34A.
Production of documents of confidential nature. —(1)
Notwithstanding anything contained in section 11 of the Industrial
Disputes Act, 1947 (14 of 1947), or any other law for the
time being in force, no banking company shall, in any proceeding
under the said Act or in any appeal or other proceeding arising
therefrom or connected therewith, be compelled by any authority
before which such proceeding is pending to produce, or give
inspection of, any of its books of account or other document
or furnish or disclose any statement or information, when
the banking company claims that such document, statement or
information is of a confidential nature and that the production
or inspection of such document or the furnishing or disclosure
of such statement or information would involve disclosure
of information relating to—
(a) any reserves not shown as such in its published balance-sheet;
or
(b) any particulars not shown therein in respect of provisions
made for bad and doubtful debts and other usual or necessary
provisions.
(2) If, in any such proceeding in relation to any banking
company other than the Reserve Bank of India, any question
arises as to whether any amount out of the reserves or provisions
referred to in sub-section (1) should be taken into account
by the authority before which such proceeding is pending,
the authority may, if it so thinks fit, refer the question
to the Reserve Bank and the Reserve Bank shall, after taking
into account principles of sound banking and all relevant
circumstances concerning the banking company, furnish to the
authority a certificate stating that the authority shall not
take into account any amount as such reserves and provisions
of the banking company or may take them into account only
to the extent of the amount specified by it in the certificate,
and the certificate of the Reserve Bank on such question shall
be final and shall not be called in question in any such proceeding.
(3) For the purposes of this section "banking company"
includes the Reserve Bank, the Development Bank, the Exim
Bank, the Reconstruction Bank, the National Housing Bank,
the National Bank, the Small Industries Bank the State Bank
of India, a corresponding new bank, a regional rural bank
and a subsidiary bank.
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