Infusion of Rs. 60 crore in IFCI Ltd. to make it a Government Company

Published By : Admin | December 29, 2014 | 19:56 IST
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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 The Act has since been repealed by the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993 and IFCI Ltd was registered under the Companies Act, 1956 on 31.03.1993.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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Netaji Subhas Chandra Bose's grand statue to be installed at India Gate says PM
January 21, 2022
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The Prime Minister, Shri Narendra Modi has announced that a grand statue of Netaji Subhas Chandra Bose will be installed at India Gate. Till the grand statue of Netaji Subhas Chandra Bose is completed, the Prime Minister will unveil his Hologram statue on his birth anniversary on 23rd January, 2022.

In a series of tweet, the Prime Minister said;

"At a time when the entire nation is marking the 125th birth anniversary of Netaji Subhas Chandra Bose, I am glad to share that his grand statue, made of granite, will be installed at India Gate. This would be a symbol of India’s indebtedness to him.

Till the grand statue of Netaji Bose is completed, a hologram statue of his would be present at the same place. I will unveil the hologram statue on 23rd January, Netaji’s birth anniversary."