Acquisition of State Bank of India Commercial and International Bank Limited Order, 2011

 
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G.S.R.590(E)--Whereas the State Bank of India (hereinafter referred to as the Transferee Bank), in consultation with the Reserve Bank, has entered into negotiation for acquiring the business, including the assets and liabilities of the State Bank of India Commercial and International Bank Ltd. (hereinafter referred to as the Transferor Bank);

Whereas, the terms and conditions relating to acquisition have been agreed upon by the Central Board of Transferee Bank and the Board of the Transferor Bank in the form of a Scheme; 4

And whereas, the Reserve Bank has approved the terms and conditions relating to such acquisition agreed upon, by the Transferor Bank and the Transferee Bank, and submitted the same to the Central Government for its sanction;

Now, therefore, in pursuance of powers conferred under sub-section (2) of Section 35 of the State Bank of India Act, 1955 (23 of 1955) (hereinafter referred to as the said Act), the Central Government, by the following order, accords its sanction, namely:‑

Order

2. (1) This Order may be called the Acquisition of State Bank of India Commercial and International Bank Limited Order, 2011.

(2) It shall come into effect on the date of its publication in the Official Gazette (hereinafter referred to as the effective date).

3. On and from the effective date, the undertaking of the Transferor Bank, as it stood before the effective date of this Order, shall, without any further act, instrument or deed, stand transferred to, and vest in, the Transferee Bank and the entire share capital of the Transferor Bank, which is held by the Transferee Bank and its nominees shall stand cancelled.

2. deemed to include all business, assets, rights, powers, authorities and privileges and all properties, movable and immovable,

real and personal, corporeal and incorporeal, goodwill, copyright, all rights under the intellectual property in possession or reservation, present or contingent of whatever nature and wheresoever situate including lands, buildings (including commercial and residential), fixtures, vehicles, cash balances, deposits, foreign currencies, disclosed and undisclosed reserves, reserve fund, special reserve fund, benevolent reserve fund, any other fund, stocks, investments, shares, dividends, bonds, debentures, security, management of any industrial concern, loans, advances and guarantees given to industrial cncems, other tenancies, leases and book-debts and all other rigbt and...

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