Section 6(2) in Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank Scheme, 2020
(2)While issuing the shares of the Transferee Bank to the shareholders of the Transferor Banks, -(i)no fractional shares shall be issued by the Transferee Bank in respect of fractional entitlements, if any, to any shareholder of the Transferor Banks and the Board of the Transferee Bank shall, instead pay the Transferor Banks' shareholders, cash equal to the value of such fractional share determined in accordance with the valuation of the shares of the Transferee Bank;(ii)the equity shares issued and allotted by the Transferee Bank in terms of sub-paragraph (1) rank pari passu in all respects and shall have the same rights attached to them as the then existing equity shares of the Transferee Bank, including, in respect of dividends, if any, that may be declared by the Transferee Bank, on or after the commencement of this Scheme;(iii)if there are any pending share transfers, whether lodged or outstanding, of any shareholder of any of the Transferor Banks on the record date, as set out in the Schedule, the Board of the Transferee Bank shall be empowered in appropriate cases, even subsequent to the record date, to effectuate such a transfer of shares in the Transferee Bank as if such changes in registered holder were operative as on the record date in order to remove any difficulties arising to the transferor or transferee of the share in the Transferee Bank;(iv)the equity shares of the Transferee Bank issued in terms of subparagraph (1) shall be listed and admitted to trading on the relevant stock exchanges, where the equity shares of the Transferee Bank are presently listed or admitted to trading, in accordance with applicable law; and(v)The equity shares to be issued by the Transferee Bank pursuant to sub-paragraph (1) in respect of such equity shares of the Transferor Banks, the allotment or transfer of which is held in abeyance under applicable law shall, pending allotment or settlement of dispute by order of the appropriate court or otherwise, also be kept in abeyance in like manner by the Transferee Bank.
