ALLIANCE BANK OF SIMLA

Otago Daily Times, Issue 19258, 23 August 1924, Page 9

ALLIANCE BANK OF SIMLA

DIRECTORS TO BE PROSECUTED. Pro«a Association —By Telegraph—Copyright. DELHI, August 21. The creditors and in th'e Alliance Bank of Calcutta, which last year closed its doors, resolved to prosecute the directors and all others involved on charges of misfeasance. The liquidators were also instructed to recover as much as possible of the missing 20,000,000 rupees.—Sydney Sun Cable. The Alliance Bank of Simla, which was established in 1874 with a capital of 8,894,100 rupees (shares fully paid), closed its doors in April, 1923. The directors explained that this course was adopted owing to heavy losses, consequent on continued withdrawals. Subsequently the Imperial Bank of India paid 50 per cent, to the depositors of the Simla Bank. This action was backed by the Government, which later incurred a vote of censure in the Legislative Assembly, it being contended that relief should not be given to one bankrupt concern more than another. Last month the High Court of Bengal ordered the prosecution of the directors and auditor’s for negligence.