Madras HC: Freedom of Religion Cannot Extend to Disturbing Peace Within Temple Premises || Delhi HC: Lokpal Cannot Form a Prima Facie View on Corruption Without Hearing The Official || MP High Court: DRT Cannot Restrict or Impose Conditions on a Person's Foreign Travel || Bombay HC: Results of Dec 2 And 20 Local Body Election Must be Declared Together || Delhi HC: Employment Disputes Cannot be Treated as Commercial Cases under the Act || Supreme Court: Divorced Muslim Woman Can Reclaim Gifts Given to Husband at Marriage || Supreme Court: Police and Courts Should Act as Initial Filters to Prevent Baseless Prosecutions || SC: Maharashtra Can Acquire Land under Slum Areas Act, Respecting Owner's Preferential Rights || Supreme Court: Excise Exemption on Cotton Fabrics is Denied if Any Related Process Uses Power || NCLAT: IBC Auctions are Not Ordinary Contracts, and Market Volatility Does not Excuse Bid Defaults

Revised directions for acquisition of shares and voting rights in private banks- (Reserve Bank of India) (19 Nov 2015)

MANU/RPRL/0207/2015

Banking

The Reserve Bank of India issued revised guidelines requiring prior approval for acquiring share or voting rights in private sector banks. Two amendments of note are: approval of the RBI prior to acquisition of shares or compulsorily convertible, or converting optionally convertible, debentures/bonds or voting rights; shareholders of banks with more than five per cent paid-up share capital to give an annual declaration to the bank on their ‘fit and proper’ status, or furnish information if such is not the case.

Tags : PRIVATE BANK VOTING RIGHTS ACQUISITION FIT AND PROPER

Share :