Industrial Reconstruction Bank (Transfer of Undertaking and Repeal) Act,1997

Act No : 7

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Section : INSERTION OF NEW SECTION 4-A

SECTION 14: INSERTION OF NEW SECTION 4-A

- (1)In the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984)-, after Section 4-, the following section shall be inserted, namely :-

"4-A. Transitional provisions regarding adjustment of capital of the Reconstruction Bank.-(1) The Central Government may reduce share capital of the Reconstruction Bank by,-

(a) extinguishing or reducing the liability of any of its equity shares;

(b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid up share capital which is lost, or is unrepresented by available assets; or

(c) either with or without extinguishing or reducing liability on any of its equity shares, paying of any paid up share capital which is in excess of the wants of the Reconstruction Bank.

(2) The Central Government may at any time, by notification in the Official Gazette, convert such number of equity shares held by it, as it may decide into redeemable preference shares.

(3) The redeemable preference shares referred to in sub-section (2) shall carry such fixed rates of dividend as the Central Government may specify at the time of such conversion.".

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