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Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Complete Act

Title: Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003

State: Central

Year: 2003

Preamble1 - Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Chapter I Section1 - Short title and commencement Section2 - Definitions Chapter II Section3 - Undertaking of Development Bank to vest in Company Section4 - General effect of transfer and vesting undertaking Section5 - Provisions in respect of officers and other employees of Development Bank Chapter III Section6 - Concession, etc., to be deemed to have been granted to Company Section7 - Tax exemption or benefit to continue to have effect Section8 - Guarantee to be operative Section9 - Shares, bonds and debentures to be deemed to be approved securities Section10 - Act to have overriding effect Section11 - Application of other laws not barred Section12 - Amendment to certain enactments Section13 - Substitution in Acts, rules, regulations by Company in place of Development Bank Section14 - Power to remove difficulties Section15 - Repeal and saving of Act 18 of 1964 ScheduleI - THE SCHEDULE

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Chapter II

Title: Transfer and Vesting of the Undertaking of Development Bank in Company

State: Central

Year: 2003

.....the undertaking of the Development Bank has vested by virtue of this Act as it might have been enforced by or against the Development Bank if this Act had not been enacted and shall cease to be enforceable by or against the Development Bank. Section 5 - Provisions in respect of officers and other employees of Development Bank (1) Every officer or other employee of the Development Bank (except a director of the Board or the chairman and managing director or any whole-time director) serving in the employment immediately before the appointed day shall, in so far as such officer or other employee is employed in connection with the undertaking which has vested in the Company by virtue of this Act, become, as from the appointed day, an officer or, as the case may be, other employee of the Company and shall hold his office or service therein by the same tenure, at the same remuneration, upon the same terms and conditions, with the same obligations and with the same rights and privileges as to leave, leave fare concession, welfare scheme, medical benefit scheme, insurance, provident fund, other funds, retirement, voluntary retirement, gratuity and other benefits as he would have.....

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Preamble 1

Title: Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003

State: Central

Year: 2003

The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 [Act, No. 53 of 2003] [30th December, 2003] PREAMBLE An Act to provide for the transfer and vesting of the undertaking of the Industrial Development Bank of India to, and in, the Company to be formed and registered as a Company under the Companies Act, 1956 to carry on banking business and for matters connected therewith or incidental thereto and also to repeal the Industrial Development Bank of India Act, 1964. BE it enacted by Parliament in the Fifty-fourth Year of the Republic of India as follows:--

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Section 4

Title: General Effect of Transfer and Vesting Undertaking

State: Central

Year: 2003

.....the undertaking of the Development Bank has vested by virtue of this Act and enforceable as fully and effectually as if instead of the Development Bank, the Company had been named therein or had been a party thereto. (4) Any proceeding or cause of action pending or existing immediately before the appointed day by or against the Development Bank in relation to its undertaking may, as from the appointed day, be continued and enforced by or against the Company in which the undertaking of the Development Bank has vested by virtue of this Act as it might have been enforced by or against the Development Bank if this Act had not been enacted and shall cease to be enforceable by or against the Development Bank.

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Complete Act

State: Central

Year: 2003

.....shall be in addition to, and not in derogation of the provisions of any other law for the time being in force. Section 12 Amendment to certain enactments The enactments specified in the Schedule to this Act shall be amended in the manner provided therein. Section 13 Substitution in Acts, rules, regulations or notifications by Company in place of Development Bank In every Act, rule, regulation or notification in force on the appointed day, (a) for the words "Industrial Development Bank of India", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of S.2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (b) for the words "Development Bank", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of Section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (c) for the words and figures "the Development Bank means the Industrial Development Bank of India, established under S.3 of the Industrial Development Bank of India Act, 1964 (18 of 1964)", the words, brackets,.....

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Chapter III

Title: Miscellaneous

State: Central

Year: 2003

.....enactments The enactments specified in the Schedule to this Act shall be amended in the manner provided therein. Section 13 - Substitution in Acts, rules, regulations by Company in place of Development Bank (a) for the words "Industrial Development Bank of India", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (b) for the words "Development Bank", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (c) for the words and figures "the Development Bank means the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964(18 of 1964)", the words, brackets, letter and figures "the Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted. (d) for.....

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Section 13

Title: Substitution in Acts, Rules, Regulations by Company in Place of Development Bank

State: Central

Year: 2003

....."Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (c) for the words and figures "the Development Bank means the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964(18 of 1964)", the words, brackets, letter and figures "the Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted. (d) for the words and figures "the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964(18 of 1964)", the words, brackets, letter and figures "the Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted.

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Section 7

Title: Tax Exemption or Benefit to Continue to Have Effect

State: Central

Year: 2003

(1) Where any exemption from, or any assessment with respect to, any tax has been granted or made or any benefit by way of set off or carry forward of any unabsorbed depreciation or investment allowance or other allowance or loss has been extended or is available to the Development Bank under the Income-tax Act, 1961(43 of 1961), such exemption, assessment or benefit shall continue to have effect in relation to the Company. (2) Where any payment made by the Development Bank is exempted from deduction of tax at source under any provision of the Income-tax Act, 1961(43 of 1961), such exemption will continue to be available as if the provisions of the said Act made applicable to the Development Bank were operative in relation to the Company. (3) The transfer and vesting of the undertaking of the Development Bank or any part thereof in terms of section 3 shall not be construed as a transfer within the meaning of the Income-tax Act, 1961(43 of 1961) or any other law for the time being in force.

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Chapter I

Title: Preliminary

State: Central

Year: 2003

(1) This Act may be called the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003. (2) It shall come into force on such date as the Central Government may, by notification, appoint. Section 2 - Definitions In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date as the Central Government may, by notification, appoint under section 3; (b) "Company" means the Industrial Development Bank of India Limited to be formed and registered under the Companies Act, 1956(1 of 1956); (c) "Development Bank" means the Industrial Development Bank of India established under sub-section (1) of section 3 of the Industrial Development Bank of India Act, 1964(18 of 1964); (d) "notification" means a notification published in the Official Gazette; (e) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934(2 of 1934).

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Section 1

Title: Short Title and Commencement

State: Central

Year: 2003

(1) This Act may be called the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003. (2) It shall come into force on such date as the Central Government may, by notification, appoint.