HDFC Bank files petition for NCLT approval to the proposed merger

HDFC Bank has filed a joint scheme company petition with the National Company Law Tribunal (NCLT) in accordance with Section 230-232 of the Companies Act seeking sanction of the tribunal for the merger proposed between HDFC Bank and HDFC Ltd.

The bank has already received the approval of the equity shareholders, which includes public shareholders, to the proposed merger scheme.

Earlier this year, HDFC Ltd and HDFC Bank announced that their respective boards have approved an all-stock amalgamation of the former into the latter, subject to regulatory approvals, thus creating a banking behemoth.

In a shareholders’ meeting recently, Deepak Parekh, Chairman, HDFC Ltd said, the effective date of the merger will depend on regulatory approvals but he expects the merger process to get over by June 2023.