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Reserve Bank of India's scheme of amalgamation of Global Trust Bank with Oriental Bank of Commerce

Chapter- VI

Miscellaneous

9. Demand by Depositors or Creditors: No depositor or creditor of the transferor bank shall be entitled to make any demand against the transferor bank or the transferee bank in respect of any liability of the transferor bank to him except to the extent prescribed by the Scheme.

10. Legal proceedings against Central Government, Reserve Bank of India, Transferee or Transferor bank: No suit or other legal proceedings shall lie against the Central Government, the Reserve Bank of India or the transferee bank or the transferor bank for any thing which is in good faith done or intended to be done in pursuance of the Scheme.

11.Reorganisation of branches of transferor bank: The transferee bank shall have the option of integrating branches of transferor bank according to its convenience and may close down or shift the existing loss making branches of the transferor bank. The aforesaid option will, however, be exercised by the transferee bank with the prior approval of Reserve Bank of India, within a period of one year.

12. Furnishing statement and information: The transferee bank shall submit to the Reserve Bank of India such statements and information as may be required by the Reserve Bank of India from time to time regarding the implementation of the Scheme.

13. Manner of service of notice: Any notice or other communication required to be given by the transferee bank shall be considered to be duly given if addressed and sent by speed post or by courier or by pre-paid ordinary post or otherwise to the addressee at the address registered in the books of the transferor bank, until a new address is registered in the books of the transferee bank, and such notice shall be deemed to be served on the expiry of four days after it has been posted. Any notice or communication, which is of general interest shall be advertised, in addition, in one or more daily newspapers which may be in circulation at the places where the transferor bank was transacting its business.


Chapter- I... Read full text
Chapter - II... Read full text
Chapter- III... Read full text
Chapter- IV... Read full text
Chapter- V... Read full text


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