Expert opinion on the merger of HDFC and HDFC Bank

Publish Date: 04 Jul, 2022 |
 

Mwanwhile talking about the latest updates on the merger, The stock exchanges have given their 'no objection' to HDFC's merger with HDFC Bank, the companies said in a regulatory filing. The NSE stated that it has no objections to the proposed amalgamation scheme, while the BSE stated that it has no negative 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.


In its letter, the NSE requested that the entities comply with all statutory requirements and disclosures. It has asked HDFC to ensure that the entities involved in the scheme have no impact on any pending enforcement proceedings (including pending cause of actions) or those in the pipeline against HDFC Limited. The NSE's 'no objection' is valid for six months from the date the scheme must be submitted to NCLT.

At the HDFC AGM last week, chairman Deepak Parekh stated that the merger was the best thing for both entities, but that a discussion on the matter would take place during an extraordinary general meeting held to approve the merger.


 

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