Section 3(2) in U.P. State Industrial Development Corporation Limited (Transfer of Assets and Liabilities) Act, 2018
(2)Consequent upon the transfer of all properties and liabilities of the Corporation, the Corporation shall remain as a shell company, the liabilities of which shall become the share capital made available by the Government and the profit earned by the Corporation as an accumulated fund and this shall be paid to the Authority as the interest free loan till the winding up of the Corporation. This amount shall be made available to the Authority by the State Government as the " Seed Capital" or "Rolling Fund" and the amount of Accumulated Fund shall be made available by it to the Authority as the capital reserve, the transfer of which shall be made by a Government Order only.
