Companies act, 1956

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06 August 2012 Nationalized banks to be considered as a Comapny registered as per Companies act, 1956?

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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07 August 2012 Though all the 27 public sector banks are corporate bodies, but the statutes under which they were established are different. The State Bank of India was established under the State Bank of India Act, 1955, the subsidiary banks under the State Bank of India (Subsidiary Banks) Act, 1959, and the nationalized banks under the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 & 1980. These banks are, therefore, governed by their respective statutes.

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