Merger of Centurion Bank of Punjab and HDFC Bank • Altaf Hussain Siddiqui • Rahul Dhandania • Pankaj Singh • Vikram Duggal • Rajendra. created value to the shareholders. Hence this study of the merger of Centurion Bank of Punjab with HDFC bank. Keywords: Banks, Merger and Acquisition, EVA. Scheme of Amalgamation of Centurion Bank of Punjab Limited with HDFC Off.: HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai
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The conversion of these warrants would help Sabre to increase its stake in the bank. Centurion Bank of Punjab Limited. The bank offers its customers an array of wealth management products such as mutual funds, life and general insurance and has established a leadership ‘position’. Woes of the West should not worry us: An order in terms of Clause Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings.
Centurion Bank of Punjab merges with HDFC Bank – Banknet India
The Scheme as set out herein in its present bani shall be effective from the Appointed Date and shall be operative from the Effective Date. From Wikipedia, the free encyclopedia. On 29 Junethe boards of directors of Centurion Bank and Bank of Punjab agreed to a merger of the two banks.
For the purpose of giving effect to the Scheme as sanctioned by the RBI, the Board of Directors of HDFC Bank may give all such directions which are not inconsistent with the provisions of the Scheme as are necessary, expedient, ancillary or desirable including directions for settling or removing any question of doubt or difficulty that may arise with regard to the implementation of the Scheme, as it thinks fit, and such determination or directions as the case may be, shall be binding on all persons connected herewith or otherwise interested in the Scheme.
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Centurion Bank of Punjab – Wikipedia
All the post dated and other cheques issued in favour of CBoP which are un-encashed or outstanding upon the coming into effect of the Scheme shall be encashed by HDFC Bank on or cengurion the due date which shall be entitled to the proceeds thereof, as if such post dated cheques have been drawn and made in favour of HDFC Bank. Choose your reason below and click on the Report button.
All applicable fringe benefit tax shall be borne by and paid by the respective employees. These shares were to be released at a HDFC Bank shall, under the provisions of the Scheme, be deemed to be authorized to execute any such writings on behalf of CBoP and to implement or carry out all such formalities or compliances referred to hereinabove on part of CBoP to be carried out or performed after the Effective Date.
The global depository receipts with the equity shares of Cenurion being the underlying securities shall stand replaced by equity shares of HDFC Bank in the same proportion as the share swap ratio set out in this Scheme. Defunct banks of India Banks established in establishments in India. This will alert our moderators to take action. Extent of Accelerated Vesting. The share-swap deal, worth over Rs 10, crore, may be worked around mreger current market price of Rs 57 a share emrger CBoP.
This merger has further strengthened the geographical reach of the Bank in major towns and cities ydfc the country, especially in the State of Kerala, in addition to its existing dominance in the northern part of the country. This will alert our moderators to take action Name Reason for reporting: The face value of these shares were centuriion Re 1.
The Scheme has been sanctioned in exercise of the powers contained in Sub-section 4 of Section 44A of the Banking Regulation Act, The transfer of properties and liabilities under Clause 4 above and the continuance of proceedings by or against CBoP shall not affect any transaction or proceedings already concluded by CBoP until the Effective Date, to oof end and intent that HDFC Bank accepts and adopts all acts, deeds and things done and executed by CBoP in respect thereto as done and executed on behalf of itself.
There ccenturion a lock-in period for these shares. About Centurion Bank of Punjab: The bank serves individual consumers, small and medium businesses and large corporations with a full range of financial products and services for investing, lending and advice on financial planning. HDFC has a Mr Bhandari will join the board of the new bank while Rana Talwar is likely to be its non-executive chairman.
Find this comment offensive? The transfer and vesting of Liabilities, as aforesaid, shall be subject to subsisting charges, if any, in respect of any Assets.
Centurion Bank of Punjab
Never miss a great news story! Upon the Scheme becoming effective, the following stock options granted by CBoP shall stand vested on an accelerated basis: HDFC Bank shall give a notice by a publication in a widely circulated newspaper in India to its contract counter parties, debtors or depositees, as the case may be, that pursuant to the order of the RBI having sanctioned the Scheme, the said debt, loan, advances, etc.
In respect of moveable assets of CBoP other than those specified in sub-Clause 4.