Act 53 of 2003

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

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.

  • Ministry of Finance
  • Department of Financial Services
  • Enacted 2003-12-30
  • 15 sections
SectionTitle
1 Short title and commencement. Read
2 Definitions. Read
3 Undertaking of Development Bank to vest in Company. Read
4 General effect of transfer and vesting of undertaking. Read
5 Provisions in respect of officers and other employees of Development Bank. Read
6 Concession, etc., to be deemed to have been granted to Company. Read
7 Tax exemption or benefit to continue to have effect. Read
8 Guarantee to be operative. Read
9 Shares, bonds and debentures to be deemed to be approved securities. Read
10 Act to have overriding effect. Read
11 Application of other laws not barred. Read
12 Amendment to certain enactments. Read
13 Substitution in Acts, rules, regulations or notifications by Company in place of Development Bank. Read
14 Power to remove difficulties. Read
15 Repeal and saving of Act 18 of 1964. Read
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