Shareholders of BoR give approval to ICICI-BoR merger
By Joseph Samson
Jun 23, 2010
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The meeting of shareholders of BoR and ICICI Bank has ended on a positive note. The shareholders of BoR have agreed for the merger between the two banks. A resolution has been passed by the shareholders of the bank giving requisite majority under Section 44A of the RBI Act. The EGM resolution will be filed with the Bombay Stock Exchange, National Stock Exchange and the bank.

The meeting was held after many hurdles. The meeting was to be held in Kolkata but was cancelled after a Kolkata civil court stopped the meeting from being held. This act of the court was in response to a petition held by a shareholder who was against the merger.

The meeting was later held and the results declared approval of the merger.

G Padmanabhan, Managing Director and Chief Executive Officer of Bank of Rajasthan, said, "We have only flagged certain issues to our solicitors so that they can come back and tell us that how to take the process forward. We have asked for a legal view and we are awaiting that. The management really wants to know whether whatever has been done is okay or not because the management has been endeavoring to implement the majority decision of the board yesterday itself in the EGM because of the court order we went slightly out of the loop. So we are only trying to ensure that the process is taken forward legally and appropriately."

"The communication has been sent to the stock exchanges and what the stock exchanges do is up to them," he added.


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