company law
s. natarajan
(Querist) 12 February 2011
This query is : Resolved
I held shares of Global Trust Bank.
I heard from hearsay that there was some trouble within the bank and that it was handed over to Oriental commercial bank.
One fine day without any notice or intimation, the shares were removed from my Dmat account.
There was no winding up resolution.
There was no legislation closing the bank.
With the damat coming in, I have no proof that I held the shares.
The querries are: (1) Can the Bank be handed over to another bank without resolution of general body of both the banks.
Since I held shares of global, am I not entitled to shares of the orient bank
Can the shares be deleted from the dmat account without winding up.
How does the company expire without a legislation or winding up resolution of the general body.
Is there no function for the Finance Ministry, Reserve Bank, Sebi the Company law Board etc who are all involved in the matter.
malipeddi jaggarao
(Expert) 14 February 2011
The amalgamation of Global Trust Bank withOriental Bank of Commerce is under a statute of Central Government and all procedures required for amalgamation is certianly followed. As far as deletion of shares of Global Trust Bank in your D-mat account, you contact with company with whom you are maintaining the d-mat account. The GTB are to be converted into the shares of OBC and accordingly your d-mat account have to be credited with shares of OBC while deleting the GTB Shares. Verify your D-mat account, whether any shares of OBC are credited, if not contact the company with whom u are maintaining your d-mat account.
M V Gupta
(Expert) 14 February 2011
I agree with the advice given by Shri. Jaggarao. Pl act accordingly. You can also contact OBC in the matter.
