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2005 (11) TMI 250 - SC - Companies LawWhether SIICOM (the first respondent) is a State Financial Corporation within the meaning of and governed by the State Financial Corporations Act, 1951? Held that:- Appeal dismissed. By mere reduction in its stakes to below 50 per cent, SIICOM (the first respondent) would not cease to be a State Financial Corporation in view of the fact that it has been established by the State of Maharashtra for financing industrial concerns and that it had been so notified by the Central Government in exercise of its powers under section 46 of the Act. The first respondent is a financial corporation covered by the Act and reduction in the shareholdings of the State of Maharashtra below 50 per cent shall not make any difference to the status of the first respondent, i.e., being a financial corporation. Outstanding amount due - The counsel for respondents, in all fairness, concedes that if there is any balance amount, the same shall be paid back to the appellant. The appellant would be at liberty to move appropriate application before the first respondent.
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