Section 3 in THE ANDHRA PRADESH STATE DEVELOPMENT CORPORATION ACT, 2020
3. Statutory status, and strengthening of APSDC Ltd., -
(1)The State Government has established a Corporation by the name “Andhra Pradesh State Development Corporation Limited”(hereinafter referred to as the ‘Corporation’)vide G.O.MS. No. 80, of Finance (PMU-CASPS, FC&IF) Department, dated 27-08-2020 as a public limited company incorporated under the Companies Act, 2013 by the name aforesaid, having perpetual succession and a common seal.(2)The Corporation shall operate in accordance with the provisions of the Companies Act, 2013 (Central Act No.18 of 2013).(3)This Act is to provide statutory status and strengthen the Corporation for long term sustainability & to enable the Corporation to raise long term financing in line with its objectives from banks, financial institutions, non-banking financial companies, investors, contributors, capital markets (domestic & international)& others by establishing it under the statute.(4)The Government shall issue necessary Government Orders from time to time for giving effect to the provisions of this Act. Any action taken by Government under G.O.Ms. No.80 Finance (PMU – CASPS, FC&IF) Department dated 27-08-2020,prior to enactment of this Act shall stand protected.
