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The housing development finance corporation and private sector lender HDFC Bank have filed a petition with the National Company Law Tribunal (NCLT) seeking permission of the proposed merger.
“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.
The biggest housing finance company in the nation, HDFC Ltd, announced on April 4 that it would combine with HDFC Bank in a $40 billion deal.
