CLB petition for not honoring board meeting approval

L R Sharma (Querist) 17 January 2010 This query is : Resolved
Sir,
Can I be guided for a petition to be filed in CLB for not honoring a commitment approved by BOD in a meeting by erstwhile GLOBAL TRUST BANK (during its legal existence) later merged with Oriental Bank of Commerce. The proposal was approved by the GTB board and recorded in its minutes book The same was communicated to my clients. OBC now is reluctant to honor the approval which was approved by GTB during its lawful and legal existence.
I want a direction from CLB directing OBC to honor the BOD approval which was done during legal existence of GTB.
Under what sections and provisions the petition is to be filed before the CLB and what are the other prerequisites in this case?
What shall I do to get a single point order for OBC to comply.
Regards,
L R Sharma

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