https://www.taxtmi.com/caselaws?id=199519 Section 22 of the Banking Regulation Act allowed the banking company to continue operations while its licence application remained pending, so the Act continued to apply to it. A full audit was undertaken, recoverable assets and the financial position were considered, and efforts were made to recover dues before framing the amalgamation scheme. Allegations of lack of notice, incorrect valuation, and inadequate recovery efforts did not provide a rational basis to interfere with the scheme. The fact that depositors were to receive only pro-rata payment, in the circumstances assessed by the authorities, was not by itself sufficient to invalidate the scheme, and the challenge to the scheme was rejected. en-us Thu, 26 Feb 2004 00:00:00 +0530 Mon, 05 Mar 2018 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199519 Section 22 of the Banking Regulation Act allowed the banking company to continue operations while its licence application remained pending, so the Act continued to apply to it. A full audit was undertaken, recoverable assets and the financial position were considered, and efforts were made to recover dues before framing the amalgamation scheme. Allegations of lack of notice, incorrect valuation, and inadequate recovery efforts did not provide a rational basis to interfere with the scheme. The fact that depositors were to receive only pro-rata payment, in the circumstances assessed by the authorities, was not by itself sufficient to invalidate the scheme, and the challenge to the scheme was rejected. Case-Laws Indian Laws Thu, 26 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199519