Section 4C
Issued capital.
The Small Industries Development Bank of India Act, 1989
About this Act
An Act to establish the Small Industries Development Bank of India as the principal financial institution for the promotion, financing and development of industry in the small-scale sector and to co-ordinate the functions of the institutions engaged in the promotion, financing or developing industry in the small-scale sector and for matters connected therewith or incidental thereto.
1[4C. Issued capital.--(1) The issued capital, of the Small Industries Bank, of four hundred and fifty
crores of rupees, immediately before the commencement of the Small Industries Development Bank of
India (Amendment) Act, 2000, shall, on such commencement, stand divided into forty-five crores equity
shares of rupees ten each.
(2) The Board may, from time to time, increase the issued equity share capital or redeemable preference share capital of the Small Industries Bank by allotment of shares to such persons and on such terms and conditions as the Board may determine:
Provided that no increase in the issued equity capital shall be made in such a manner that the Development Bank, the public sector banks, the General Insurance Corporation, the Life Insurance Corporation and other institutions owned or controlled by the Central Government, hold in aggregate at any time, less than fifty-one per cent. of the issued equity share capital of the Small Industries Bank.]
(2) The Board may, from time to time, increase the issued equity share capital or redeemable preference share capital of the Small Industries Bank by allotment of shares to such persons and on such terms and conditions as the Board may determine:
Provided that no increase in the issued equity capital shall be made in such a manner that the Development Bank, the public sector banks, the General Insurance Corporation, the Life Insurance Corporation and other institutions owned or controlled by the Central Government, hold in aggregate at any time, less than fifty-one per cent. of the issued equity share capital of the Small Industries Bank.]
Notes
1. Subs. by Act 7 of 2000, s. 3, for sections 4 to 6 (w.e.f. 27-3-2000).