BoR shareholders okay merger with ICICI Bank, say sources | india | Hindustan Times
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BoR shareholders okay merger with ICICI Bank, say sources

india Updated: Jun 22, 2010 17:44 IST

PTI
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Shareholders of Bank of Rajasthan, who cast their votes in a controversial Extraordinary General Meeting on the bank's merger with ICICI Bank, are understood to have approved the deal.

"The shareholders have given their nod to the amalgamation but the validity of the process is still under examination by legal experts," a source in the know said.

However, it is learnt that the shareholders are yet to communicate to the bank management about the outcome of the voting.

Meanwhile, ICICI Bank today said its shareholders have approved the merger of Bank of Rajasthan with itself by an overwhelming majority.

High drama marked the shareholders' vote on Bank of Rajasthan's merger with ICICI Bank yesterday, with a local court in Kolkata staying the extraordinary general meeting (EGM) only for it to be vacated by the High Court a few hours later.

With just minutes to go before the start of the EGM, BoR's Company Secretary announced that its Managing Director had received a facsimile from an advocate in Kolkata stating that the meeting was stayed by a court there.

Livid at the cancellation of the EGM in Mumbai, about 1,000 shareholders started raising slogans. They then went ahead with the voting, with one of them--Dinesh Vrijlal Lakhani--chairing the session.