NCLT Approves HDFC-HDFC Bank Merger
The merger between the two companies was approved by their shareholders with an overwhelming majority.
The NCLT sanctioned the merger of HDFC Investments Ltd. with HDFC Bank Ltd. on Friday, paving the way for the creation of a goliath corporation with a combined balance sheet of Rs 17.87 lakh crore.
A copy of the National Company Law Tribunal's order may be submitted to the Registrar of Companies within 30 days of the order. Liberty is provided to the bank to seek extension to comply with the requirement. In the last hearing, HDFC's counsel, Janak Dwarkadas, sought an extension of the statutory timeline in order to obtain necessary approvals from SEBI.
The merger between the two companies was approved by their shareholders with an overwhelming majority. According to the submission made by their counsel in an earlier hearing, 98.6% of the shareholders of HDFC Investments approved the merger, while 97.8% of the shareholders of HDFC Bank provided their consent.
All necessary meetings—such as the meetings of secured and unsecured creditors—were dispensed with. There were no objections to the scheme of merger.