Section 6 of BTCATUA : Section 6: Payment Of Amount

BTCATUA

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Explanation using Example

Imagine that a hypothetical bank, "Old National Bank," was taken over by the government and its assets and liabilities were transferred to a newly established bank, "New Growth Bank," as per the government's banking reform initiative. According to Section 6 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, the Central Government is required to compensate Old National Bank for this transfer.

Old National Bank has the option to receive this compensation in cash, i...

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