HC notice to RBI, BoM on ICICI Bank merger

On January 19 last, an extra-ordinary general meeting of BoM shareholders held at Madurai, overwhelmingly voted in favour of the proposal to merge BoM with ICICI Bank.

Of the 5,062 votes cast by shareholders, who were presented by proxy in keeping with statutory requirements, 5,051 votes were cast, endorsing a resolution for the amalgamation, while 11 had voted against it.

Claiming that the group in favour of the merger held less than 18.71 per cent stake in BoM, the petitioner said the group was trying to ‘oppress’ small-time shareholders, who held over 60 per cent shares in the bank.