Bank of Rajasthan board meets today
Wednesday, June 23, 2021 5:52 PM

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Mumbai, June 23

The board of Bank of Rajasthan is meeting on Thursday to consider the legal opinion on the validity of the extraordinary general meeting (EGM) conducted by the shareholders themselves on Monday.

The board meeting has been convened to consider the advice of the bank's solicitors on the validity of the shareholders-conducted EGM. The board will also debate on how best to take the merger process forward and ensure compliance with regulatory prescriptions, said Mr G. Padmanabhan, Managing Director and CEO, Bank of Rajasthan. Once the shareholders approve the merger, the bank will have to seek RBI clearance.

The merger of Bank of Rajasthan with ICICI Bank (NYSE:IBN) has been marred by uncertainty since Monday, when the management of Bank of Rajasthan cancelled the EGM after a shareholder had got a stay order against the meeting. This order was subsequently overruled by the Calcutta High Court after ICICI Bank approached the court.

Bank of Rajasthan had sought the opinion of its solicitors, Fox Mandal, on whether the decision taken by the shareholders is legally binding on the bank as the meeting was conducted by the shareholders after the management cancelled the EGM.

Both Bank of Rajasthan and ICICI Bank had convened EGMs on June 21 to seek shareholder approval for the amalgamation of BoR with ICICI Bank.

The shareholders of Bank of Rajasthan had approved the merger with an 85 per cent majority.

Bank of Rajasthan's scrip ended marginally up at Rs 176.75 on the BSE on Wednesday.

The board will also debate on how best to take the merger process forward and ensure compliance with regulatory prescriptions



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