Section 5 in Amalgamation of Allahabad Bank into Indian Bank Scheme, 2020
5. Dissolution of the Boards of the Transferor Bank.
- On and from the date of commencement of this Scheme, -(i)the Board of the Transferor Bank shall stand dissolved;(ii)any whole-time director, including the managing director, of the Transferor Bank shall cease to hold office and shall be entitled to receive salary and allowances in lieu of the notice in accordance with the applicable law;(iii)the entire share capital of Transferor Bank shall, without any further act, deed or instrument, stand cancelled; and(iv)the shares of the Transferor Bank shall stand de-listed from stock exchange in India where they are listed; and the share certificates representing such shares shall, without any further act, deed or instrument, be deemed to be automatically cancelled, extinguished and be of no effect.
