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 The Act has since been repealed by the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993 and IFCI Ltd was registered under the Companies Act, 1956 on 31.03.1993.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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Prime Minister Narendra Modi to participate in the Krishnaguru Eknaam Akhanda Kirtan for World Peace
February 01, 2023
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Prime Minister Shri Narendra Modi will participate in the Krishnaguru Eknaam Akhanda Kirtan for World Peace, being held at Krishnaguru Sevashram at Barpeta, Assam, on 3rd February 2023 at 4:30 PM via video conferencing. Prime Minister will also address the devotees of Krishnaguru Sevashram.

Paramguru Krishnaguru Ishwar established the Krishnaguru Sevashram in the year 1974, at village Nasatra, Barpeta Assam. He is the ninth descendant of Mahavaishnab Manohardeva, who was the follower of the great Vaishnavite saint Shri Shankardeva. Krishnaguru Eknaam Akhanda Kirtan for World Peace is a month-long kirtan being held from 6th January at Krishnaguru Sevashram.