Print View

[Section Index]

The Industrial Development Corporation Ordinance, 1962

( Ordinance NO. XXXVII Of 1962 )

Business which the Corporation shall transact
15. (1) The Corporation shall take over and be responsible for such business, projects, undertakings and properties, powers, rights, duties and liabilities as may be transferred to it under the Industrial Corporations (Dissolution) Ordinance, 1962.
 
 
 
 
(2) The Corporation shall be responsible for-
 
 
 
 
(a) planning, promoting, organising and implementing programmes for the establishment of industries listed in the Schedule and for the exploitation of forests and fisheries;
 
 
 
 
(b) the exploration, exploitation and development of minerals and mines thereof; and
 
 
 
 
(c) the exploration, exploitation and development of any material which the 1[* * *] Government may entrust to it subject to such conditions as the 2[* * *] Government may specify.
 
 
 
 
Explanation.- In clause (a) “planning” includes studies, surveys, experiments and scientific and technical investigation.
 
 
(3) Notwithstanding anything contained in sub-sections (1) and (2), the Corporation shall perform such other duties and functions as the Government may, from time to time, assign to the Corporation.
 
 
 
 
(4) The Corporation shall, in order to carry out any functions under sub-section (1) or clause (a) or clause (b) of sub-section (2) or sub-section (3),-
 
 
 
 
(a) submit, for the approval of the Government, proposals or schemes; and
 
 
 
 
(b) proceed to give effect to any proposal or scheme as approved by the Government.
 
 
 
 
(5) The Corporation may, and, where the Government so directs, shall, for the purpose of giving effect to any proposal or scheme approved by Government, sponsor limited companies independent of each other or subsidiary companies incorporated under the Companies Act, 1913 (VII of 1913):
 
 
 
 
Provided that before sponsoring any such company, the Corporation shall obtain the approval of the Government to the company's capital structure.
 
 
 
 
(6) The Corporation shall, unless otherwise directed by the Government, act as Managing Agents for the aforesaid companies, and may, with the prior concurrence of the Government, relinquish the managing agency in favour of any person.
 
 
 
 
(7) Nothing contained in section 87A of the Companies Act, 1913 (VII of 1913), shall apply to the Corporation.
 
 
 
 
(8) The Corporation shall be represented on the Board of Directors of the aforesaid companies.
 
 
 
 
(9) The Corporation may issue the capital required for the aforesaid companies for public subscription and, if any portion thereof remains unsubscribed after the expiry of the closing date for public subscription, subscribe on behalf of the Government that portion.
 
 
 
 
(10) The Corporation may underwrite the whole or any portion of the capital issued under sub-section (9).
 
 
(11) The Corporation shall, when it considers the time opportune, sell or transfer the shares subscribed for by it under sub-section (9):
 
 
 
 
Provided that no such sale or transfer shall take place at a rate below the market quotation or below the par value of such shares without the previous sanction of the Government.

Copyright © 2019, Legislative and Parliamentary Affairs Division
Ministry of Law, Justice and Parliamentary Affairs