Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES :: empanelment :: cpt
« Mergers and Acquisitions »
 Digital payments gateway PayU eyes acquisitions to enter lending segment
 Top 5 mergers and acquisitions of 2017 in India
 Deals of the day-Mergers and acquisitions Jan 16, 2018
 Mergers & Acquisitions is accepting nominations for our 10th annual M&A Mid-Market Awards
 Why 2018 could be the year of Mergers & Acquisitions
 15 of the Best Mergers & Acquisitions of 2017
 How recent valuations have affected M&A deals
 India Inc made merger and acquisition deals worth over $60 bn in 2017
 Global appetite for mergers and acquisitions sparked by stock market rally in 2017
 2018 may see mergers and acquisitions worth $50 bn on back of stressed assets: Report
 10 Major Security Mergers and Acquisitions From 2017

SC refuses to hear BoR shareholders' plea against merger
May, 31st 2010

A FEW shareholders of Bank of Rajasthan (BoR) have moved the nations highest judicial authority, objecting to its proposed merger with ICICI Bank over a long pending dispute in the banks ownership structure. In its petition to the Supreme Court against the bank, along with capital market regulator Securities and Exchange Board of India (Sebi), these shareholders have sought an interim stay on the proposed merger.

A lawyer representing the interest of these shareholders said since a separate order seeking clarity on the banks shareholding pattern is pending with the Supreme Court since 2006, the merger cannot go ahead.

Executives of BoR could not be contacted for comments over the weekend. An e-mail sent to ICICI Bank did not elicit a comment.

In 1999, the Tayal family bought a significant stake in BoR. But this deal was challenged by an individual shareholder Ram Prasad Somani who had also sought Sebi intervention asking for an open offer for the minority shareholders.

The same investor has filed the case at the Supreme Court on May 21. He has the support of other shareholders of BoR who have a significant stake in the bank, the lawyer representing the investor said. It could not be independently verified if other minority shareholders are backing the petition.

This case pertains to an over 10-year-old case by a single minority shareholder asking the Tayal family to make an open offer. There are some discrepancies over the Tayal family led by Pravin Tayal to exact ownership in the bank, another person familiar with the matter said.

As per disclosures to the stock exchanges, the promoters owned 28.6% stake as of December 31, 2009. But at the end of March 2010, they had no stake in the bank.

The proposed merger is also, reportedly, being opposed by BoR employees who prefer a merger, if necessary, with a state-owned bank, citing cultural differences and fears of job losses if ICICI Bank takes over.

Earlier this month, ICICI Bank, the countrys largest private sector bank, had agreed to take over BoR through share-swap non-cash deal that valued the Udaipur-based bank at over Rs 3,000 crore.

The boards of both banks approved the swap ratio at 1:4.72, meaning 25 new shares of ICICI to be issued for every 118 shares of BoR. Both banks plans to seek shareholders approval for the deal on June 21.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions