any banks or financial institution in any country outside India by industrial concerns in foreign currency:

Provided that no such guarantee shall be given without the prior approval of the Central Government;

  1. underwriting the issue of stock, shares, bonds or debentures by industrial concerns 5*[and retaining as part of its assets, any stocks, shares, bonds or debentures which it may have to take up in fulfillment of its obligations thereto];

da     5*[ transferring for consideration any instrument relating to loans and advances granted by it to industrial concerns;]

  1. acting as agent for the Central Government or, with its approval, for the International Bank for Reconstruction and Development 6*[or any other international or national institution or organisation] in the transaction of any business with an industrial concern in respect of loans or advances granted, 7*[or stocks, shares, bonds or debentures subscribed, by any of them or on their behalf]1*

  1. subscribing to, or purchasing, the stock, shares or bonds of any industrial concern;]

  2. receiving in consideration of the services mentioned in clauses (a) to (f), such commission as may be agreed upon;3* * * * *

  1. Subs. by Act 2 of 1982, s. 12 (w.e.f. 12.3.1982).

  2. Omitted by Act 50 of 1986, s. 14 (w.e.f. 2.2.87).

  3. Proviso omitted by Act 74 of 1972, s. 11.

  4. Ins. by Act 50 of 1986, s. 14 (w.e.f 2-2-1987).

  5. Ins. by Act 74 of 1972 s. 11.6. Ins. by Act 50 of 1986 s. 14 (w.e.f. 2-2-1987).

  6. Subs. by s. 14, ibid. (w.e.f. 2-2-1987).

  7. Cl.

  1. omitted by s. 11, ibid.

  2. granting loans or advances to, 1*[or subscribing to, or purchasing, debentures of industrial concerns:]

Provided that nothing contained in this clause shall be deemed to preclude the Corporation FROM granting loans or advances to, or subscribing to 2*[,or purchasing,] debentures of, an industrial concern, 3*[the amounts outstanding thereon may be convertible at the option of the Corporation] Into stock or shares of that concern within the period the loan, advance or debenture is repayable.

4*[Explanation.-In this clause, the expression "the amounts outstanding thereon", used in relation to any 1*[loan, advance or debenture shall mean the principal, interest and other charges payable on such 1*loan, advance or debenture] as at the time when the amounts are sought to be converted INTO stocks or shares;]

  1. undertaking research and surveys for evaluating or dealing with marketing or investments and undertaking and carrying on techno-economic studies in connection with the development of industry;

  2. providing technical, [legal, marketing]2* and administrative assistance to any industrial concern for the promotion, management or expansion of any industry;1*

  3. providing consultancy and merchant banking services in and outside India;]

  4. Performing functions entrusted to, or required of, the Corporation by this Act or by any other law for the time being in force;]

  5. 5*[6*acquiring with the approval of the Development Bank the undertaking including the business, assets and liabilities of any institution the principal object of which is the promotion or development of industry in India, or the grant of financial assistance for such promotion or development;] 7***

  6. 8*[5* doing any kind of business which the Central Government may, on the recommendation of the Development Bank, authorise; and

  7. 5* generally, the doing of all such matters and things as may be incidental to or consequential upon the exercise of its powers or the discharge of its duties under this Act. 2*[or under any other law for the time being in force] 9* * * * *

  1. Subs. by Act 2 of 1982, s. 12.

  2. Ins. by s. 12, ibid. (w.e.f. 12-3-1982).

  3. Subs. by Act 74 of 1972, s. 11, for certain words.

  4. Ins. by s. 11, ibid.

  5. Ins. by Act 18 of 1964, s. 38 and Sch. II (w.e.f. 1-8-1964).

  6. Relettered by Act 2 of 1982, s. 12.(w.e.f.12.3.82).

  7. Ins. by Act 74 of 1972, s. 11. for certain words.

  8. The word "and" omitted by s. 11, ibid. (w.e.f. 12-3-1982).

  9. Omitted by Act 2 of 1982, s. 12 (w.e.f. 12-3-1982).52.1* * * * *



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