Section 10B of The Banking Regulation Act, 1949: Power of Reserve Bank to appoint [[chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company .

Section 10B of The Banking Regulation Act, 1949:

Power of Reserve Bank to appoint [[chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company .

Power of Reserve Bank to appoint [[chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company . – (1) Where the office of the [chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company is vacant, the Reserve Bank may, if it is of opinion that the continuation of such vacancy is likely to adversely affect the interests of the banking company, appoint a person, eligible under sub-section (4) of section 10-B to be so appointed, to be the [chairman of the Board of directors appointed on a whole-time basis or a managing director] of the banking company and where the person so appointed is not a director of such banking company, he shall, so long as he holds the office of the [chairman of the Board of directors appointed on a whole-time basis or a managing director], be deemed to be a director of the banking company.
(2) The [chairman of the Board of directors appointed on a whole-time basis or a managing director] so appointed by the Reserve Bank shall be in the whole-time employment of the banking company and shall hold office for such period not exceeding three years, as the Reserve Bank may specify, but shall, subject to other provisions of this Act, be eligible for reappointment.
(3) The [chairman of the Board of directors appointed on a whole-time basis or a managing director] so appointed by the Reserve Bank shall draw from the banking company such pay and allowances as the Reserve Bank may determine and may be removed from office only by the Reserve Bank.
(4) Save as otherwise provided in this section, the provisions of section 10-B shall, as far as may be, apply to the [chairman of the Board of directors appointed on a whole-time basis or a managing director] appointed by the Reserve Bank under sub-section (1) as they apply to a [chairman of the Board of directors appointed on a whole-time basis or a managing director] appointed by the banking company.]

 

About us:

Verma Law Associates is an offspring of Advocate Anoop Verma and other experienced Advocates/Lawyers.

Advocate Anoop Verma has been advising individuals, corporates, businesses on a variety of legal issues since his call to the Punjab & Haryana Bar Council.

After gaining years of experience working for law firms, Advocate Anoop Verma opened his own Law firm “Verma Law Associates” where he is able to provide quality legal services at reasonable rates.

During his career, he has been involved in some of the most complicated and high profile cases, and participated in several ground-breaking litigation cases. Having been trained and mentored by some of best lawyers, he brings a unique perspective and varied experience to his practice.

We at Verma Law Associates handles all the cases pertaining to:

  • Criminal Law
  • Banking Law/DRT (Debt Recovery Tribunal)
  • Civil Law
  • Family Disputes
  • Consumer Laws
  • Service Law/Service Matters
  • Company Law/NCLT (National Company Law Tribunal)
  • Motor Accident Claims
  • Property Law

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Advocate Anoop Verma

Punjab & Haryana High Court Chandigarh, DRT Chandigarh

Email: advanoopverma@gmail.com

 

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