law: Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993
  4. General effect of
  
  vesting of undertaking in the Company.-
  1.  
  
    Every
  
  shareholder of the Corporation immediately before the appointed day shall be
  
  deemed to be registered on and from the appointed day as a shareholder of the
  
  Company to the extent of the face value of the shares held by such shareholder.
  
  
  2.  
  
    The
  
  undertaking of the Corporation which is transferred to and which vests in the
  
  Company under section 3 shall be deemed to include all business, assets,
  
  rights, powers, authorities and privileges and all properties, movable and
  
  immovable, real and personal, corporeal and incorporeal, in possession or
  
  reservation, present or Contingent of whatever nature and wheresoever's situate
  
  including lands, buildings, vehicles, cash balances, deposits, foreign
  
  currencies, disclosed and undisclosed reserves, reserve fund, special reserve
  
  fund, benevolent reserve fund, any other fund, stocks, invest- ments, shares,
  
  bonds, debentures, security, management of any industrial concern, loans,
  
  advances and guarantees given to industrial concerns, tenancies, leases and
  
  book debts and all other rights and interests arising out of such property as
  
  were immediately before the appointed day in the ownership, possession or power
  
  of the Corporation in relation to its undertaking, within or without India, all
  
  books of accounts, registers, records and documents relating thereto and shall
  
  also be deemed to include all borrowings, liabilities and obligations of
  
  whatever kind within or without India then subsisting of the Corporation in
  
  relation to its undertaking.
  3.  
  
    All
  
  contracts, deeds, bonds, guarantees, powers of attorney, other instruments and
  
  working arrangements subsisting immediately before the appointed day and
  
  affecting the Corporation shall cease to have effect or to be enforceable
  
  against the Corporation and shall be of as full force and effect against or in
  
  favour of the Company in which the undertaking of the Corporation has vested by
  
  virtue of this Act and enforceable as fully and effectually as if instead of
  
  the Corporation, the Company had been named therein or had been a party
  
  thereto.
  4.  
  
    Any
  
  proceeding or cause of action pending or existing immediately before the
  
  appointed day by or against the Corporation in relation to its undertaking may,
  
  as from the appointed day, be continued and enforced by or against the Company
  
  in which the undertaking of the Corporation has vested by virtue of this Act as
  
  it might have been enforced by or against the Corporation if this Act bad not
  
  been enacted and shall cease to be enforceable by or against the Corporation.