New Delhi, Oct 15 (PTI) The National Company Law Tribunal (NCLT) has ordered HDFC Bank to convene a meeting of its shareholders next month to get approval for the proposed amalgamation of the parent HDFC Ltd into itself.

In August, the private sector lender had e-filed a joint company scheme application with the NCLT for the composite scheme of amalgamation involving merging two subsidiaries of HDFC Ltd into the parent company, and HDFC Ltd into HDFC Bank.

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The composite scheme of amalgamation involves amalgamation of two wholly owned subsidiaries --HDFC Investments Ltd and HDFC Holdings Ltd -- of Housing Development Finance Corporation Ltd (HDFC Ltd), with and into HDFC Ltd, and of HDFC Ltd with and into HDFC Bank.

Based on the said joint company scheme application, HDFC Bank has received the order today from the NCLT, directing HDFC Bank, to convene the meeting of its equity shareholders through video conferencing on November 25, 2022 for approving the amalgamation scheme, HDFC Bank said in a regulatory filing.

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In the order, NCLT has asked the chairman of the scheduled meeting for November 25 to report to the tribunal on the result within seven days of the meeting.

"The report of chairman shall be filed before this tribunal by the chairman himself," NCLT said in the order.

In a related development, the lender said capital markets regulator Sebi has granted its approval to HDFC Property Ventures Ltd (HPVL) for the proposed change in control of the company. HPVL, a wholly-owned subsidiary of HDFC Ltd, is an investment adviser registered with Sebi.

HPVL is required to obtain a fresh certificate of registration within 6 months before getting the previous registration cancelled.

In April this year, the board of directors of HDFC Bank and HDFC Ltd had approved the merger of the latter (parent) into the former (subsidiary).

The parent-subsidiary duo have received no-objection letters from stock exchanges, Reserve Bank of India, Pension Fund Regulatory and Development Authority and Competition Commission of India.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)