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Banking Regulation Act, 1949

43. Booked depositors' credits to be deemed proved

In any proceeding for the winding up of a banking company, every depositor of the banking company shall be deemed to have filed his claim for the amount shown in the books of the banking company as standing to his credit and, notwithstanding anything to the contrary contained in 208[section 474 of the Companies Act, 1956 (1 of 1956)1, the High Court shall presume such claims to have been proved, unless the official liquidator shows that there is reason for doubting its correctness.

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