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Merger: UWB board to meet again on Sept 26
September, 23rd 2006
Committee set up for taxation and accounting procedure issues The board of United Western Bank (UWB), which met on Friday to consider the draft scheme of merger with IDBI, has decided to meet again on September 26. A bank official said the board has discussed the details of draft scheme including the Rs 28 per share offered to shareholders. "We have decided to take up the matter for discussion again next week," the official said. Sicom Ltd, the single largest shareholder in UWB, will also hold a board meeting on Saturday to discuss the price of Rs 28 per share, which IDBI has been asked to pay to all shareholders, said Mr R.M. Premkumar, Chairman, Sicom. Committee formed UWB has also set up a committee to list certain issues relating to taxation and accounting procedure, which will be conveyed to the Reserve Bank of India. The board of IDBI Ltd, which met on September 21, also considered the provisions of the draft scheme of amalgamation. The board has approved of the proposal. RBI has set the last date for accepting the scheme on September 27. On September 12, RBI announced the amalgamation of UWB with IDBI. UWB was placed under a moratorium on September 2. RBI had received 17 bids from public sector banks, private banks, foreign banks and co-operative banks for UWB. The Maharashtra Government,along with Sicom, had submitted a proposal for restructuring the bank. Earlier this week, a group of depositors of UWB filed a petition in the Bombay High Court challenging RBI's decision to place the bank under moratorium. The court has asked RBI to file its affidavit on September 27. In 2005-06, the net loss of UWB was Rs 106.48 crore and Rs 6.08 crore for the quarter ended June 30.
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