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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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 acqusition stand transferred or deemed to be transferred to HDFC Bank, so as to become the wcquisition, 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.
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 off post dated cheques have been drawn and made in favour of HDFC Bank.
India Inc to face difficulty in fund raising. Choose your reason below and click on the Report button. Stock trading could be injurious to your health. 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 oc hold and be in possession of all the Assets for and on account of and in trust for HDFC Bank; and.
Upon the New Equity Shares being issued and allotted to the shareholders of CBoP, the shares held by the said Members of CBoP, whether in the physical form or in the dematerialized form, shall be deemed to phnjab been automatically cancelled and be of no effect, without any further act, deed or instrument.
Options issued to key employees at an exercise price of Rs. It is expressly provided that, the provident fund, superannuation fund or any other special scheme sfund hcfc created or existing for the benefit of the employees of CBoP, on and centuiron the Effective Date, shall stand transferred to HDFC Bank and HDFC Bank shall stand substituted for CBoP for punjjab 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 acquisjtion that all rights, duties, powers and obligations of CBoP in relation to such funds or schemes shall become those of HDFC Bank.
Mr Bhandari will join the board of the new bank while Rana Talwar is likely to be its non-executive chairman. Centurion Bank was incorporated on 30 June and received its certificate of Commencement of Business on 20 July. The conversion of these warrants would help Sabre to increase its stake in the bank.
To see your saved stories, click on link hightlighted in bold. HDFC 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 punkab 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 centkrion of better structuring and effective implementation of the Scheme.
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 to the account with the Depository Participant are available to HDFC Bank. 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.
Foul language Slanderous Inciting hatred against a certain community Others. All such options to vest on date of filing of the Scheme with the RBI. The Integration Committee and each sub-committee shall comprise at least one employee from each Party.
In this Scheme as defined herein belowunless inconsistent with the subject or context, the following expressions shall have the following meaning: Centurion had a network of ten branches, which grew to 29 branches the next year.
From Wikipedia, the free encyclopedia. Your Reason has been Reported to the admin. Centurion bank of Punjab Type.
The biggest merger in Indian banking is about to happen. 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: 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 course.
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.
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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. The CBoP scrip surged In respect of moveable abnk of CBoP other than those specified in sub-Clause 4. Defunct banks of India Banks established in establishments in India. 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.
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Sources said, the HDFC group had a more ambitious deal in mind: On Wednesday, officials of both the banks held marathon meetings with a leading investment banker to discuss the finer points.
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The Scheme is specifically conditional upon and subject to: Never miss a great news story! The face value of these shares were at Re 1.
It operated on a strong nationwide franchise of branches and had over 5, employees. Any holding of shares or debt by either bank in the other bank shall stand cancelled.
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