Section 86I: Right to Appeal Against the Order of the Bank

1) Only the representative of shareholders of the commercial bank or financial institution can appeal to the committee within fifteen days against the action, order, decision or Proceedings of the bank or the official appointed by the bank, under Section 86C, 86D, 86E, 86f and 86h, if not satisfied with such action, order, decision or proceedings.

Clarification: For the purpose of this Section, “shareholders representative” means a representative elected among the shareholders holding a minimum of twenty per cent of the prevailing shares.

2) No appeal will be entertained without having the representation of twenty-five per cent of the prevailing shares within the time of sub-section (1).

3) In the case of the appeal under the provision of sub-section (1), the committee has to approve, review or cancel the action, order, decision or proceedings done by the bank or the official appointed by the bank, within thirty days of receipt of such appeal by giving related proof, basis and reasons.

4) The bank may provide information about the decision made under sub-section (3) within fifteen days of such a decision to the respective representative of the shareholders.

5) The action, order, decision or Proceedings of the bank or the official appointed by the bank shall continue unless the committee under sub-section (3) cancel it.

6) The decision of the committee under sub-section (3) on the appeal of the shareholders’ representative shall be final.