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CLB petition for not honoring board meeting approval

(Querist) 15 October 2009 This query is : Resolved 
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.


L R Sharma
Raj Kumar Makkad (Expert) 15 October 2009
Before moving further, it shall be appropriate if you go through minutely the amalgamation scheme of GTB in OBC. If any adverse term exists therein connected with your matter then you should expect nothing otherwise OBC is bound to honour any approval made by GTB and in such case your petition before Company law Board is maintainable.
L R Sharma (Querist) 15 October 2009
Thanks for your expert and valued response. I have gone through the amalgamation scheme. There are no adverse terms. On the contrary, the date of amalgamation is put as 14th August and the Board approval is of 5th July. The complete scheme of amalgamation is obtained through RTI.

Many thanks for your expert guidance.


L R Sharma
L R Sharma (Querist) 15 October 2009
Under what sections and provisions the petition is to be filed and what are the other prerequisites in this case?
What shall I do to get a single point order for OBC to comply.


L R Sharma
L R Sharma (Querist) 16 January 2010
Can some one tell me under what section of Company's Act I can file the suit in CLB for honoring a Board resolution duly approved by the BOD in the above case?
L R Sharma (Querist) 17 January 2010
The above query is still open.

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