Bangalore: The Karnataka High Court today ordered former Union minister C. K. Jaffer Sharief and his associates to submit their scheme of action in detail before the next court hearing on 21st of this month, about their plan to take over the beleaguered Amanath Co-operative Bank (ACB).
Following the options laid out by the Reserve Bank of India (RBI), of either having the bank merged with another bank, or in the failure of the merger within the stipulated time frame – the liquidation of the bank, Canara Bank had announced its decision to take over the assets and liabilities of the beleaguered bank, which was welcomed by the current Board of Directors of ACB.
Mr. Sharief and his associates had sought a probe by the CBI into the affairs of ACB as it is facing financial crisis due to irregularities, and had filed a plea againt the merger of the Bank with Canara Bank.
A Division Bench comprising Chief Justice D.H. Waghela and Justice Ashok B. Hinchigeri have asked Mr. Sharief for a blueprint of his plan.
The bench said that it will review both the parties’ proposal before deciding the fate of the Bank.
The Bench will hear all the appeals related to the issue on October 21st.