Which of the following statement are true?

(i) Central Government can acquire the undertaking of a banking company under Section 36 AE of the Banking Regulation Act in the interest of banking policy without any report from the Reserve Bank on the affairs of the banking company. (ii) Central Government may make the scheme for carrying out the purposes in relation to the acquired bank after consultation of RBI under section 36-AF. (iii) On the application of Reserve Bank, the High Court may stay the commencement or continuance of proceedings against any banking company for any period. (iv) The Reserve Bank or State Bank or another person as specified by the Reserve Bank in its application before the High Court may be appointed as liquidator of a baking company.

Correct Answer: (ii) and (iv)  Section 36 AE: Power of Central Government to acquire undertakings of banking companies in certain cases— (1) If, upon receipt of a report from the Reserve Bank, the Central Government is satisfied that a banking company (a) has, on more than one occasion, failed to comply with the directions given to it in writing under Section 21 or Section 35A, in so far as such directions relate to banking policy, or (b) is being managed in a manner detrimental to the interests of its depositors, and that (i) in the interests of the depositors of such banking company, or (ii) in the interest of banking policy, or (iii) for the better provision of credit generally or of credit to any particular section of the community or in any particular area.  Section 36 AF: The Central Government may, after consultation with the Reserve Bank, make a scheme for carrying out the purposes of this part in relation to any acquired bank.  Section 40: Notwithstanding anything to the contrary contained in 2 [Sec.466 of the Companies Act, 1956 (1 of 1956), the 3 [High Court] shall not make any order staying the proceedings in relation to the winding up of banking company, unless the T [High Court] is satisfied that an arrangement has been made whereby the company can pay its depositors in full as their claims accrue. Section 38A: There shall be attached to every High Court, a Court liquidator to be appointed by the Central Government for the purpose of conducting all proceedings for the winding up of banking companies and performing such other duties in reference thereto as the High Court may impose.