Notice must for dishonoured cheque cases, says apex court

The Supreme Court said on Friday that a notice in accordance with law is required for initiation of proceedings in cases related to dishonoured cheques. An omnibus notice without specifying as to what was the amount due through the dishonoured cheque would not subserve the requirement of law, the court said. Such a notice has to be issued within a period of 30 days from the date of receipt of information from the bank in regard to the return of the cheque as unpaid, the apex court said.

SBI board okays pension benefit to SBS employees

The State Bank of India (SBI) board has decided to provide pension benefit to employees of State Bank of Saurashtra (SBS), a subsidiary which was merged with the parent last month. This third benefit is in addition to gratuity and provident fund for SBS employees who will now become part of SBI. SBI provides all the three benefits for its employees.

Decision on UCO capital rejig soon

The Government is likely to approve soon the capital restructuring plan for Kolkata-based UCO Bank to enable it to come out with a follow-on public issue of up to Rs 250 crore. Restructuring by converting a portion of equity share into preference shares would allow the bank further headroom for raising resources. The bank has a paid-up capital of Rs 799.3 crore as on September 30. As part of its capital restructuring proposal, the bank has asked for conversion of Rs 300 crore of its Rs 800 crore equity capital into preference capital.