Section 23 in The Industrial Finance Corporation Act, 1948
23. Business which the Corporation may transact .- [[*] [The Corporation shall, subject to the provisions of this Act, be authorised to carry on and transact the following kinds of business, namely:-] [ Substituted by Act 66 of 1960, Section 5, for sub-S. (1).]
(a)guaranteeing [* * *] [ Certain words omitted by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982).]-(i)loans raised by industrial concerns which [* * *] [ Certain words omitted by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982).] are floated in the public market;(ii)loans raised by industrial concerns from scheduled banks [[* * *] [Substituted by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982). ] [Co-operative Banks or such other financial institutions as may be notified by the Central Government in this behalf] [Substituted by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982). ];(b)[ guaranteeing deferred payments due from any industrial concern;] [ Substituted by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982).][* * *] [ Proviso omitted by Act 74 of 1972, Section 11.](c)guaranteeing [* * *] [ Certain words omitted by Act 50 of 1986, Section 14 (w.e.f. 2.2.1987).] loans raised from, or credit arrangements made with, any banks or financial institution in any country outside India by industrial concerns in foreign currency:Provided that no such guarantee shall be given without the prior approval of the Central Government;(d)underwriting the issue of stock, shares, bonds or debentures by industrial concerns [and retaining as part of its assets, any stocks, shares, bonds or debentures which it may have to take up in fulfilment of its obligations thereto] [ Inserted by Act 50 of 1986, Section 14 (w.e.f. 2.2.1987).];(da)[ transferring for consideration any instrument relating to loans and advances granted by it to industrial concerns; ] [ Inserted by Act 74 of 1972, Section 11.](e)acting as agent for the Central Government or, with its approval, for the International Bank for Reconstruction and Development [or any other international or national institution or organisation] [ Inserted by Act 50 of 1986, Section 14 (w.e.f. 2.2.1987).] in the transaction of any business with an industrial concern in respect of loans or advances granted, [or stocks, shares, bonds or debentures subscribed, by any of them or on their behalf] [ Substituted by Act 50 of 1986, Section 14, for certain words (w.e.f. 2.2.1987).];(f)[ subscribing to, or purchasing, the stock, shares or bonds of any industrial concern;] [ Substituted by Act 2 of 1982, Section 12, for Cl. (f) (w.e.f. 12.3.1982).](g)receiving in consideration of the services mentioned in clauses (a) to ( f ), such commission as may be agreed upon;[* * *] [ Cl. (h) omitted by Act 50 of 1986, Section 11 (w.e.f. 2.2.1987).](i)granting loans or advances to, [or subscribing to, or purchasing, debentures of industrial concerns:] [ Substituted by Act 2 of 1982, Section 12, for certain words (w.e.f. 12.3.1982).]Provided that nothing contained in this clause shall be deemed to preclude the Corporation from granting loans or advances to, or subscribing to [, or purchasing,] [ Inserted by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982).] debentures of, an industrial concern, [the amounts outstanding thereon may be convertible at the option of the Corporation] [ Substituted by Act 74 of 1972, Section 11, for certain words.] into stock or shares of that concern within the period the loan, advance or debenture is repayable.[Explanation .-In this clause, the expression "the amounts outstanding thereon ", used in relation to any ] [Inserted by Act 74 of 1972, Section 11. ][loan, advance or debenture] [ Substituted by Act 2 of 1982, Section 12, for certain words (w.e.f. 12.3.1982).][shall mean the principal, interest and other charges payable on such ] [Inserted by Act 74 of 1972, Section 11. ] [loan, advance or debenture] [ Substituted by Act 2 of 1982, Section 12, for certain words (w.e.f. 12.3.1982).][as at the time when the amounts are sought to be converted into stocks or shares;] [Inserted by Act 74 of 1972, Section 11. ](j)[ undertaking research and surveys for evaluating or dealing with marketing or investments and undertaking and carrying on techno-economic studies in connection with the development of industry;] [ Inserted by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982).](k)providing technical [, legal, marketing] [ Inserted by Act 50 of 1986, Section 14 (w.e.f. 2.2.1987).] and administrative assistance to any industrial concern for the promotion, management or expansion of any industry;(l)[ providing consultancy and merchant banking services in and outside India; [ Substituted by Act 50 of 1986, Section 14, for Cl. (m)(w.e.f. 2.2.1987).](m)performing functions entrusted to, or required of, the Corporation by this Act or by any other law for the time being in force;][[(n)] [Inserted by Act 18 of 1964, Section 38 and Sch. II (w.e.f. 1.8.1964). ][acquiring with the approval of the Development Bank the undertaking including the business, assets and liabilities of any institution the principal object of which is the promotion or development of industry in India, or the grant of financial assistance for such promotion or development;] [Inserted by Act 18 of 1964, Section 38 and Sch. II (w.e.f. 1.8.1964). ][*] [ The words " and" omitted by Act 74 of 1972, Section 11.][[(o)] [Inserted by Act 74 of 1972, Section 11. ][doing any kind of business which the Central Government may, on the recommendation of the Development Bank, authorise; and] [Inserted by Act 74 of 1972, Section 11. ](p)[] [ Relettered by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982).] generally, the doing of all such matters and things as may be incidental to or consequential upon the exercise of its powers or the discharge of its duties under this Act, [or under any other law for the time being in force] [ Inserted by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982).];[* * *] [ Sub-S. (2) omitted by Act 2 of 1982, Section 12 (w.e.f. 12.3.1982).]
