In this Act, unless there is anything repugnant in the subject or context,-

(a) " Board " means the Board of Directors of the Corporation ;

(b) " Corporation " means the Industrial Finance Corporation of India established by this Act ;

1(c) "industrial concern" means any limited company or co -operative society incorporated by a Central Act of an Act of the Legislature of a State or under any for the time being in force and registered in India Which is engaged or is to be engaged in.-

(i) the manufacture, preservation or processing of goods; (ii) shipping; (iii) mining; (iv) the hotel industry;

(v) the generation or distribution of electricity or any other form of power;

(vi) the transport of passengers or goods by road or by water or by ropeway or by lift;

(vii) the maintenance, repair, testing or servicing of machinery of any description or vehicles or vessels or motorboats or trailers or tractors;

(viii) assembling, repairing or packing any article with the aid of machinery or power;

(ix) the development of any contiguous area of land as in industrial estate;

(x) fishing or providing shore facilities for fishing or maintenance thereof;

(xi) Providing special or technical knowledge or other services for the promotion of industrial growth; or

(xii) the research and development of any process or product in relation to any of the matters aforesaid.

Explanation.- The expression "processing of goods" includes any art or process for producing, preparing or making an article by subjecting any material to a manual, mechanical, chemical, electrical or any other like operation;

(d) " prescribed " means prescribed by rules or regulations made under this Act;

(e) " Reserve Bank " means the Reserve Bank of India ;

(f) " scheduled bank '' means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934)-;

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1. Substituted for " (c) " industrial concern " means any public limited company or co- operative society incorporated by an Act of the Legislature or under any law for the time being m force and registered in India and engaged in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power : ", vide THE INDUSTRIAL FINANCE CORPORATION (AMENDMENT ACT, 1982) (2 Of 1982), Dt. 8th March, 1982 Published in It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. [Gaz, of India Ex. Pt. II Sec.1 9-3-1982 p.7

2. Omited for " (g) " underwriting " means contracting, with or without conditions, to subscribe for stocks, shares, bonds or debentures of an industrial concern with a view to the resale of the whole or any part thereof. ", vide THE INDUSTRIAL FINANCE CORPORATION (AMENDMENT ACT, 1982) (2 Of 1982), Dt. 8th March, 1982 Published in It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. [Gaz, of India Ex. Pt. II Sec.1 9-3-1982 p.7