Section 44 of BRA : Section 44: Powers Of High Court In Voluntary Winding Up
BRA
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Explanation using Example
Imagine a scenario where "CityScape Bank," a private banking company, decides to cease operations. The shareholders agree to voluntarily wind up the company. However, the Banking Regulation Act, 1949, mandates that before proceeding with the voluntary winding up, CityScape Bank must obtain a certification from the Reserve Bank of India (RBI).
The RBI reviews the bank's financials and provides a written certification stating that CityS...
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