Section 5 in Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019
5. Dissolution of the Boards of the Transferor Banks.
- On and from the date of commencement of this Scheme, -(1)the Board of the Transferor Bank 1 and the Board of the Transferor Bank 2 shall stand dissolved;(2)any whole-time director, including the managing director, of the Transferor Bank 1 and Transferor Bank 2 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;(3)the entire share capital of Transferor Banks shall, without any further act, deed or instrument, stand cancelled;(4)the shares of the Transferor Banks shall stand delisted 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.
