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

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Bengalis, Biharis and POWs-Unpacking the Package

for 1971, tlie latest available, that "the company has been legally advised that in making advances or loans or in discounting hills, the provisions of Section 293(I)(c) of the Companies Act would not be contravened". The Section in question only requires the board of directors of a company to take the approval of the shareholders at a general meeting before launching on such activities. It is not known if this formality was observed by PNB Ltd, but the Jains, commanding as they do the majority of the voting rights, have evidently lost no sleep over this technicality. PNB Ltd bus placed deposits and made loans and advances. It has also formed subsidiaries

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