ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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A Pioneering Agreement

Companies (Acquisition and Transfer of Undertakings) Act of 1970 had provided for representation of certain specified interests on the boards of the nationalised banks. Not surprisingly, therefore, under the scheme now proposed, the boards will be rather unwieldy bodies with upto 15 members. This, together with the diversity of interests which will be represented, should be expected to largely reduce the boards to talking- shops. This is inevitable, though in an attempt to vest them with some semblance of relevance, if not authority, the scheme requires a minimum of six meetings of the boards every year.

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