Amendment status not verified — confirm the current text below against the official source.
General duty of the Board.—The Board in discharging its functions under this Act shall act on business principles due regard being had by it to the interests of industry, commerce and the general public. 3[25. Business which Financial Corporation may transact.—4[(1) The Financial Corporation may, subject to the provisions of this Act, carry on and transact any of the following kinds of business, namely:— (a) guaranteeing, on such terms and conditions as may be agreed upon,— (i) loans raised by industrial concerns which are repayable within a period not exceeding twenty years, and are floated in the public market; (ii) loans raised by industrial concerns from scheduled banks or State cooperative banks 5[or other financial institutions]; (b) guaranteeing, on such terms and conditions as may be agreed upon, deferred payments due from any industrial concern in connection with its purchase of capital goods within India; (c) underwriting of the issue of stock, shares, bonds or debentures by industrial concerns; (d) transferring for consideration any instruments relating to loans and advances granted by it to industrial concerns; (e) acting as agent of the Central Government or the State Government or the Development Bank or the Small Industries Bank or the IFCI Limited formed and registered under the Companies Act, 1956 (1 of 1956), or any other financial institution notified in this behalf by the Central Government in respect of any matter connected with, or arising out of, the grant of loans or advances to an industrial concern, or subscription to debentures of an industrial concern or relating to the business of the Development Bank, Small Industries Bank, IFCI Limited or financial institution; (f) subscribing to, or purchasing of, the stock, shares, bonds or debentures of an industrial concern or any other concern; (g) retaining as part of its assets any stock, shares, bonds or debentures which it may acquire by subscription or in fulfilment of its underwriting liabilities and disposing of the stock, shares, bonds or debentures so acquired; (h) granting loans or advances to, or subscribing to debentures of, an industrial concern, repayable within a period not exceeding twenty years from the date on which they are granted or subscribed to, as the case may be: Provided that the Financial Corporation may, with the prior approval of the Small Industries Bank, exceed the said limit of twenty years up to a further period of ten years: Provided further that nothing contained in this clause shall be deemed to preclude the Financial Corporation from granting loans or advances to, or subscribing to debentures of, and industrial concern to