Bank of Raj EGM approves ICICI merger

Bank of Rajasthan shareholders on Monday voted on a merger deal with ICICI Bank, which got a stay vacated on BoR’s extraordinary general meeting.

Bank of Rajasthan (BoR) shareholders on Monday voted on a merger deal with ICICI Bank, which got a stay vacated on BoR’s extraordinary general meeting (EGM).

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The meeting to approve the merger of Udaipur-based BoR with ICICI Bank got off to a chaotic start, when the BoR management said it was cancelling the meet following a stay obtained by an investor from a civil court.

However, the shareholders decided to go ahead with the voting after taking legal opinion, even as BoR announced it was cancelling the meet.

But ICICI Bank went to Calcutta High Court and got a stay on the injunction given by the local court.