The majority shareholders of IDFC First Bank have approved the amalgamation of IDFC Ltd with the bank at a meeting convened by the Chennai bench of the National Company Law Tribunal, the bank informed the stock exchanges on May 17.
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“We wish to inform that the resolution approving the Scheme was passed by overwhelming majority of 99.95 percent of the equity shareholders representing more than three-fourth in value of the equity shareholders of the Bank voting through remote e-voting and e-voting during the meeting, in terms of the provisions of Sections 230-232 of the Companies Act, 2013,” the bank said.
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NCLT too is likely to announce its approvals soon, according to people familiar with the development.
