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THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964

Title : THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964

Year : 1964



(1) The Development Bank may appoint such number of officers and employees as it considers necessary or desirable for the efficient performance of its functions and determine the terms and conditions of their appointment and service.

(2) Without prejudice to the provisions of sub-section (1), it shall be lawful for the Development Bank to utilize, and for the
Reserve Bank to make available the services of, such staff of the
Reserve Bank on such terms and conditions as may be agreed upon between the Development Bank and the Reserve Bank.

(3)1* Every member of the staff-

(a) Whose services are being, immediately before the appointed day, utilized by the Development Bank under sub-section (2), or

(b) Whose services, having been made available to the
Development Bank, stand immediately before the appointed day, deputed by that Bank to any other organization, shall, on and from the appointed day, be deemed to be appointed by the
Development Bank under sub-section (1) on the same salary, emoluments and other terms and conditions of service to which he was entitled immediately before the appointed day:

Provided that every member of the staff aforesaid other than those recruited specifically for utilization in the Development Bank, may, before the expiry of a period of eighteen months from the appointed day, elect to go back to the Reserve Bank by exercising an option in writing to that effect, the option once exercised being final, and on the exercise of such option, the Reserve Bank shall, before the expiration of a period of thirty months from the appointed day, take back such member of the staff and on such member being taken back by the Reserve Bank, he shall become a member of the staff of the Reserve Bank and shall cease to be a member of the staff of the Development Bank.

(4) If on the appointed day or at any time thereafter any of the functions of the Reserve Bank is transferred to the Development Bank, it shall be lawful for the Development Bank to appoint, with the previous approval of the Reserve Bank. such of the members of the staff of the Reserve Bank whose services were, immediately before the transfer aforesaid, being utilized by the Reserve Bank in connection with any of the said functions, and every member of the staff so appointed shall be released by the Reserve Bank and be deemed to be appointed by the Development Bank under sub-section (1) on the same salary, emoluments and other terms and conditions of service to which he was entitled immediately before the date of his appointment:

Provided
that every member of the staff aforesaid may, before the expiry of a period of eighteen months from the appointed day, elect to go back to the Reserve Bank by exercising an option in writing to that effect, the option once exercised being final and on the exercise of such option, the Reserve Bank shall, before the expiration of a period of thirty months from the appointed day, take back such member of the staff and on such member being taken back by the Reserve Bank he shall become a member of the staff of the Reserve Bank and shall cease to be a member of the staff of the Development Bank.

(5) Notwithstanding anything contained elsewhere in this Act or in any other law or in any contract, for the time being in force, for a temporary period, not being a period exceeding eighteen months from the appointed day or the date notified under section 4A of the Unit Trust of India Act, 1963 ( 52 of 1963). whichever is earlier, if the Reserve Bank in consultation with the Development Bank or the Unit Trust considers it necessary, in the interest of any of the said institutions to promote any member of the staff of any of the said institutions to a post in either of the other two institutions, it shall be lawful, for the Reserve Bank to transfer on promotion any such member of staff to that other institution and on such transfer each
such member of the staff shall be deemed to be a member of the staff of the other institution to which he is so transferred and shall be entitled to the same salary, emoluments and other conditions of service to which he was entitled immediately before the date of such transfer, including benefits, if any, arising directly out of such promotion:

Provided that every member of the staff aforesaid may, before the expiry of a period of eighteen months from the appointed day or the date notified under section 4A of the Unit Trust of India Act, 1963.(52 of 1963), whichever is earlier, elect to go back to the institution from which he was so transferred by exercising an option in writing to that effect, the option once exercised being final, and on the exercise of such option, that institution shall, before the expiration of a period of thirty months from the appointed day or the date notified under section 4A of the Unit Trust of India Act, 1963, whichever is earlier, take back such member of the staff and on such member being taken back by that institution, he shall become a member of its staff and shall cease to be a member of the staff of the institution to which he was earlier transferred.

(6) Notwithstanding anything contained in any other law or in any agreement, for the time being in force, no member of the staff shall be entitled to claim any compensation for, or in relation to any matter concerning, his transfer, appointment, or as the case may be, return, under sub-sections (3) to (5) and no claim in respect thereof shall be entertained by any court, tribunal or other authority.

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1. Ins. by Act 52 of 1975, s. 16 (w.e.f. 16-2-1976).

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The Board may be general or special order, delegate to any committee of directors constituted under section 7 or to any director or to any officer or other employee of the Development Bank, subject to such conditions and limitations, if any, as may be specified in the order, such of its powers and duties under this Act as it may deem necessary.



The Development Bank shall furnish, from time to time, to the Central Government and the Reserve Bank such returns as the Central Government or, as the case may be, the Reserve Bank, may require.



(1) The Development Bank shall not, except as otherwise required by this Act or any other law, divulge any information relating to, or to the affairs of, its constituents except in circumstances in which it is, in accordance with the law or practice and usage customary among bankers, necessary or appropriate for the Development
Bank to divulge such information.

(1A)1* The Development Bank may, for the purpose of the efficient discharge of its functions under this Act, collect from or furnish to the Central Government, the State Bank, any subsidiary bank, nationalized bank or other scheduled bank, State Co-operative
Bank, State Financial Corporation or such other financial institution, as may be notified by the Central Government in this behalf, credit information or other information as it may consider useful for the purpose, in such manner and at such times, as it may think fit.

Explanation.-For the purpose of this sub-section, the expression
"credit information" shall have the same meaning as in clause (c) of section 45A of the Reserve Bank of India Act, 1934 (2 of 1934), subject to the modification that "banking company" referred to therein shall mean the State Bank, any subsidiary bank, nationalized bank or other scheduled bank, State Co-operative Bank, State Financial Corporation or other financial institution as aforesaid.

(2) Every director, member of a committee, auditor or officer or other employee of the Development Bank or of the Reserve Bank, whose services are utilized by the Development Bank under the provisions of this Act, shall, before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the First Schedule to this Act.

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1. Ins. by Act 52 of 1975, s. 17 (w.e.f. 16-2-1976).

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(1) No act or proceeding of the Board or of any committee of the Development Bank shall be questioned on the ground merely of the existence of any vacancy in, or defect in the constitution of, the Board or the committee, as the case may be.

(2) No act done by any person acting in good faith as a director shall be deemed to be invalid merely on the ground that he was disqualified to be a director or that there was any other defect in his appointment.

30A. 1*Arrangement with Development Bank on appointment of directors to prevail.-

(1) Where any arrangement entered into by the Development Bank with an industrial concern provides for the appointment by the Development Bank of one or more directors of such industrial concern, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956) or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the industrial concern, and any provision regarding share qualification, age limit, number of directorships, removal from office of directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any director appointed by the Development Bank in pursuance of the arrangement as aforesaid.

(2) Any director appointed as aforesaid shall-

(a) Hold office during the pleasure of the Development Bank and may be removed or substituted by any person by order in writing of the Development Bank;

(b) Not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto;

(c) Not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.

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1. Ins. by Act 75 of 1972, s.

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(1) Every director shall be indemnified by the Development Bank against all losses and expenses incurred by him in, or in relation to, the discharge of his duties, except such as are caused by his own willful act or default.

(2) A director shall not be responsible for any other director or for any officer or other employee of the Development Bank or for any loss or expenses resulting to the Development Bank from the insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of the Development Bank or the insolvency or wrongful act of any debtor or any person under obligation to the Development Bank or anything done in good faith in the execution of the duties of his office or in relation thereto.



No suit or other legal proceeding shall lie against the Development Bank or any director or any officer or other employee of the Development Bank or any other person authorized by the Development Bank to discharge any functions under this Act for any loss or damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of this Act or any other law or provision having the force of law.

32A -Nomination in respect of deposits, bonds, etc.

(1) Notwithstanding anything contained in any other law for the time being in force, where a nomination in respect of any deposits, bonds or other securities is made in the prescribed manner, the amount due on such deposits, bonds or securities shall, on the death of the depositor or holder thereof, vest in, and be payable to, the nominee subject to any right, title or interest of any other person to such deposits, bonds or securities.

(2) Any payment by the Development Bank in accordance with the provisions of sub-section (1) shall constitute a full discharge to the Development Bank of its liability in respect of such deposits, bonds or securities.



The Bankers Books Evidence Act, 1891 shall apply in relation to the
Development Bank as if it were a bank as defined in section 2 of that Act.



Nothing contained in the Banking Regulation Act, 1949 except section 34A and section 36AD thereof, shall apply to the Development Bank.




No provision of law relating to the winding up of companies or corporations shall apply to the Development Bank and the Development Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct.




(1) The Board  with the previous approval of the 1*Central Government, may, by notification in the Official Gazette, make regulations not inconsistent with this Act to provide for all matters for which provisions is necessary or expedient for the purpose of giving effect to the provisions of this Act.

(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for-

(a) The times and places of the meetings of the Board or of any committee constituted under this Act 2*and the procedure to be followed at such meetings including the quorum necessary for the transaction of business;

(b) The 3* functions of the Executive Committee;

(c) The fees and allowances that may be paid to the directors and the members of a committee;

(d) The conditions which the Development Bank may impose in granting loans or advances or entering into any other arrangements;

(da)4* Entering into business with industrial concerns specified in sub-section (1) of section 9A and the conditions and limitations in regard thereto;

(e) The conditions on which the Development Bank may accept, discount or re discount bills of exchange or promissory notes;

(f) The investment (whether by way of deposit in banks or otherwise) of the amounts in the Development Assistance
Fund or the General Fund which are not for the time being required for the transaction of business;

(g) The form and manner in which the balance-sheets and the accounts of the Development Assistance Fund and the Development Bank shall be prepared;

(h) The forms of returns and statements required under this Act;

(i) The duties and conduct, salaries, allowances and conditions of service of officers and other employees of the Development Bank;

(j) The establishment and maintenance of provident or other benefit funds for officers and other employees of the Development Bank;

(k) Generally, the efficient conduct of the affairs of the Development Bank; and

(l) Any other matter which is to be, or may be, prescribed.

(3) Any regulation which may be made by the Board under this Act may be made by the Reserve Bank within three months of the establishment of the Development Bank; and any regulation so

(4) 5*Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation or rule.

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1. Subs. by Act 35 of 1986, s. 11.3 Subs by Act 4 of 1986, s. 2 & sch. (w.e.f. 15-5-1986).

2 Subs. by Act 35 of 1986, s. 11.

3 Subs by Act 4 of 1986, s. 2 & sch. (w.e.f. 15-5-1986).

4 Omitted by Act 49 of 1991, s. 124 (w.e.f. 1-4-1992).

5 The words "constitution and" omitted by Act 52 of 1975, s. 18.(w.e.f. 16-2-1976).

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The enactments specified in Parts I to IV of the Second Schedule to this Act shall be amended in the manner directed in the first column thereof and such amendments shall take effect on the dates specified in the second column of that Schedule.



If any difficulty arises in giving effect to the provisions of this Act, as amended by the Public Financial Institutions Laws (Amendment) Act, 1975, the Central Government may, by order, do anything, not inconsistent with such provisions, for the purpose of removing the difficulty:

Provided that no such order shall be made after the expiration of three years from the date of commencement of the said Amendment Act.]

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1.Inserted by Act 52 of 1975, sec. 19.

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Schedule 1

[See section 29(2)]

Declaration of fidelity and secrecy

I....................................................................................do hereby declare that I will faithfully, truly and to the best of my skill and ability execute and perform the duties required of me as director, member of.....committee, auditor, officer or other employee (as the case may be) of the Industrial Development Bank of India and which properly relate to the office or position held by me in or in relation to the said Development Bank.

I further declare that I will not communicate or allow to be communicated to any person not legally entitled there to any information relating to the affairs of the Industrial Development Bank of India or to the affairs of any person having any dealing with the said Development Bank, nor will I allow any such person to inspect or have access to any book or documents belonging to or in the possession of the said Development Bank and relating to the business of the said Development Banks or the business of any person having any dealing with the said Development Bank.
Signed before me.

(Signature)

Schedule 2

THE SECOND SCHEDULE

(See section 38)
Amendment of certain enactments

PART I
Amendments to the Reserve Bank of India Act, 1934 (2 of 1934)


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Amendments    Date on which amendments shall take effect
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(1)                                  (2)
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1. In section 2, after clause (bbb), insert the following clause, namely:-

(bbb) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964;"    The date of establishment of the Development Bank.
    Do

2. In section 8-

(a) In sub-section (1),-

(i) In clause (a), for the word "three", substitute the word "not more than four";

(ii) In sub-section (4), omit the words brackets and figure "subject to the provisions of sub-section (6)";

(b) In sub-section (4), omit the words, brackets and figure "subject to the provisions of sub-section(6)";

(c) Omit sub-section (6).    Do

3. In sub section(2) of section 13, for the words "three Directors", substitute the words "four Directors    The date of establishment of the Development Bank.

4. In section 17-

(a) After clause (4f), insert the following clause, namely:-

"(4G) The making of loans and advances, to, and the purchasing of bonds and debentures of , the Development Bank out of the National Industrial Credit (Long Term Operations) Fund established under section 46 C;

(4H) The making of the Development Bank of loans and advances-

(a) Repayable on demand or on the expiry of fixed periods not exceeding ninety days, from the date of such loan or advances against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or

(b) Against the security of bills or exchange or promissory notes, arising out of bona fide commercial or trade transactions bearing two or more good signatures and maturing within five years from the date of such loan or advance".

(b) In clause (8A), after words, " the Deposit Insurance corporation", insert the words "the Development Bank".    Do

5. After section 46B, insert the following section, namely:-

"46C. (1) National Industrial Credit (Long Term Operations) Fund-

The Bank shall establish and maintain a Fund to be known as the National Industrial Credit (Long Term Operations) Fund to which shall be credited -

(a) An initial sum of ten crores of rupees by the Bank;

(b) Such further sums of money as the Bank may contribute every year:

Provided that the annual contribution during each of the five years commencing with the year ending on the 30th day of June, 1965 shall not be less than five crores of rupees:

Provided further that the Central Government may, if the circumstances so require, authorise the Bank to reduce the said sum of five crores of rupees in any year.

(2) The amount in the said fund shall be applied by the Bank only to the following objects, namely:-

(a) The marking to the Development Bank of loans and advances for the purpose of the purchase or, or subscription, to stocks, shares, bonds or debentures, issued by the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1948,a State Financial Corporation established under the State Financial Corporation Act, 1951, or any other financial institution which may be notified by the Central Government in this behalf, or for the purposes of any other business of the Development Bank;

(b) The purchasing of bonds and debentures issued by the Development Bank".    Do

PART II
Amendment to the Industrial disputes Act, 1947 (14 to 11947)

----------------------------------------------------------------------------
Amendments    Date on which amendments shall take effect
----------------------------------------------------------------------------
(1)    (2)
----------------------------------------------------------------------------

In section 2, in clause (bb), after the words "and includes', insert the words "the Industrial Development Bank of India"    The date of establishment of the Development Bank

PART III

Amendment to the Industrial Finance Corporation Act, 1948 (15 of 1948)

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Amendments    Date of establishment of the Development Bank
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(1)                           (2)
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1. In section 2, after clause (b) insert the following clause, namely:-

(bb)” Development Bank” means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964’;    The date of establishment of the Development Bank.

2. In section 4,-

(a) Omit sub-sections (5) and (6); and

(b) In sub-section (7), for the words “the Central Government, the Reserve Bank”, substitute, the words “the Development Bank”.    The date appointed by the Central Government under sub-section (1) of section 4A of the Industrial Finance Corporation Act, 1948 as inserted by this Act.

3. After section 4, insert the following section, namely:-

“4A. (1)Transfer of Shares and increase of Capital.-On such date as the Central Government may, by notification in the Official Gazette, appoint-

(a) All shares of the Corporation held by the Central Government and the Reserve Bank shall stand transferred to and vest in the Development Bank and as compensation therefore the Development Bank shall pay to the Central Government and to the Reserve Bank respectively the face value of the shares held by that Government and by that Bank;

(b) The capital issued by the Corporation shall be increased by such number of shares as the Central government specify in this behalf and all such shares shall stand allotted to and be subscribed by the Development Bank, so however that after such increase the Development Bank holds not less than fifty per cent of the paid-up capital of the corporation.

2. If and when the remaining shares in the capital of the Corporation, or any part thereof, are issued, such further shares shall be offered to the holders of the shares of the Corporation in proportion, as nearly as circumstances admit, to the capital paid-up on those shares as the date of such further issue:

Provided that if any such shares remain unallotted , they shall be subscribed for by the Development Bank.”    The date of establishment of the Development Bank.

4. In section 6,-

(a) In sub-section (3), for the words” the Development Bank”,

(b) For sub-section (4) , substitute the following sub-section, namely:-

“(4) if any dispute arises between the Development Bank and the Board as to whether a question is or is not a question of policy, the dispute shall be referred to the Central Government whose decision thereon shall be final”;

(c) In sub-section (5), for the words” laid down by the Central Government”, substitute the words “given by the Development”.    The date of appointed by the central Government under sub-section (1) of section 4A of the Industrial Finance Corporation Act, 1948 as inserted by this Act, 1948 as inserted by this Act.

5. In section 10, -

(a) In sub-section (1) -

(i) In clause (a), for the words” the Board”’ substitute the words “the Development Bank);

(ii) In clause (aa), for the words “the Central Government”, substitute the words “the Development Bank”;

(iii) In clause (b), for the words “the Central Board of the Reserve Bank”, substitute the words “the Central Government”;

(iv) In clause (d), for the words “the Central Government, the Reserve Bank”, substitute the words “the Development Bank”;    The date appointed by the Central Government under sub-section (1) of section 4(a) of the Industrial finance Corporation Act, 1948 as inserted by this Act.

(b) After sub-section (1), insert the following sub-section namely: --

“(2) On the date appointed under sub-section (1) of section 4a, the Directors holding office under clause (aa) or clause (b) immediately before the said date shall be deemed to have vacated their office as such”.    Do

6. In section 10 A, in sub-section (1), for the words “by the Board”, substitute the words “by the Development Bank”.    Do

7. In section 11, in the proviso to sub-section (4), insert at the end words “or of the Development Bank”.    Do

8. In section 13 (1) after the words “the Central Government may”, insert the words “after consultation with the Development Bank”.    Do

9. In section 13 A, for the words “with the Board”, substitute the words “with the Development Bank”.    Do

10. In section 17, in sub-section (6), for the words “the Central Government or the Reserve Bank”, substitute the words “the Development Bank or the Central Government”.    Do

11. In section 18, for the words “the Central Government”, substitute the words “the Development Bank”.    Do

12. In section 21, in sub-section (4) , after the words “borrow money from the Central Government”, insert the words “or the Development Bank” and after the words “borrowed by the Corporation from the Central Government”, insert the words “and the Development Bank”.    The date appointed by the Central Government under sub-section (1) of section 4A of the Industrial Finance Corporation act, 1948 as inserted by this Act.

13. In section 23, in sub-section (1) -

(a) In clause (h), for the words “the Central Government’, substitute of the words “ the Development Bank”;    Do

(b) After clause (i), insert the following clause, namely: --     Do

“(ii) 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;”.     Do

14. In section 24,-

(i) For the words “one crore”, whether they occur, substitute the words “two crores”;

(ii) For the words “the Central Government “ substitute the words “the Development Bank”.    Do

15. For section 32 A, Substitute the following section, namely:-

“32A. Special reserve fund -

(1) All dividends accruing on the shares of the corporation held by the Central Government and the Reserve Bank immediately before the date appointed by the central Government under sub-section (1) of section 4A in respect of any completed accounting period, whether declared or not, shall be declared to a special reserve fund.

(2) All dividends accruing to the development Bank shall, instead of being paid to it, be also credited to the said fund until the aggregate of the sums credited to the fund under sub-section (1) and this subsection exceeds one crore of rupees.

(3) The Central Government, the Reserve Bank and the Development Bank only shall have claims to the said fund”. 
  
16. In section 34,-

(a) In sub-section (1)-    Do

(i) For the words” the Central Government in consultation with the comptroller and auditor-General of India”, substitute the wards “the Development Bank”;

(ii) For the words “the Central Government”, where they occur for the second time, substitute the words “the development Bank”;    The date appointed by the Central Government under sub- section(1) of section (4A) of the Industrial Finance Corporation Act, 1948 as inserted by this Act.

(b) In sub-section (4), for the words “the Comptroller and auditor -General of India”, substitute the words “the Development Bank”;

(c) Omit sub-section (5);

(d) For sub-section (6), substitute the following sub-section namely:-

“(6) without prejudice to any thing contained in the preceding sub-sections, the Central Government may, at any time, appoint the Comptroller and Auditor- General of India to examine and report upon the Corporation and any expenditure incurred by him in connection with such examination and report shall be payable by the Corporation to the Comptroller and Auditor-General of India.”     
17. In section (35)-

(a) In sub-section (2), for the words “Central Government “, at both places where they occur, substitute the words “Development Bank”;

(b) In sub-section (3), for the words “and the reserve bank “ and the Development Bank”.    Do

18. Re-number section 36 as sub-section (1) thereof, and-

(a) In sub-section (1) as so re-numbered, insert the following sub-section, namely:-

(b) After sub-section (1) as so re-numbered, insert the following sub-section, namely:-

“(2) After the acquisition of the shares as provided by sub-section (1), the central Government shall transfer the shares to the Development Bank on that bank paying an amount equal to the amount paid by the Central Government for such acquisition.

(3) after the transfer of the shares the Central Government to the Development Bank under sub-section (2) , the Central Government may direct by notification in the Official Gazette that with effects from such date as may be specified in the notification the entire undertaking of the Corporation, including all business property, assets and liabilities, rights (including the right to recover loans and advances granted by the Corporation in accordance with the provisions of this Act), interests privileges and obligation of whatever nature shall stand transferred to and vest in the Development Bank.

(4) For the purpose of giving effect to the transfer of the Development Bank, the Central Government shall, by order in writing, frame a scheme providing for all matters for which provision is necessa4y, and the scheme so framed shall be binding upon Corporation, it creditors and employees and the Development Bank and shall have effect notwithstanding anything to the contrary contained in any law for the time being in force or in any contract of the instrument.

(5) The provision of this section shall have effect notwithstanding anything contained in this Act or any other law or any instrument having force by virtue of such act or other law.    Do

19. after section 40 A, insert the following section namely:-

“40B. removal of difficulties.

(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the purposes of this Act as appear to it necessary or expedient for removing the difficulty.

(2) An order under sub-section (1) may be made so s to have retrospective effect from a date not earlier than the date appointed under sub-section 91) of section 4A.”    The date appointed by the central Government under sub-section (1) of section 4A of the Industrial Finance Corporation Act, 1948 as inserted by this Act.

20. In section 42, in sub-section (1), after the wards “The Central Government may”; insert the words “in consultation with the Development Bank”.    The date appointed by the central Government under sub-section (1) of section 4A of the Industrial Finance Corporation Act, 1948 as inserted by this Act.

21. In section 43, in sub-section (1), for the words “the Reserve Bank”, substitute the words “the Development Bank.”    Do

PART IV
Amendment to the Banking Companies Act, 1949 (10 of 1949)

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Amendments    Date on which amendments shall take effect
---------------------------------------------------------------------------
(1)                                    (2)
---------------------------------------------------------------------------

In section 34A, in sub-section (3), after the word "includes", insert the words "the Industrial Development Bank of India".    The date of establishment of the Development Bank.

Last updated on August, 2016

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