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| Home > Indian Bare Acts > THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964 > CHAPTER VII TRANSFER OF BUSINESS OF REFINANCE CORPORATION FOR INDUSTRY |
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| THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964 |
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Title : THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964
Year : 1964
Act :
CHAPTER VII
TRANSFER OF BUSINESS OF REFINANCE CORPORATION FOR INDUSTRY
25.Transfer of assets and liabilities of Refinance Corporation forIndustry.
25. Transfer of assets and liabilities of Refinance Corporation for Industry.- (1) On such date as the Central Government may, by notification in the Official Gazette, appoint, the entire undertaking of the Refinance Corporation for Industry, Limited (hereinafter in this Chapter referred to as "the company") including all business, property, assets and liabilities, rights, interests, privileges and obligations of whatever nature, shall stand transferred to and vest in the Development Bank.
(2) As compensation for the transfer of the undertaking of the company to the Development Bank under sub-section (1), the Development
Bank shall pay in cash to the company an amount equal to the total paid-up capital of the company for the purpose of being distributed to the shareholders of the company in proportion to their contribution to such paid-up capital.
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1. Subs. by Act 52 of 1975, s. 15, for "Reserve Bank" (w.e.f. 16-2-
1976).
2. Subs. by Act 5 of 1995, s. 18, for certain words (w.e.f.12-10-1994)
3. Subs. by Act 52 of 1975 s. 15, for certain words (w.e.f. 16-2-1976).
249.(3) All contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the date referred to in sub-section (1) and to which the company is a party or which are in favour of that company shall be of full force and effect against or in favour of the Development Bank, as the case may be, and may be enforced or acted upon as fully and effectually as if instead of the company the Development Bank had been a party thereto or as if they had been issued in favour of the Development Bank.
(4) If on the date referred to in sub-section (1) any suit, appeal or other legal proceeding of whatever nature, is pending by or against the company, the same shall not abate, be discountinued or be in any way prejudicially affected by reason of the transfer to the
Development Bank of the undertaking of the company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Development Bank.
(5) The Central Government may appoint, whether on or after the date referred to in sub-section (1), a suitable person to take over the management of the company for the purpose of winding up its affairs and distributing its assets and simultaneously with such appointment the Central Government may issue directions to be followed by the person in the management of the company for the purpose aforesaid and thereupon--
(a) the provisions of the Companies Act, 1956 (1 of 1956)
or any other law for the time being in force or any instrument having effect by virtue of any such Act or other law, in so far as they are inconsistent with such directions, shall cease to apply to, or in relation to, the company;
(b) all persons in charge of the management, including any person holding office as manager or director, of the company immediately before the issue of such directions, shall be deemed to have vacated their office as such; and
(c) the person appointed to take over the management of the company shall, in accordance with those directions, take all such steps as may be necessary to facilitate the winding up of its affairs and the distribution of its assets.
250
(6) The Central Government, when satisfied that nothing further requires to be done in order to wind up the affairs of the company, may, by order in writing, direct that as from such date as may be specified therein, the company shall stand dissolved and thereupon any such direction shall have effect accordingly.
(7) The provisions of this section shall have effect notwithstanding anything contained in the Companies Act, 1956 (1 of
1956) or any other law or any instrument having force by virtue of such Act or other law.
Last updated on February, 2008
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