Amendment status not verified — confirm the current text below against the official source.
(1) The Central Government may, at any time after the commencement of the Industrial Development Bank of India (Amendment) Act,1995 and by notification in the Official Gazette, convert such number of equity shares held by it not exceeding fifty crores as it may decide into redeemable preference shares. (2) The redeemable preference shares referred to in sub-section (1) shall-- (a) carry such fixed rate of dividend as the Central Government may specify at the time of such conversion, and (b) neither be transferable nor carry any voting rights. (3) The redeemable preference shares referred to in sub-section (1) shall be redeemable by the Development Bank within three years from the date of such conversion in such instalments and in such manner as the Board may determine.] Ins. by Act 5 of 1995, sec. 5 (w.r.e.f. 12/10/1994).