Skip to main content

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

Central

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.

Act number
53 of 2003
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
30 Dec 2003

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

15 sections

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