Title : Special Provisions for Enforcement of Claims by Financial Corporation
State : Central
Year : 1951
(1) Where an industrial concern, in breach of any agreement, makes any default in repayment of any loan or advance or any instalment thereof1[or in meeting its obligations in relation to any guarantee given by the Corporation] or otherwise fails to comply with the terms of its agreement with the Financial Corporation or where the Financial Corporation requires an industrial concern to make immediate repayment of any loan or advance under section 30 and the industrial concern fails to make such repayment,2[then, without prejudice to the provisions of Section 29 of this Act and of Section 69 of the Transfer of Property Act, 1882 (4 of 1882)] any officer of the Financial Corporation, generally or specially authorised by the Board in this behalf, may apply to the district judge within the..... View Complete Act List Judgments citing this sectionTitle : Investment of Funds
State : Central
Year : 1951
1[34. Investment of funds The Financial Corporation may invest its funds in accordance with applicable guidelines and prudential norms as may be prescribed and in such securities as the Board may decide from time to time.] ______________________ 1. Substituted by Act 39 of 2000, section 21, for section 34 (w.e.f. 5-9-2000). View Complete Act List Judgments citing this sectionTitle : Disposal of Profits
State : Central
Year : 1951
(1) The Financial Corporation shall establish a reserve fund. (2) After making provision for bad and doubtful debts, depreciation of assets and all other matters which are usually provided for by banking companies, the Financial Corporation may out of its net annual profits declare a dividend: 1[* * *] 2[* * *] ______________________ 1. The proviso omitted by Act 39 of 2000, section 22 (w.e.f. 5-9-2000). 2. Sub-section (3) omitted by Act 77 of 1972, section 23 (w.e.f. 30-12-1972). View Complete Act List Judgments citing this sectionTitle : Returns
State : Central
Year : 1951
1[(1) The Financial Corporation shall furnish to the State Government, the2[Small Industries Bank] and the Reserve Bank such statements and returns in such form as the State Government, the2[Small Industries Bank] or the Reserve Bank may require from time to time.] (3) The Financial Corporation shall furnish3[to the State Government, the2[Small Industries Bank] and the Reserve Bank] within4[four months] of the close of each financial year a statement in the prescribed form of its assets and liabilities as at the close of that year, together with a profit and loss account for the year, the auditors' report and a report of the working of the Financial Corporation during the year and copies of the said statement, account and reports shall be published in the Official Gazette and shall..... View Complete Act List Judgments citing this sectionTitle : Share Capital and Share-holders
State : Central
Year : 1951
1[(1) The authorised capital of the Financial Corporation shall be such sum as may be fixed by the State Government in this behalf, but it shall not, be less than fifty lakhs of rupees, or exceed five hundred crores of rupees: Provided that the State Government may, on the recommendation of the Small Industries Bank, by notification in the Official Gazette, increase the authorised capital up to one thousand crores of rupees. (2) Subject to the provisions of Section 4D, the authorised capital shall be divided into such number of fully paid-up shares of the same face value and such number of fully paid-up redeemable preference shares of the same face value and shall be issued to the parties mentioned in Clauses (a), (b) and (c) of Sub-section (3) and in the case of parties referred to..... View Complete Act List Judgments citing this sectionTitle : Business Which Financial Corporation May Transact
State : Central
Year : 1951
1[25. Business which Financial Corporation may transact.-- 2[(1) The Financial Corporation may, subject to the provisions of this Act, carry on and transact any of the following kinds of business, namely:-- (a) guaranteeing, on such terms and conditions as may be agreed upon,-- (i) loans raised by industrial concerns which are repayable within a period not exceeding twenty years, and are floated in the public market; (ii) loans raised by industrial concerns from scheduled banks or State cooperative banks or other financial institutions; (b) guaranteeing, on such terms and conditions as may be agreed upon, deferred payments due from any industrial concern in connection with its purchase of capital goods within India; (c) underwriting of the issue of stock, shares, bonds..... View Complete Act List Judgments citing this sectionTitle : Limit of Accommodation
State : Central
Year : 1951
1[26. Limit of accommodation On and from the commencement of the State Financial Corporations (Amendment) Act, 2000, the Financial Corporation shall not enter into any arrangements under Clause (a), (d) or (h) of Sub-section (1) of Section 25 with any industrial concern so that the total amount outstanding against that concern in respect of all such arrangements together with the amount of the face value of the shares and stocks of that concern whether subscribed or agreed to be subscribed and the outstanding liabilities on account of underwriting agreements and the deferred payments guarantees is more than-- (i) five hundred lakhs of rupees in the case of a corporation established by or under any other law or a company as defined in Section 3 of the Companies Act, 1956 (1 of 1956)..... View Complete Act List Judgments citing this sectionTitle : Prohibited Business
State : Central
Year : 1951
1[(1)] The Financial Corporation shall not- 2[(a) except as provided in Section 8, accept deposits; (b) except as provided in Clauses3[(da)], (f) and (g) of Sub-section (1) of Section 25, subscribe to the shares or stock of any company;] (c) grant any loan or advance on the security of its own shares; 4[(d) grant any form of assistance to any industrial concern in respect of which the aggregate of the paid-up share capital and free reserves exceeds ten crores of rupees or such higher amount not exceeding thirty crores of rupees as the State Government, on the recommendation of the Small Industries Bank, may, by notification in the Official Gazette, specify.] 3[(2) The Financial Corporation shall not enter into any kind of business with any industrial concern, of which any of..... View Complete Act List Judgments citing this sectionTitle : Procedure of District Judge in Respect of Applications Under Section 31
State : Central
Year : 1951
(1) When the application is for the reliefs mentioned in Clauses (a) and (c) of Sub-section (1) of Section 31, the district judge shall pass an ad interim order attaching the security, or so much of the property of the industrial concern as would on being sold realise in his estimate an amount equivalent in value to the outstanding liability of the industrial concern to the Financial Corporation, together with the costs of the proceedings taken under Section 31, with or without an ad interim injunction restraining the industrial concern from transferring or removing its machinery, plant or equipment. 1[(1A) When the application is for the relief mentioned in Clause (aa) of Sub-section (1) of Section 31, the district judge shall issue a notice calling upon the surety to show cause on a..... View Complete Act List Judgments citing this sectionTitle : Application of Act 1 of 1956
State : Central
Year : 1951
1[32E. Application of Act 1 of 1956.-- (1) Where the management of an industrial concern, being a company as defined in the Companies Act, 1956 (1 of 1956), is taken over by the Financial Corporation, then, notwithstanding anything contained in the said Act or in the memorandum or articles of association of such concern,-- (a) it shall not be lawful for the shareholders of such concern or any other person to nominate or appoint any person to be a director of the concern; (b) no resolution passed at any meeting of the shareholders of such concern shall be given effect to unless approved by the Financial Corporation; (c) no proceeding for the winding up of such concern or for the appointment of receiver in respect thereof shall lie in any court, except with the consent of the..... View Complete Act List Judgments citing this section