company shall not entitle such officer or other employee to any compensation under this act or under any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority (4) the officers and other employees who have retired before the appointed day from the service of the corporation and are entitled to any benefits, rights or privileges shall be entitled to receive the same benefits, rights or privileges from the company, (5) the trusts of the provident fund or the gratuity fund of the corporation and any other bodies created for the welfare of officers or employees would continue to discharge their functions in the company as was being done hitherto in the corporation and any tax exemption granted to the provident fund or the gratuity fund would continue to be applied to the company (6) notwithstanding anything contained in this act or in the companies act, 1956 or in any other law for the time being in force or in the regulations of the corporation, no director of the board, chairman, managing director or any other person entitled to manage the whole or substantial part of the business and affairs of the corporation shall be entitled to any compensation against the corporation or the company 20 for the loss of office or for the premature termination of any contract of managerhent entered into by him with the corporation to be a bank for the purposes of the 9 the company shall be deemed bankers' books evidence act, 1891 act 18 of 1891 to apply to the books of the com- pany, shares, bonds and debentures 10 notwithstanding anything contained in any other law for the time being in force, the shares, bonds and debentures of the company shall be deemed to be approved securities for the purposes of the indian trusts act, 1882, the insurance act, 1938 and the banking regulation act, 1949, to be deemed to be appro~ ved secu- tities, the industrial] finance corporation act, 1 (1) on the appointed day, 1948 shall stand repealed repeals and savings, (2) the industrial finance corporation (transfer and repeal) ordinance, 1992 is hereby repealed (3) notwithstanding the repeal of the industrial finance corporation act, 1948, the company shall, so far as may be, comply with the provisions of sections 33, 34, 34a, 35 and 43 of the act so repealed for any of the purposes related to the annual accounts of the corporation (4) notwithstanding the repeal of the industrial finance corporation (transfer of undertaking and repeal) ordinance, 1992, anything done or any aetion taken under the said ordinance shall be deemed to have been done or taken under the corresponding provisions of this act 10 25 of undertaking  statement of objects and reasonscontinued decline in the availability of concessional funds from the government and the reserve bank of india over the years as also the changes in the past several months in the financial sector have made it obligatory for the industrial finance corporation of india (ifc!) to raise resources largely from the market however, the industrial finance corporation act, 1948 permits accessibility to the market only when it is backed by a government guarantee, and thereby prevepts it from raising resources on competitive terms further, the act also provides for a very dominant role to its major shareholder, namely, the industrial development bank of india in the functioning of the ifci, this is considered anomalous as the two institutions are competitors 2 to deal with these problems and in particular, to ensure greater flexibility and consequent ability of ifci to respond to the needs of the fast changing financial system, it was thought necessary to establish a new company under the companies act, 1956, to which the entire undertaking, business and functions of ifci as well as all the assets and liabilities and the staff of ifci will be transferred on such day as will be notified by the central government conversion of ifci into a company would also enable it to reshape its business strategies provide greater autonomy, enter the capital market for raising resources, facilitate expansion of its equity base in future, and create qa more levelled playing field across broadly similar financial institutions the industrial finance corporation (transfer of undertaking and repeal) ordinance, 1992 was, therefore, promulgated by the president on the ist october, 1992 8 the bill seeks to replace the said ordinance and to achieve the aforesaid objects new delhi; dalbir singh the 18th november, 1992 financial memoranduma company known as the industrial finance corporation 0: limited is to be formed and registered under the companies a required in clause 2(b) of the bill for this purpose, re other charges (including aa money) likely to be by the central government are estimated at rs, 81 lakhs appro: as porsteruneins eedentliier, 