'Canara Bank Can Take Over Amanath Bank'

The Karnataka High Court on Thursday passed an order to Canara Bank to take over Amanath Co-operative Bank.

Published: 01st August 2014 08:55 AM  |   Last Updated: 01st August 2014 08:59 AM   |  A+A-


BANGALORE: The Karnataka High Court on Thursday directed Canara Bank to take over Amanath Co-operative Bank.

The court passed this order while hearing a petition seeking amalgamation of Amanath Co-operative Bank with Canara Bank. Justice Ram Mohan Reddy said the requisite notification should be issued within four weeks as per an RBI scheme.

The court also directed the Registrar of Co-operative Societies to prescribe the date as soon as possible for Canara Bank to finish the formalities of taking over the assets and liabilities of Amanath Bank.

Justice Reddy observed, “Amanath Bank has around 2.20 lakh customers. Among them, 90,000 are depositors. The bank registered growth till 2002. Due to misappropriation of funds and fraud by its staff, it incurred heavy losses of Rs 66.41 crore between 1998 and 2000.”

It is only after this financial setback, did Amanath Bank’s management decided to amalgamate it with a nationalised bank, the court observed and asked the two banks to work out a way through which the hard earned money of the depositors is protected.

The court also asked Canara Bank to make the accounts of depositors and borrowers of Amanath Bank operational after the notification of the latter bank’s takeover. The court gave the depositors and fixed deposit account holders an option to either close the account or continue the account with Canara Bank.

Survey Building Height, AAI Told

The High Court on Thursday directed the Airport Authority of India (AAI) to conduct a survey of the height of four buildings constructed by Chalet Hotel near Hindustan Aeronautics Limited (HAL) airport in the city.

The court was hearing a petition filed by Chalet Hotel. The hotel has undertaken a project of constructing four buildings of 17 floors each near HAL. HAL, which had given a no objection certificate during the beginning of the project, withdrew it later. HAL contended that the height of the buildings is 22 meters higher than the height proposed initially.

Chalet Hotel moved the High Court challenging the withdrawal of the NOC.

Probe Against Nithyananda Stayed for A Day

The High Court on Thursday stayed proceedings initiated by CID against controversial self-styled godman Nithyananda and others for one day. The court was hearing the petition filed by Nithyananda and others, challenging the order of a sessions court directing Nithyananda to appear before the investigating officer for medical tests. 


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