Section 26(3) in The Industrial Finance Corporation Act, 1948
(3)The provisions of sub section (2)-(i)shall not apply to any transaction relating to the business entered into prior to the commencement of the Industrial Finance Corporation (Amendment) Act, 1972 (74 of 1972), and all such business and any transaction in relation thereto may be implemented or continued as if that Act had not come into force;(ii)shall apply only so long as the conditions precedent to such disability as set out in the said sub-section continue;(iii)[ shall not apply to any industrial concern in respect of which the Corporation is satisfied that it is necessary, in the public interest, to enter into business with that concern: [ Inserted by Act 2 of 1982, Section 14 (w.e.f. 12.3.1982).]Provided that such business shall be entered into in accordance with and subject to such conditions and limitations as may be prescribed by regulations made in this behalf.]
