Private sector lender HDFC Bank said that it has filed a petition with the National Company Law Tribunal (NCLT) to approve the proposed merger with Housing Development Finance Corp. Ltd.
“Filing of the Joint Company Scheme Petition with the National Company Law Tribunal, Mumbai Bench (‘NCLT’) in relation to the Composite scheme of amalgamation (‘Scheme’) for the amalgamation of (i) HDFC Investments Limited (‘HIL’) and HDFC Holdings Limited (‘HHL’), with and into Housing Development Finance Corporation Limited (‘HDFC Limited’); and (ii) HDFC Limited with and into HDFC Bank Limited (‘HDFC Bank’), under Sections 230 to 232 of the Companies Act, 2013 (‘Companies Act’) and other applicable laws including the rules and regulations framed thereunder,” the bank informed in a regulatory filing.
On 4 April, the country’s largest housing finance company HDFC Ltd announced that it would merge with HDFC Bank in a $40 billion deal.
