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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By George Smith Alexander. Extent of Accelerated Vesting. NIFTY 50 10, 2.
These shares were to be released at a Choose your reason below and click on the Report button. 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 those of HDFC Bank.
HDFC Bank to acquire Centurion Bank of Punjab – Banknet India
The determination by the RBI as to the value of the shares to be paid to the dissenting Member shall be final and binding on such dissenting shareholders for all purposes.
For the purpose of giving effect to the Scheme 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 necessary, 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.
Save as contemplated in this Scheme of Arrangement, no proposal shall be taken to the respective Boards by either Party unless the same is in compliance with Clause 8. To see your saved stories, click on link hightlighted in bold. The shortfall, if any, in the event of a deficit, occurring whilst giving effect to the adjustments hereinabove, shall be debited to General Reserve.
Defunct banks of India Banks established in establishments in India. Holders of global depository receipts with the equity shares of CBoP being the underlying securities shall become entitled to American Depository Shares of HDFC Bank with the underlying securities being the New Equity Shares in the proportion of one equity share of Rs. 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.
Centurion Bank of Punjab to merge with HDFC Bank
Bank of Punjab also had been founded in The Centurion Bank of Punjab formerly Centurion Bank was an Indian private sector bank that provided retail and corporate banking services. The Scheme is specifically conditional upon and subject to: Such trust shall dispose of the aggregate of all such fractional holdings and distribute the net proceeds after deduction of expenses incurred to the respective Members of CBoP in proportion to their respective fractional entitlements.
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 biggest merger in Indian banking is about to happen. The share-swap deal, worth over Rs 10, crore, may be worked around the current market price of Rs 57 a share of CBoP. The face value of these shares were at Re 1. 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 and 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.
While last time it fell through on valuation reasons, what has worked this time is the personal equation between the top brass of the two banks. India Inc to face difficulty in fund raising.
HDFC Bank, Centurion Bank of Punjab merger swap fixed at – BUSINESS – The Hindu
Acquisltion Bank and CBoP may pending sanction of the Scheme by RBI make or assent, from time to time, on behalf of all persons concerned to any modifications or amendments to the Scheme or to any conditions or limitations which the RBI or any other relevant or concerned authority under Law may direct or impose or which may otherwise be considered necessary, and may do and execute all acts, deeds, instruments, matters and things necessary for putting the Scheme into effect, or for the purpose of better structuring and effective implementation of the Scheme.
HDFC Bank shall give a notice by a publication in a widely circulated newspaper in India to its contract counter parties, debtors or depositees, as the case may be, that pursuant to the order of the RBI having sanctioned the Scheme, the said debt, loan, advances, etc.
The Transferor Bank and the Transferee Bank intend that pursuant to the consolidation to be effected through this Scheme, a strong bank with puniab 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 combined bank took as its name Centurion Bank of Punjab. Any declaration or payment of dividend inconsistent with past practice and outside the ordinary course shall be subject to the prior approval of the Board of Directors of each of HDFC Bank and CBoP, and in accordance with applicable Law.
Drag according to your convenience. In respect of moveable assets of CBoP other than those specified in sub-Clause 4. Upon coming into effect of the Scheme and with effect from the Appointed Date and subject to the provisions of the Scheme: 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 is a party to any contract 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.
Stock trading could be injurious to your health.
HDFC Bank, Centurion Bank of Punjab merger swap fixed at 1:29
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 that 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.
Upon the Scheme becoming effective, the following stock options granted by CBoP shall stand vested on an accelerated basis: This is bajk second time after almost six years that these two banj are discussing a merger. My Saved Articles Sign in Sign up. Upon the Scheme becoming effective, in connection with the global depository receipts with the equity shares of CBoP being the underlying securities, the Board of HDFC Bank may take any of the following actions at its sole discretion: On 29 Junethe boards of directors of Centurion Punjaab and Bank of Punjab agreed to a merger of the two bakn.
Reserve Bank of India. All applicable fringe benefit tax shall be borne by and paid by the respective employees. Are you a Business Owner?
The transfer and vesting of Liabilities, as aforesaid, shall be subject to subsisting charges, if any, in respect of any Assets. All such options to vest on date of filing of the Scheme with the RBI.