https://www.taxtmi.com/caselaws?id=103299 Under a sanctioned amalgamation scheme under section 45 of the Banking Companies Regulation Act, 1949, the transferee bank is bound only to the extent the scheme expressly provides. Employee continuance, salary arrears, and related liabilities arise only for employees covered by the scheme's terms and only where pending proceedings or service protection are specifically preserved. Where an employee had already ceased service before the relevant date and no proceeding was pending against the transferor bank, the transferee bank did not assume liability for reinstatement or salary claims. The principle is that rights and obligations in amalgamation depend on the express scope of the sanctioned scheme, not on general assumptions about succession. en-us Mon, 19 Feb 1996 00:00:00 +0530 Mon, 09 Sep 2013 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103299 Under a sanctioned amalgamation scheme under section 45 of the Banking Companies Regulation Act, 1949, the transferee bank is bound only to the extent the scheme expressly provides. Employee continuance, salary arrears, and related liabilities arise only for employees covered by the scheme's terms and only where pending proceedings or service protection are specifically preserved. Where an employee had already ceased service before the relevant date and no proceeding was pending against the transferor bank, the transferee bank did not assume liability for reinstatement or salary claims. The principle is that rights and obligations in amalgamation depend on the express scope of the sanctioned scheme, not on general assumptions about succession. Case-Laws Companies Law Mon, 19 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103299