Statement On The Companies Auditors Report Order, 2003


Appendix - VI

List of Financial Institutions Covered Under the Companies (Acceptance of Deposit) Rules, 1975


1. Explanation to Rules 2(b)(xi) of the Rules state that “for the purpose of this sub-clause, the term 'financial institution' shall mean-

(a) a public financial institution specified in or under section 4A of the Companies Act, 1956;
(b) a State Financial, Industrial or Investment Corporation;
(c) the State Bank of India or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);

(d) a nationalised bank, that is to say, a corresponding new bank as defined in section 2 of:-
(i) the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970); or
(ii) the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);
(e) the General Insurance Corporation of India established in pursuance of. the provisions of section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972);
(f) the Industrial Reconstruction Corporation of India;
17 or
(g) any other Institution which the Central Government may, by notification, specify in this behalf;

2. Section 4A of the Companies Act, 1956 contains a list of institutions which are to be construed as “public financial institutions” for the purpose of the Act. The list is as follows:

(i) the Industrial Credit and Investment Corporation of India Limited;
(ii) the Industrial Finance Corporation of India;
(iii) the Industrial Development Bank of India;
(iv) the Life Insurance Corporation of India;
(v) the Unit Trust of India;
(vi) the Infrastructure Development Finance Company Limited;

3. Sub-section (2) of section 4A of the Act, subject to the provisions of sub-section (1) empowers the Central Government to notify in the Official gazette such other institution as it may think fit to be a public financial institution. In exercise of the powers conferred by sub-section (2), the Central Government has notified the following 46 public financial institutions:
(i) The Industrial Reconstruction Bank of India established under the Industrial Reconstruction Bank of India Act, 1984.
(ii) The General Insurance Corporation of India, formed and registered under the General Insurance Business (Nationalisation) Act, 1984.
(iii) The National Insurance Company Limited, formed and registered under the Companies Act, 1956.
(iv) The New India Assurance Company Limited, formed and registered under the Companies Act, 1956.
(v) The Oriental Fire and General Insurance Company Limited, formed and registered under the Companies Act, 1956.
(vi) The United Fire and General Insurance Company Limited, formed and registered under the Companies Act, 1956.
(vii) The Shipping Company and Investment Company of India Limited.
(viii) Tourism Finance Corporation of India Limited, formed and registered under the Companies Act, 1956.
(ix) IFCI Venture Capital Funds Limited formed and registered under the Companies Act, 1956.
(x) Technology Development and Informations Company of India Limited, formed and registered under the Companies Act, 1956.
(xi) Power Finance Corporation Limited, formed and registered under the Companies Act, 1956.
(xii) National Housing Bank, established under the NHB Act, 1987.
(xiii) Small Industries Development Bank of India Limited established under the Small Industries Development Bank of India Act, 1989.
(xiv) Rural Electrification Corporation Limited formed and registered under the Companies Act, 1956.
(xv) Indian Railway Finance Corporation Limited, formed and registered under the Companies Act, 1956.
(xvi) Industrial Finance Corporation of India Limited, formed and registered under the Companies Act, 1956.
(xvii) Andhra Pradesh State Financial Corporation.
(xviii) Assam Financial Corporation.
(xix) Bihar State Financial Corporation.
(xx) Delhi Financial Corporation.
(xxi) Gujarat Financial Corporation.
(xxii) Haryana Financial Corporation.
(xxiii) Himachal Pradesh Financial Corporation.
(xxiv) Jammu and Kashmir State Financial Corporation.
(xxv) Karnataka State Financial Corporation.
(xxvi) Kerala Financial Corporation.
(xxvii) Madhya Pradesh Financial Corporation.
(xxviii) Maharashtra State Financial Corporation.
(xxix) Orissa State Financial Corporation.
(xxx) Punjab Financial Corporation.
(xxxi) Rajasthan Financial Corporation.
(xxxii) Tamil Nadu Industrial Investment Corporation Limited.
(xxxiii) Uttar Pradesh Financial Corporation.
(xxxiv) West Bengal Financial Corporation.
(xxxv) Indian Renewable Energy Development Agency Limited.
(xxxvi) North Eastern Development Finance Corporation Limited.
(xxxvii) Housing and Urban Development Corporation Limited.
(xxxviii) Export and Import Bank of India.
(xxxix) National Bank for Agriculture and Rural Development (NABARD).
(xl) National Co-operative Department Corporation (NCDC).
(xIi) National Dairy Development Bank (NDDB)
(xIii) The Pradeshiya Industrial Development and Investment Corporation Limited.
(xliii) Rajasthan State Industrial Development and Investment Corporation Limited.
(xliv) The State Industrial and Investment Corporation of Maharashtra Limited.
(xlv) West Bengal Industrial Development Corporation Limited.
(xlvi) Tamil Nadu Industrial Development Corporation Limited.