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The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today approved the infusion of RS. 60 crore in Industrial Finance Corporation of India (IFCI) Ltd. to make it a Government company by way of acquisition of preference shares from existing share holder(s).

Background

Industrial Finance Corporation of India was set up in 1948 as a Statutory Corporation under the Industrial Finance Corporation Act, 1948. The Act has since been repealed by the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993 and IFCI Ltd was registered under the Companies Act, 1956 on 31.03.1993. The current shareholding of Government of India in IFCI after inclusion of the preference Share capital is 47.93 percent. Therefore, IFCI is not a Government Company under section 2(45) of the Companies Act, 2013. A contribution of Rs. 60 crore to the capital of the company would raise the shareholding of the Government to 51 percent.

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PM condoles demise of Dr. Indira Hridayesh
June 13, 2021
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The Prime Minister, Shri Narendra Modi has expressed grief over the demise of Dr. Indira Hridayesh.

PMO tweeted, "Dr. Indira Hridayesh Ji was at the forefront of several community service efforts. She made a mark as an effective legislator and also had rich administrative experience. Saddened by her demise. Condolences to her family and supporters. Om Shanti: PM @narendramodi"