Vidhi Codex

The Kerala Industrial Revitalisation Fund Act, 1999

The Kerala Industrial Revitalisation Fund Act, 1999

General199924 sections

The Kerala Industrial Revitalisation Fund Act, 1999, regulates the establishment of a state industrial fund and a governing board to revive struggling public undertakings. It applies to public sector industrial undertakings and joint sector companies in Kerala where the state government holds at least forty percent of shares. This law matters because it allows the state to raise money through bonds, loans, and grants to provide financial aid to failing public companies. By offering a structured path to recover unpaid debts using revenue recovery laws, it keeps these key industries operational, protects valuable state investments, and preserves local employment opportunities.

Start reading →Read full ActSections
  1. 0. Preamble
  2. 1. Short title, extent and commencement.
  3. 2. Definitions.
  4. 3. Kerala Industrial Revitalisation Fund Scheme.
  5. 4. Constitution of Board.
  6. 5. Term of office of Directors.
  7. 6. Powers and functions of the Board.
  8. 7. Contribution to the fund.
  9. 8. Power of the Board to borrow.
  10. 9. Guarantee by Government for loans.
  11. 10. Appointment of officers and staff.
  12. 11. Mode of Recovery of money due to the Board.
  13. 12. Directors of Board etc. to be public servants
  14. 13. Protection for acts done in good faith.
  15. 14. Power of Government to issue directions.
  16. 15. Accounts and audit.
  17. 16. Annual report and audited statement of accounts.
  18. 17. Power to order inquiry.
  19. 18. Dissolution of the Board.
  20. 19. Bar of jurisdiction of Civil Courts.
  21. 20. Removal of difficulties.
  22. 21. Modification of the Scheme.
  23. 22. Repeal and saving.
  24. Schedule. [SeeSection 3 (6)]

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