Bars violating the law would face fines and possible cancellation of licences.
2.
On August 28, 2002, a CTA Application was filed by Skylink Aviation Inc . for cancellation of Licence Nos . 962378 and 967142.
3.
The Punjab Bar Council would take suo motu notice of further misconduct and take punitive action, including the cancellation of licences of those involved.
4.
Mr Zhang said violations of the rules would result in fines for the joint ventures, suspension of business and in the worst case, cancellation of licences.
5.
Besides, copies of the audited balance sheet and the profit and loss accounts of the bank as on the date of cancellation of registration i . e . the date of cancellation of licence / liquidation / amalgamation / reconstruction etc . of the bank are called for, to verify the authenticity of the total deposits as given in the claim list.
6.
In the event of the winding up or liquidation of an insured bank, every depositor of the bank is entitled to payment of an amount equal to his deposits held by him in the same right and in the same capacity in all the branches of that bank put together, standing as on the date of cancellation of registration ( i . e . the date of cancellation of licence or order for winding up or for liquidation ) subject to the set off of his dues to the bank, if any ( Section 16 ( 1 ) and ( 3 ) of the DICGC Act ).
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