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Friday, April 10, 2015

IDFC gets shareholders nod to launch bank

Infrastructure financing firm IDFC Ltd today said it has received shareholders approval to its demerger scheme to set up a wholly-owned subsidiary IDFC Bank.

The scheme was earlier approved by the Reserve Bank and board of directors of IDFC Ltd.

"The...shareholders have unanimously approved the scheme of arrangement among IDFC Ltd and IDFC Bank Ltd and their respective shareholders and creditors under Section 391 to 394 of the Companies Act, 1956", IDFC Ltd said in a BSE filing.

In April last year, IDFC Ltd bagged a licence from the RBI to set up a bank.

Last month, the Chennai-based company, as part of taking forward its plan to set up bank, sought shareholders' approval for demerging its financial undertaking into a new entity to be named IDFC Bank.

IDFC Ltd proposes to realign its businesses to comply with the corporate structure requirements of the RBI guidelines to set up new banks and demerge its financing undertaking to IDFC Bank.

The guidelines specifically mandates that all new banks are to be set up through a non-operative financial holding company.

The demerger was in accordance with RBI conditions which requires IDFC Ltd to transfer the relevant business activities to the proposed IDFC Bank.

IDFC Bank Ltd was established as a public limited company to carry out business of banking pursuant to approval granted by the Reserve Bank in April 2014.

Source : Economic Times

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