"Board "means the Board of Directors of the Corporation;

the defendant or respondent, or where there is more than one defendant or respondent, any one of them-

(1)

has his registered office; or

(2)

carries on the whole or part of his business, at the time of the commencement of any legal proceedings against him under this Act; or

(ii) the cause of action for such legal proceedings, wholly or in part, arises;]

(c) [ "industrial concern "means any limited company or co-operative society incorporated by a Central Act or an Act of the Legislature of a State or under any law for the time being in force and registered in India which is engaged or to be engaged in- [ Substituted by Act 2 of 1982, Section 2, for Cl. (c) (w.e.f. 12.3.1982).]

(i) the manufacture, preservation or processing of goods;

(ii) shipping;

(iii) mining;

(iv) the hotel industry; ]

(v) [ the generation, storage or distribution of electricity or any other form of energy;] [ Substituted by Act 50 of 1986, Section 2, for sub-Cls. (v),(ix) and (xii) (w.e.f. 2.2.1987).]

(vi) the transport of passengers or goods by road or by water or by air or by ropeway or by lift; (vii) the maintenance, repair, testing or servicing of [machinery or equipment] [ Substituted by Act 50 of 1986, Section 2, for certain words (w.e.f. 2.2.1987).] of any description or vehicles or vessels or motor-boats or trailers or tractors;

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

(ix) [ the setting up of, or development of, an industrial area or an industrial estate;] [ Substituted by Act 50 of 1986, Section 2, for sub-Cls. (v),(ix) and (xii) (w.e.f. 2.2.1987).]

(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; [*] [ The word " or " omitted by Act 50 of 1986, Section 2 (w.e.f. 2.2.1987).]

(xii) [ providing engineering, technical, financial, management, marketing or other services or facilities for industry; [ Substituted by Act 50 of 1986, Section 2, for sub-Cls. (v),(ix) and (xii) (w.e.f. 2.2.1987).]

(xiii) providing medical, health or other allied services;

(xiv) providing services relating to information technology, tele-communication or electronics;

(xv) leasing, sub-leasing or giving on hire or hire-purchase of industrial plants, equipments, machinery or other assets, including vehicles, ships and aircraft;

(xvi) such other activity as the Central Government may, having regard to the objects of this Act, by notification in the Official Gazette, specify in this behalf; or

(xvii) the research and development of any concept, technology, design, process or product, whether in relation to any of the matters aforesaid, including any activities specified under sub-clause (xvi), or any other matter.

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

(e) "Reserve Bank "menas 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);