HDFC AND CENTURION BANK OF PUNJAB MERGER PDF
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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Click here Cross-border banking consolidation continues The bank is also a strong player in foreign exchange services, personal loans, mortgages and agricultural loans. An order in terms of Clause 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.
Centurion Bank of Punjab merges with HDFC Bank – Banknet India
Get instant notifications from Economic Times Allow Not now You centjrion switch off notifications anytime using browser settings. 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 to 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, duties, powers and obligations of CBoP in relation to such funds or schemes shall become centuruon of HDFC Bank.
The bank serves individual consumers, small and medium businesses and large corporations with a full range of financial products hddc services for investing, lending and advice on financial planning.
The CBoP scrip surged The Scheme as set out herein in its present form shall be effective from the Appointed Date bannk shall be operative from the Effective Date.
Centurion Bank of Punjab
Mr Bhandari will join the board of the new bank while Rana Talwar is likely to be its non-executive chairman. With effect from the Appointed Date and upon the Scheme becoming effective and subject to applicable Law and the provisions hereof all contracts, deeds, tenancies, leases, licenses or other assurances, 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 party or to the benefit of which CBoP may be eligible and which are subsisting or having effect banm 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 pujjab vest in HDFC Bank and may be enforced as fully and effectually as if, instead of CBoP, HDFC Bank had been a party, beneficiary or obligor thereto.
It is clarified that the service of the Employees of CBoP will be treated as having been continued for the purpose of the aforesaid funds or schemes or provisions. In respect of moveable assets of CBoP other than those specified in sub-Clause 4.
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Centurion had a network of ten branches, which grew to 29 branches the next year. The bank’s competitive bak clearly lies in the use of technology and the ability to deliver world-class service with rapid response time.
The shortfall, if any, in the event of a deficit, occurring whilst giving effect to the adjustments hereinabove, shall be debited to General Reserve.
Expenses towards the joint valuation shall be borne by the Parties equally. Your Reason has been Reported to the admin.
Views Read Edit View history. This will alert our moderators to take action Name Reason for reporting: The combined bank took as its name Centurion Bank of Punjab.
Centurion Bank of Punjab – Wikipedia
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. The respective bank boards are likely to meet on Saturday to consider the merger proposal. For the year ended March 31,the bank reported a net profit of INR Stock trading could be injurious to your health. The Scheme has been sanctioned in exercise of the powers contained in Sub-section 4 of Section 44A of the Banking Regulation Act, It is clarified for the avoidance of doubt that the Integration Committee shall not have powers to amend this Scheme.
HDFC Bank, Centurion Bank of Punjab merger swap fixed at 1:29
By George Smith Alexander. NIFTY 50 10, The Centurion Bank of Punjab formerly Centurion Bank was an Indian private sector bank that provided retail and corporate hfdc services. HDFC Bank and CBoP shall be entitled to declare or 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 payout percentages in the ordinary mergfr.
Upon the Scheme becoming effective, the following stock options granted by CBoP shall stand vested on an accelerated basis: The face value of these shares were at Re 1. The transfer of properties and liabilities under Clause 4 above and the continuance of proceedings by or against CBoP shall not affect any transaction or proceedings already concluded by CBoP until the Effective Date, to the end and intent centurrion HDFC Bank accepts and adopts all acts, deeds and things done and executed by CBoP in respect thereto as done and executed on behalf of itself.
Reserve Bank of India.