Question
Under Section 57 of the RBI Act, 1934, the Reserve Bank
shall not be placed in liquidation save by order of whom?Solution
Section 57(1) provides that nothing in the Companies Act, 1956 shall apply to the Bank, and the Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct. This underscores the special statutory status of the Reserve Bank, which cannot be wound up under ordinary company law. The Bank may be placed in liquidation only by order of the Central Government.
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