https://www.taxtmi.com/caselaws?id=113093 IFCI Limited was treated as a public financial institution for section 4A of the Companies Act, 1956, bringing it within the definition of a financial institution under section 2(1)(m) of the SARFAESI Act. The phrase "established or constituted by or under" a Central Act was read broadly, so statutory continuity was not broken by later incorporation under the Companies Act. The proviso requiring not less than fifty-one per cent Government-held or controlled paid-up share capital was held to be a condition precedent assessed on the date of notification, not a continuing condition. Later reduction in Government control did not invalidate the notification. en-us Fri, 09 Jul 2010 00:00:00 +0530 Sat, 04 Oct 2014 08:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113093 IFCI Limited was treated as a public financial institution for section 4A of the Companies Act, 1956, bringing it within the definition of a financial institution under section 2(1)(m) of the SARFAESI Act. The phrase "established or constituted by or under" a Central Act was read broadly, so statutory continuity was not broken by later incorporation under the Companies Act. The proviso requiring not less than fifty-one per cent Government-held or controlled paid-up share capital was held to be a condition precedent assessed on the date of notification, not a continuing condition. Later reduction in Government control did not invalidate the notification. Case-Laws Companies Law Fri, 09 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113093