RBI can make application to High Court for winding up of a banking company if
(a) government directs RBI to do so
(b) company fails to maintain minimum paid-up capital and reserves as per Sec 11 of BR Act
(c) RBI has prohibited the bank to accept fresh deposits u/s 35-4 of BR Act
(d) bank has failed to remain entitled to carry on banking activities
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Only (a), (b) and (d)
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Only (a), (c) and (d)
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(b), (c) and (d)
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All of the above
D
Correct answer
Explanation
The Reserve Bank may make an application under this section for the winding up of a banking company if the banking company has failed to comply with the requirements specified in Section 11 or has by reason of the provisions of Section 22 become disentitled to carry on banking business in India or has been prohibited from receiving fresh deposits by an order under clause (a) of Sub-section (4) of Section 35 or under clause (b) of Sub-section (3A) or Section 42 of the Reserve Bank of India Act, 1934. If the company has failed to comply with any requirement of the Act other than the requirements laid down in Section 11, has continued such failure, after notice in writing of such failure or contravention has been conveyed to the banking company.