Section 6(1) in Amalgamation of Allahabad Bank into Indian Bank Scheme, 2020
(1)On the commencement of this Scheme, in consideration for the transfer and vesting of the undertakings of Transferor Bank in the Transferee Bank and without any further application, act, instrument or deed, the Transferee Bank shall, subject to the provisions of this Scheme, issue shares to the shareholders of Transferor Bank as per the Share Exchange Ratio determined in accordance with the procedure as set out in the Annexure.
