9911796707
TMI Blog2022 (2) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... authorised signatory Mr. Vamsidhar Naidu is not having valid Power of Attorney or authorization from Canara Bank to initiate present legal proceedings - HELD THAT:- It is clear from scheme of merger at Clause-8 that the Power of Attorney given to the Transferor Bank prior to the commencement of the scheme shall be of full force and effect against or in favour of the Transferee Bank and they may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prolu Rajani, J. (Member (J)) 1. This Application is filed seeking to declare that the Power of Attorney executed by Syndicate Bank shall not be enforced against the customers/borrowers of Canara Bank under the amalgamation scheme as the said Power of Attorney is invalid and void ab-initio and to declare that the authorised signatory Mr. Vamsidhar Naidu is not having valid Power of Attorney or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrower/customer of erstwhile Syndicate Bank who enjoyed credit limits. The Canara Bank should not be construed that it shall make use of the power of attorney executed by Syndicate Bank. The Power of Attorney Mr. Vamsidhar Naidu has suppressed the material facts and abused the process of law. The registry ought not to have numbered the Company Petition. Hence the Petition is liable to be dismissed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect, immediately before the commencement of this Scheme and to which Transferor Bank is a party or which are in favour of the Transferor Bank, shall be of full force and effect against or in favour of the Transferee Bank, and may be enforced or acted upon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Transferee Bank. Hence, by virtue of the above there need not be any further discussion to hold that the Power of Attorney given to the employee to the Syndicate Bank prior to the merger, who later has become the employee of the Canara Bank by virtue of the merger, would suffice and would be a proper authorisation for him to file this Application. Hence this application is dismissed. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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