4A. Public financial
institutions.—(1) Each of the financial institutions
specified in this sub-section shall be regarded, for the purposes
of this Act, as a public financial institution, namely:—
(i) the Industrial Credit and Investment Corporation of India
Limited, a company formed and registered under the Indian
Companies Act, 1913 (7 of 1913);
(ii) the Industrial Finance Corporation of India, established
under section 3 of the Industrial Finance Corporation Act,
1948 (7 of 1948);
(iii) the Industrial Development Bank of India, established
under section 3 of the Industrial Development Bank of India
Act, 1964 (18 of 1964);
(iv) the Life Insurance Corporation of India, established
under section 3 of the Life insurance Corporation Act, 1956
(31 of 1956);
(v) the Unit Trust of India, established under section 3
of the Unit Trust of India Act, 1963 (52 of 1963);
(vi) the Infrastructure Development Finance Company Limited,
a company formed and registered under this Act.1
(vii) the securitisation company or reconstruction company
which has obtained a certificate of registration under sub-section
(4) of section 3 of the Securitisation and Reconstruction
of Financial Assets and Enforcement of Security Interest Act,
2002.
(2) Subject to the provisions of sub-section (1) the Central
Government may, by notification in the Official Gazette, specify
such other institution as it may think fit to be a public
financial institution:
Provided that no institution shall be so specified unless—
(i) it has been established or constituted by or under any
Central Act, or
(ii) not less than fifty-one per cent. of the paid-up share
capital of such institution is held or controlled by the Central
Government.
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