Banking Regulation Act, 1949 — back to Table of Contents
Section 45Q. Power to inspect
(1) The Reserve Bank, on being directed by the Central Government or the High Court, causes an inspection to be made by one or more of its officers of a banking company being wound up and its books and accounts.
(2) On such inspection, the Reserve Bank submits its report to the Central Government and the High Court.
(3) If the Central Government, on considering the Reserve Bank’s report, considers that there has been a substantial irregularity in the winding-up proceedings, it may bring that irregularity to the notice of the High Court for such action as the Court thinks fit.
(4) On receiving the Reserve Bank’s report or an irregularity brought to its notice by the Central Government, the High Court may, after giving notice to and hearing the Central Government on the report, give such directions as it considers necessary.
Note: Part IIIA was inserted by the Banking Companies (Amendment) Act, 1953.
