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 combined entity would have a nationwide network of 1, branches; a strong deposit base of around Rs. Interestingly, the HDFC scrip slipped 3. All such options to vest on date of filing of the Scheme metger the RBI. Fill in your details: Additionally the bank offers a full suite of NRI banking products to overseas Indians.

Expenses towards the joint valuation shall be borne by the Parties equally. On Wednesday, officials of both the banks held marathon meetings with a leading investment banker to discuss the finer points. Are you a Business Owner? With effect from the Appointed Date and upon if Scheme becoming effective and subject to applicable Law and the provisions hereof all contracts, deeds, tenancies, leases, licenses or other cebturion, agreements, arrangements and other instruments of whatsoever nature including any document by virtue of which security is created in favour of CBoP to which CBoP is a centruion or to the benefit of which CBoP may be eligible and which are subsisting or having effect immediately before the Effective Date, shall be in full force and effect against or in favour of HDFC Bank as the case may be and all or any of the rights, privileges, obligations and liabilities of CBoP shall be transferred to and vest in HDFC Bank and may be enforced centution fully and effectually as if, instead of CBoP, HDFC Bank had been a party, beneficiary or obligor thereto.

Defunct banks of India Banks established in establishments in India. By using this site, you agree to the Terms of Use and Privacy Policy. HDFC Bank and CBoP shall be entitled to declare or pay dividends, whether interim or final, to their respective equity shareholders mergee respect of the accounting period prior to the Effective Date, such that the total payout is broadly in line with past payout percentages in the ordinary course.

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Centurion Bank of Punjab Limited. Foul language Slanderous Inciting hatred against a certain community Others.

Centurion Bank of Punjab merges with HDFC Bank – Banknet India

In the case of stock options, the entitlements to the shares of HDFC Bank after the Effective Date shall stand adjusted in the same proportion as the share swap ratio set out herein, with the entitlements to the underlying shares of HDFC Bank being rounded off to the nearest higher integer.

By George Smith Alexander. Upon the coming into effect of the Scheme and with effect from the Appointed Date: 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.

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 Mmerger Bank on or puniab 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.

Banking Insurance Capital Markets and allied industries. India Inc to face difficulty in fund raising. It is clarified that ajd service of the Employees of CBoP will be treated as having been continued for the purpose of the aforesaid funds or schemes or provisions.

Centurion Bank of Punjab

Type of Stock Option. The Scheme has been sanctioned in exercise of the powers contained in Sub-section 4 of Section 44A of the Banking Regulation Act, Any declaration or payment of dividend inconsistent with past practice and outside the ordinary course shall be subject to the prior approval of the Board of Directors of each of HDFC Bank and CBoP, and in accordance with applicable Law. Reserve Bank of India.

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puniab The Scheme as set out herein in its present form shall be effective from the Appointed Date and shall be operative from the Effective Date. This will alert our moderators to take action.

Each Party shall bear its own costs and expenses in respect of all matters arising out of, or in connection with, this Scheme unless otherwise expressly agreed in writing. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments. Extent of Accelerated Vesting.

This page was last edited on 14 Juneat Total balance sheet size too grew by Notwithstanding anything contained herein, in the event of any Member of CBoP having a shareholding such that such Member becomes entitled to a fraction of a New Equity Share, all the fractional entitlements of various Members shall be aggregated and without any further act, deed or thing to be done, such consolidated New Equity Shares shall stand vested in a trust to be set up by the Board of HDFC Bank.

NIFTY 50 10, The Centurion Bank of Punjab formerly Centurion Bank was an Indian private sector bank that provided retail and corporate banking services. Stock trading could be injurious to your health.

For the year ended March 31,the bank reported a net profit of INR Get instant notifications from Economic Times Allow Not now. The Transferor Bank and the Transferee Bank intend that pursuant to the consolidation to be effected through this Scheme, a strong bank with good branch quality, and emphasis on commercial and social banking in compliance with applicable Law and policy of the RBI, shall be created, and the consolidated bank shall be an employee-friendly institution that would be a preferred employer in the banking sector.

Click here Cross-border banking consolidation continues Choose your reason below and click on the Report button.