File Name: banking companies acquisition and transfer of undertakings act 1980 .zip
An Act to provide for the acquisition and transfer of theundertakings of certain banking companies, having regard to their size,resources, coverage and organisation, in order further to control the heightsof the economy, to meet progressively, and serve better, the needs of thedevelopment of the economy and to promote the welfare of the people, in theconformity with the policy of the State towards securing the principles laiddown in clauses b and c of article 39 of the Constitution and for mattersconnected therewith or incidental thereto. Establishment ofcorresponding new banks and business thereof: 1 On the commencement of this Act, there shall beconstituted such corresponding new banks as are specified in column 2 of theFirst Schedule. Provided that the CentralGovernment may after consolation with the Reserve Bank and by notification inthe Official Gazette increase or reduce the authorised capital as it thinksfirst so however that transfer such increase or reduction the authorisedcapital; shall not exceed three thousand crores or be less than one thousandfive hundred cores of rupees.
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Undoubtedly, the amendments are of much significance. However, what remained unrevealed is, the intent. Seemingly, the amendments will hit almost all companies irrespective of the status thereof i. However, the same exclude a Government company from the reporting requirement. In regard to banking companies and NBFCs, these companies are not required to observe the compliance of the provisions related to acceptance of deposits in terms of the proviso to Section 73 1 of CA, Furthermore, apart from these two categories, Rule 1 3 of the aforesaid Rules exempts an HFC from the applicability of the Rules. Though the amendments prescribe reporting requirements for every company other than a Government company, since the parent provisions are not applicable to these companies, the amendments shall also not apply to them.
The said Bill has been passed by both the Houses of Parliament during its just concluded Winter Session. It will also enable the nationalized banks to raise capital by issue of preference shares or rights issue or issue of bonus shares. It would also enable them to increase or decrease the authorized capital with approval from the Government and RBI without being limited by the ceiling of a maximum of Rs. Beside above, the Bill would pave the way for new bank licenses by RBI resulting in opening of new banks and branches. This would not only help in achieving the goal of financial inclusion by providing more banking facilities but would also provide extra employment opportunities to the people at large in the banking sector.
With time, it has gone through various reforms and acts. Negotiable Instrument act, Co-operative Societies Act, Reserve Bank of India Act, The Banking Regulation Companies Rules—
This is a chronological, but incomplete list of Acts passed by the Imperial Legislative Council between and , the Constituent Assembly of India between and , The Provisional Parliament between and , and the Parliament of India since From Wikipedia, the free encyclopedia. Wikipedia list article. Additional items may be found at Category:Acts of the Parliament of India. This list is incomplete ; you can help by adding missing items with reliable sources. Ministry of Law. Archived from the original PDF on 26 July
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The Legislature of India enacted the Banking Companies Acquisition and Transfer of Undertakings Act, on 11th July , to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to further control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy and to promote the welfare of the people, in conformity with the policy of the State towards securing the principles laid down in clauses b and c of article 39 of the Constitution and for matters connected therewith or incidental thereto. All important central acts are published in both English and Hindi language versions. The acts are arranged as per the year of their enactment.
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