Earlier this month, the Union Cabinet had approved the merger of SBS with SBI. The boards of both the banks had given their approval for the merger in August last year. SBS is a wholly-owned subsidiary of the State Bank of India. The merger would be effective from the 'date as may be notified by the Govt of India in the official Gazette'.
In a big setback to Aditya Birla Group firm Idea Cellular, the Delhi High Court said the six licences of Spice Communications would not be transferred to Idea, since the company did not comply with the licence and merger guidelines. The court also slapped a fine of Rs 1 crore for hiding information.
Zero-debt Cairn India has $2.85 billion cash reserve.
After strong statements to the contrary, UB Group chairman Vijay Mallya on Tuesday said that he was considering the merger of Kingfisher Airlines with budget carrier Simplifly Deccan (earlier Air Deccan), in which the former bought a 26 per cent stake in June. Mallya said Kingfisher had asked consulting firm Accenture to study the integration of the two airlines, including the possibility of a merger.
The proposal gains significance because the merger plan was given a quiet burial under former telecom minister A Raja.
Praja Rajyam Party chief and film star Chiranjeevi is to meet Congress chief Sonia Gandhi on Monday afternoon to discuss the merger arrangements between the two parties.
HDFC Bank on Monday reported a consolidated net profit of Rs 16,811 crore for the September quarter, its maiden quarterly earnings announcement after merging parent HDFC with itself. On a standalone basis, the largest private sector lender reported a net profit of Rs 15,976 crore. In the year-ago period, the net profit of the merged entity would have been Rs 11,162 crore on a consolidated level while the same on a standalone basis would have been Rs 10,606 crore.
Federal Bank Ltd on Monday said it has decided to call off its proposed merger with Lord Krishna Bank Ltd.
OPS said he was being "forced" to come up with such an announcement.
Anup Sheth and two others had filed applications, objecting to the merger scheme in the present form. The objectors had demanded that high court should order inquiry by Securities and Exchange Board of India, Reserve Bank of India and other financial governing bodies before sanctioning the merger.
After the latest rout, the American depositary receipt (ADR) premium of HDFC Bank to its local shares has shrunk to nearly zero. Shares of HDFC Bank on Thursday fell 3.1 per cent to Rs 1,490, extending its two-day decline to 11 per cent. Meanwhile, the ADR has slumped over 15 per cent in the past two trading sessions.
Telangana Rashtra Samiti President K Chandrasekhar Rao has ruled out the possibility of his party merging with the Congress on Monday. After the merger of Telgu superstar Chiranjeevi's Praja Rajyam Party with the Congress on Sunday, rumours were abuzz that TRS will do the same.
Dropping references to the demolition of Babri Masjid in Ayodhya, the killing of Muslims in Gujarat riots and Hindutva, and tweaking the reference to Manipur's merger with India are among the latest set of revisions made public by the National Council of Educational Research and Training (NCERT) in its textbooks.
The CBI today registered three FIRs and a preliminary enquiry to probe alleged irregularities in Indian Airlines-Air India merger and purchase of 111 aircraft, leasing of planes and giving up of profit-making routes by Air India, causing a loss of thousands of crore of rupees.
The Securities Appellate Tribunal (SAT) on Thursday questioned market regulator Sebi's credibility on completing its investigation within a stipulated time in the Zee Entertainment Enterprises' (ZEEL) matter. SAT was hearing Zee's plea against Sebi's order baring Zee Entertainment Enterprises' Punit Goenka and Subhash Chandra from holding any key managerial positions in the company and other organisations for allegedly siphoning off funds of the media firm. "There is no certainty that these eight months won't be extended. ...past record of Sebi is that they have always extended it (investigation).
Jan Adhikar Party leader Pappu Yadav joined the Congress on Wednesday and announced the merger of his outfit.
According to a source SoftBank is in favour of Ola acquiring the Indian unit of Uber, but the finer details of the deal are being discussed
State Bank of India on Tuesday ruled out physical merger of its associate banks with itself in the near future but said "virtual merger" of the entities was on.
Zee Entertainment on Friday said it has "pruned" its Technology and Innovation Centre (TIC) by about 50 per cent following the guidance of a special committee, which had conducted a critical assessment of its several business verticals. The MD & CEO has pruned TIC staff strength by 50 per cent to achieve a cost-effective structure, a Bengaluru-based business vertical of the company that offers technology solutions, Zee Entertainment Enterprises Ltd (ZEEL) said in an official statement.
In November, Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore (Rs 150 billion).
In a bid to expedite the processing of initial public offerings (IPOs), the markets regulator will now seek additional information from lead managers (LMs) when they file draft documents. Last week, the Securities and Exchange Board of India (Sebi) sent a letter to bankers, listing over two dozens of new disclosure requirements. The average time Sebi takes to clear the draft red herring prospectus (DRHP) - a document companies must file before accessing public funds - has dropped to less than three months in 2024 (until May 31).
Bihar CM Nitish Kumar said the decision of the merger has already been taken and there was no question of going back on it.
As Prabhakaran was leaving his house, Rajiv Gandhi called his son Rahul and asked him to fetch his (Gandhi's) bulletproof jacket. He put the jacket on Prabhakaran's back and remarked with his usual charming smile: "Take care of yourself."
HDFC Bank has been conscious in not accepting high-cost deposits, which have resulted in slower growth in October-December, said Sashidhar Jagdishan, managing director and chief executive officer, during an interaction with Goldman Sachs recently. He said during times of tight liquidity, short terms hardened, as was the case in October-December. "Not only did we participate, but we also gave up which came up for maturity," he said.
Paving the way for a merger between Arcelor and Mittal Steel, an overwhelming majority of shareholders of the Luxembourg-based firm on Friday voted down a merger proposal from Russia's Severstal.
Union minister Giriraj Singh on Saturday claimed that Bihar Chief Minister Nitish Kumar's Janata Dal-United and its ally Rashtriya Janata Dal, founded and headed by Lalu Prasad Yadav, were heading for a merger.
Typically, CCI takes decisions related to M&As within 30 days, though it can do so within 210 days of the filing of application.
To ensure faster recovery of dues for entities hit by the Rs 5,600-crore (Rs 56-billion) fraud at NSEL, the government last month ordered the merger of the bourse with its parent firm Financial Technologies (India) Ltd.
Several of the mutual fund schemes have plans like dividend, growth and bonus.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
Kunal Shah has funded over 266 startups including Razorpay, Snapdeal, Zetwork, BlueSmart, Unacademy, Bliss Club, and Spinny, amongst others.
Supreme Industries Ltd plans a merger of Siltap Chemicals Ltd with the company.
Merger of state-run banks should be done with a view to bring in good synergies, on mutual interests of the concerned entities and government will not compel the consolidation process on individual banks, Financial Services Secretary, R Gopalan said at Bancon conference in Mumbai.
The government on Thursday approved the merger of Indian Oil Blending Limited with the Indian Oil Corporation saying the merged entity is likely to achieve higher long-term financial returns than could be achieved by the companies individually.\n\n
Jain Irrigation Systems Ltd okayed merger of Jain Processed Foods Pvt Ltd with the company.
Himachal Futuristic Communications Ltd holders approved the merger of HFCL Trade-Invest Ltd with the company.
A day after the RBI put in public domain a draft scheme of merger of Lakshmi Vilas Bank (LVB) with subsidiary of Singapore-based DBS, public sector banks' officer union AIBOC on Wednesday said the amalgamation is not in the national interest and demanded the consolidation with any PSB. The proposed amalgamation of the cash-strapped LVB with DBS Bank India seems to be a ploy to provide entry of foreign banks into the country in a big way, All India Bank Officers' Confederation (AIBOC) president Sunil Kumar said. The Indian banking sector provides huge opportunity for growth, so the foreign banks have been looking at inorganic route to expand their presence for long, he said.
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