merger | Common News Update

Jan182021 by adminNo Comments

Plea in Delhi High Court against Lakshmi Vilas Bank-DBS merger says shareholders shortchanged

Finance

A plea in the Delhi High Court has challenged the scheme of amalgamation of Lakshmi Vilas Bank with Development Bank of Singapore (DBS), contending that its shareholders have been "left in the lurch" and the Centre and the Reserve Bank have failed to protect their interests. The petition was listed before a bench of Chief Justice D N Patel and Justice Jyoti Singh on January 13, but was adjourned to February 19 after the bench was told that the Reserve Bank of India (RBI) has moved a plea in the Supreme Court to transfer all pleas against the amalgamation scheme to the Bombay High Court. The petition in the Delhi High Court has been filed by lawyer Sudhir Kathpalia, who was also a shareholder in Lakshmi Vilas Bank (LVB) and lost his 20,000 shares in the company due to the amalgamation sche...

Nov82020 by adminNo Comments

IRDAI issues exposure draft on compensating shareholder on merger of insurers

Finance

NEW DELHI: Regulator IRDAI has come out with draft regulations for determination of compensation to shareholders on merger of insurance companies, under which payment will be based on the residual value of assets. "...compensation to the shareholders whose rights against the acquiring insurer has been reduced...shall be paid based on the residual value of the assets," said the exposure draft on which the Insurance Regulatory and Development Authority of India (IRDAI) has invited comments from the stakeholders by November 20. The residual value, it added, will be equal to the value of the assets of the acquired insurer as on the day immediately before the appointed day, less the total amount of liabilities. Further, the compensation shall be "paid either in cash and/or in kind or partially ...

Sep162020 by adminNo Comments

India’s fraud-hit PMC Bank asked other major banks for a merger, says administrator

Finance

By Aditya Kalra and Abhirup RoyNEW DELHI: India's fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank's administrator said in a court filing seen by Reuters. Authorities started investigating Punjab and Maharashtra Co-operative Bank (PMC) for fraud last year and the Reserve Bank of India (RBI) took control of it after detecting financial irregularities. Thousands of PMC depositors have been unable to access their deposits for a year as the RBI has capped withdrawals at 100,000 rupees ($ 1,359). PMC has "tried to engage with the major banks of the country to request for a merger", the bank's administrator said in a Sept. 10 filing at the Delhi High Court, witho...

Jul302020 by adminNo Comments

Deadline for proposed Lakshmi Vilas Bank-Clix Capital merger due diligence extended till Sept 15

Finance

KOLKATA: Lakshmi Vilas Bank and non-bank lender Clix Capital, who have been exploring merger, have mutually decided to extend the deadline for completing the mutual due diligence till September 15. The previous deadline is expiring on Friday. Auditors of the bank, meanwhile, have cast doubts on whether the bank can continue as a going concern if its merger talks with non-bank lender Clix Capital fails. "There may be slight delay in the mutual due diligence and preparation of documents for regulatory requirements due to Covid situation and travel restrictions. Hence, both the parties mutually agreed to extend the exclusivity period till 15th September 2020," the bank said on Thursday evening. "Despite logistical challenges arising due to Covid-19 situation, we have made significant progress...

Jun302020 by adminNo Comments

Pandemic delays Yahoo Japan, Line merger past October

Technology

The merger between online services Yahoo Japan and Line Corp. is getting pushed back to later than the scheduled October date because of the fallout from the coronavirus pandemicBy YURI KAGEYAMA AP Business WriterJune 30, 2020, 9:51 AM2 min read2 min readShare to FacebookShare to TwitterEmail this articleTOKYO -- Online services Yahoo Japan and Line Corp. said Tuesday the fallout from the coronavirus pandemic is causing delays that will push back their merger to later than the scheduled October date. Z Holdings Corp., which operates Yahoo Japan, and Naver Corp. of South Korea, which owns a majority stake in Line, announced last year the merger as equal partners that will form a joint venture through a tender offer. Both sides said procedures required under law were getting delayed becau...