Sharief and others have argued in their petition that a through CBI enquiry into irregularities should precede the merger otherwise those responsible for the crisis of the bank would get off scot free. The appellants have also advanced the argument that the merger would mean the end of the only cooperative bank of Muslims in Karnataka.
The Karnataka High Court on Thursday ordered issue of notices to the Reserve Bank of India (RBI), Central Bureau Investigation (CBI) and others on the appeals filed against an interim order passed by a single judge bench of the court directing merger of Amanath Cooperative Bank (ACB) with Canara Bank.