Act Number: 53

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

Year: 2003

Enactment Date: 2003-12-30

Long Title: 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: Ministry of Finance

Department: Department of Financial Services

Section 6: Concession, etc., to be deemed to have been granted to Company.
    With effect from the appointed day, all fiscal and other concessions, licences, benefits, privileges and exemptions granted to the Development Bank, in connection with the affairs and business of the Development Bank under any law for the time being in force shall be deemed to have been granted to the Company.
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