Amanath Bank: High Court suggests Canara Bank to reconsider its decision

Amanath Bank: High Court suggests Canara Bank to reconsider its decision

The High Court on Friday sugge­sted Canara Bank to reconsider its decision on refusing to take over the ailing Ama­nath Co-operative Bank.

During the hearing of a petition on the take-over proposal,  Justice Ram Mohan Reddy sought to know whether Amanath Bank was capable of overcoming its financial crisis. 

The court also questioned whether former Union minister Jaffer Sharief was interested in investing the loss-making bank to pull it out of the crisis. The counsel representing Amanath Bank submitted details of the persons with deposits of Rs one lakh and below with the bank. The Court asked the counsel representing Canara Bank why it was bringing up the issue of 32 per cent financial erosion that their bank would suffer when they (Canara Bank) had agreed upon taking over Amanath Bank, initially. The counsel for Canara Bank claimed that the Bank had only said that it would examine the prospects of taking over the bank and had never really agreed upon to take over Amanath Bank. The bench adjourned the matter to Feb 20. Child protection policy

The State government has submitted to the High Court that a Child Protection Policy has been formulated by the high power committee.

During the hearing of a petition filed by Karnataka Private School Joint Action Committee, the government informed the Court that the policy would now has to be placed before Cabinet. Justice S Abdul Nazeer adjourned the matter to February 5.

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