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      Question

      Section 36AH of the Banking Regulation Act, 1949

      provides for the constitution of a Tribunal for determining compensation payable to shareholders of an acquired banking company. The Tribunal shall consist of a Chairman and two other members. Which of the following correctly describes the composition of the two other members?
      A Both must be retired judges of a High Court Correct Answer Incorrect Answer
      B Both must be officers of the Reserve Bank with at least twenty years of service Correct Answer Incorrect Answer
      C One must have experience of commercial banking and the other must be a chartered accountant Correct Answer Incorrect Answer
      D Both must be economists nominated by the Central Government Correct Answer Incorrect Answer
      E One must be a Company Secretary and the other a cost accountant Correct Answer Incorrect Answer

      Solution

      Section 36AH(2) provides that the Chairman of the Tribunal must be a person who is or has been a Judge of a High Court or of the Supreme Court. Of the two other members, one shall be a person who, in the opinion of the Central Government, has had experience of commercial banking, and the other shall be a person who is a chartered accountant within the meaning of the Chartered AccountantsтАЩ Act, 1949. Under sub-section (4), the Tribunal may additionally choose one or more persons having special knowledge or experience of any relevant matter to assist it in determining compensation. The Tribunal is empowered under Section 36AI with the powers of a civil court for summoning persons, requiring documents, receiving affidavit evidence and issuing commissions.

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