the creation of the Centurion Bank of Punjab and later on 25 feb, HDFC Bank acquired the Centurion Bank of Punjab. (CBoP) for Rs 9, The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private sector bank that the major Indian stock exchanges and on the Luxembourg Stock Exchange. On 23 May HDFC Bank acquired Centurion Bank of Punjab. size through expansion, diversification and merger and acquisitions. The merger between HDFC Bank and Centurion Bank of Punjab (CBOP) was billed as.
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Holders of global depository receipts with the equity shares dhfc CBoP being the underlying securities shall become entitled to global depository receipts of HDFC Bank with the underlying securities being cfnturion New Equity Shares in the proportion of one equity share of Rs. It is expressly provided that, the provident fund, superannuation fund or any other special scheme sfund s created or existing for the benefit of the employees of CBoP, on and from the Effective Date, shall stand transferred to HDFC Bank and HDFC Bank shall stand substituted for CBoP for all purposes whatsoever relating acquisirion the administration or operation of such schemes or funds or in relation to obligations to make contributions to the said schemes or funds in accordance with the provisions of such schemes or funds as per the terms provided in the respective trust deeds or other documents to the end and intent that all rights, centurkon, powers and obligations of CBoP in relation to such funds or schemes shall become those of HDFC Bank.
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.
The shortfall, if any, in the event of a deficit, occurring whilst giving effect to bak adjustments hereinabove, shall be debited to General Reserve. Banking Insurance Capital Markets punjwb allied industries. CBoP shall be deemed to have carried on all its business and activities and shall be deemed to have held and been in possession of and shall hold and be in possession of all the Assets for and on acquisitio of and in trust for HDFC Bank; and.
Centurion Bank of Punjab – Wikipedia
Upon coming into effect of the Scheme and with effect from the Appointed Date and subject to the provisions of the Scheme: The Integration Committee may appoint sub-committees with the consent of the Parties and delegate to such sub-committees such of its powers as it deems fit.
Defunct banks of India Banks established in establishments in India. The combined bank took as its name Centurion Bank of Punjab. All such options to vest on date of filing of the Scheme with the RBI. Foul language Slanderous Inciting hatred against a certain community Others.
The biggest merger in Indian banking is about to happen.
My Saved Articles Sign in Sign up. Your Reason has been Reported to the admin. The respective bank boards are likely to meet on Saturday to consider the merger proposal. The share-swap deal, worth over Rs 10, crore, may be worked around the current market price of Rs 57 a share of CBoP.
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The Centurion Bank of Punjab formerly Centurion Bank was an Indian private sector bank that provided retail and corporate banking services. The global depository receipts with the equity shares of CBoP being the underlying securities shall stand replaced by equity shares of HDFC Bank in the same proportion as the share swap ratio set out in this Scheme.
Scheme of Amalgamation of Centurion Bank of Punjab Limited with HDFC Bank
Centurion bank of Punjab Type. Woes of the West should not worry us: In so far as New Equity Shares are concerned, the same will be distributed in dematerialized form to the equity shareholders of CBoP, provided all details relating acsuisition the account with the Depository Participant are available to HDFC Bank.
Interestingly, the HDFC scrip slipped 3. Retrieved from ” https: This page was last edited on 14 Juneat 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 HDFC Bank on or after 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.
This is the second time after almost six years that these two banks are discussing a merger. NIFTY 50 10, 2.
HDFC Bank, Centurion Bank of Punjab merger swap fixed at 1:29
With effect from the Appointed Date and upon the Scheme becoming effective, all the Liabilities of CBoP shall without further act, instrument or deed also be and stand transferred or deemed to be transferred to HDFC Bank, so as to become the debts, liabilities, duties, undertakings and obligations of HDFC Bank and further that it shall not be necessary to obtain the consent of any third party or other person who centyrion a party to any centurioh or arrangement by virtue of which such debts, liabilities, duties and obligations have arisen in order to give effect to the provisions of the Scheme.
All applicable fringe benefit tax shall be borne by and paid by acuisition respective employees. HDFC Bank and CBoP shall be entitled to declare centuriom pay dividends, whether interim or final, to their respective equity shareholders in respect of the accounting period prior to the Effective Date, such that the total payout is broadly in line with past bqnk percentages in the ordinary course. Mr Bhandari will join the board of the new bank while Rana Talwar is likely to be its non-executive chairman.
Any holding of shares or debt by either bank in the other bank shall stand cancelled. For the purpose of giving effect to the Afquisition 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 centuroon, 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.
To see your saved stories, click on link hightlighted in bold. No decision of the Integration Committee shall be valid unless taken unanimously. Upon the Scheme becoming effective, the following stock options granted by CBoP shall stand vested on an accelerated basis: The determination by the RBI as to the value acqusiition the shares to be paid to the dissenting Member shall be final and binding on such dissenting shareholders for all purposes.
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 kf 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.