Public financial institutions.
section – 4A. (1) Each of the financial institutions specified in this sub-section shall be regarded, for the purposes of this Act, as a public financial institution, namely :—
(i ) the Industrial Credit and Investment Corporation of India Limited, a company formed and registered under the Indian Companies Act, 1913 (7 of 1913);
(ii ) the Industrial Finance Corporation of India, established under section 3 of the Industrial Finance Corporation Act, 1948 (15 of 1948);
(iii ) the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964);
(iv ) the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956);
(v ) the Unit Trust of India, established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963);
[( vi) the Infrastructure Development Finance Company Limited, a company formed and registered under this Act;]
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(2) Subject to the provisions of sub-section (1), the Central Government may, by notification in the Official Gazette, specify such other institution as it may think fit to be a public financial institution:
Provided that no institution shall be so specified unless—
(i ) it has been established or constituted by or under any Central Act, or
(ii ) not less than fifty-one per cent of the paid-up share capital of such institution is held or controlled by the Central Government.]