IDFC Ltd on Wednesday announced that it has received a green light from National Company Law Tribunal (NCLT), Chennai for the merger of IDFC Financial Holding Company with IDFC and their merger into IDFC First Bank. In a regulatory filing, IDFC Ltd said, “We would like to inform you that the Hon’ble NCLT has today, i.e., on September 25, 2024, sanctioned the aforesaid scheme. The company is in the process of applying for availing certified true copy of the NCLT order and completion of requisite statutory/ regulatory formalities, in order to make the scheme effective.”
This, the company added, is in connection with its letter dated July 3, 2023, informing about the decision taken by the board of directors of the company. “The company had filed Joint Company Scheme Application with the Hon’ble NCLT, Chennai Bench, Chennai inter-alia for sanction of Scheme and other consequential orders, as required in terms of the Section 230-232 of the Companies Act read rules made thereunder,” it said.
Earlier in May this year, IDFC First Bank shareholders had approved the merger of IDFC Ltd with IDFC First Bank. In an exchange filing, IDFC First Bank had said that the resolution approving the scheme was passed by the requisite majority of the equity shareholders representing more than three‐fourth in value of the equity shareholders of the company.
The amalgamation scheme had also received a majority, with 99.99 per cent of the Non-Convertible Debenture (NCD) Holders representing more than three-fourths in value voting in favour through remote e-voting and e-voting during, it had added.
In December 2023, the RBI had approved the reverse merger of IDFC Ltd with its banking subsidiary.