Bengaluru: 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 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.
The court also asked former Union Minister C.K. Jaffer Sharief and others whether they are interested in depositing Rs. 66 crore with their respective accounts in Amanath Cooperative Bank (ACB) as part of their attempt to revive the loss-making bank and save it from being merged with the Canara Bank.
Justice Ram Mohan Reddy passed the order on an application filed by Mr. Sharief and others seeking the court’s permission to deposit the amount to show their bona fide over their claim of organising funds for reviving the bank and to prevent its merger.
