Bourses clear merger of HDFC with HDFC Bank – Times of India

MUMBAI: The stock exchanges have granted their ‘no objection’ to the amalgamation of HDFC with HDFC Bank, the companies said in a regulatory disclosure. The NSE said that it has no objection to the proposed scheme of amalgamation, while the BSE said that it has no adverse observations on it.
The merger now needs to be approved by various regulators including the Competition Commission of India, the RBI, the National Company Law Tribunal and finally the shareholders who will vote for the scheme in an extraordinary general meeting.
The NSE in its letter has asked the entities to comply with all statutory requirements and disclosures. It has asked HDFC to ensure the entities involved in the scheme avoid impact on any pending proceedings (including pending cause of actions) for enforcement or those that are in the pipeline against HDFC Limited. The validity of NSE’s ‘no objection’ is for six months by when the scheme has to be submitted to NCLT.
Last week in the HDFC AGM, chairman Deepak Parekh had said that the amalgamation was the best thing for both entities but a discussion on the same would be held during an extraordinary general meeting held for approving the merger.

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