The following financial institutions shall be regarded, for the purposes of the Companies Act, as public financial institutions, namely: (i) The Industrial Credit and Investment Corporation of India Limited (ICICI), (ii) The Industrial Finance Corporation of India (IFCI), (iii) The Industrial Development Bank of India (IDBI), (iv) The Life Insurance Corporation of India (LIC), (v) The Unit Trust of India (UTI).
Also s.4-A empowers the Central Government to specify other institutions, as it may think fir, to be a public financial institution by issuing a notification in the Official Gazette. However, 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 51 per cent of the paid up share capital of such an institution is held or controlled by the Central Government.
No comments:
Post a Comment