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By Our Special Correspondent
MUMBAI, MARCH 15. The Bombay Stock Exchange today stated that post-merger of ICICI with ICICI Bank, the merged entity would be called ICICI Bank and would replace ICICI which is now in the BSE 30-share sensitive index (Sensex). The change would be effected on the day ICICI (enters `no dealings') stops trading at the Exchange. PTI reports HC asks RBI to submit report The Mumbai High Court has asked the Reserve Bank of India to submit next week its independent evaluation report on share swap ratio for the proposed merger of ICICI with ICICI Bank. Hearing a petition challenging the merger, Justice D. K. Deshmukh posted the matter for further hearing on March 28. The fair valuation of a report submitted by Deloitte Haskins & Sells (DHS) had recommended share exchange ratio of two shares of ICICI for every one share of ICICI Bank. This valuation was challenged by G. S. Reddy, an officer of the Securities and Exchange Board of India in his individual capacity and also as shareholder of ICICI, saying that the suggested swap ratio "is considered to be unfair on the basis of many aspects." Mr. Reddy, pleading the case himself, contended that according to Sec. 44 (a) of the Banking Regulation Act the dissenting shareholders of merger have the right to get an absolute fair evaluation done by the RBI and get compensated as per the fair price as may be fixed by the apex bank. The petitioner argued that the exchange ratio was unfair as DHS had given more weightage to the book value method for merger of Bank of Madura with ICICI Bank but it had undermined this concept while recommending exchange ratio for the merger of ICICI with ICICI Bank. Mr. Reddy also contended that adequate information was not provided by ICICI for enquiry being conducted by the market regulator into alleged insider trading and unfair trade practices just before the announcement of the proposed merger. HDFC to replace RPL: On the merger of Reliance Petroleum with Reliance Industries, the exchange stated that post-merger, the merged entity to be called Reliance Industries and would be retained in the Sensex. As both RIL and RPL are now in the Sensex, the vacancy created by RPL would be filled by bringing in HDFC. This change would be effected the day RPL stops trading at the exchange. UNI adds: Shareholders to approve RIL-RPL merger The Bombay High Court has directed Reliance Industries to hold a meeting of shareholders on April 8 to consider and approve the merger scheme of Reliance Petroleum with the company. This was conveyed by RIL to the Bombay Stock Exchange today. The boards of directors of RIL and RPL had approved the merger on March 3.
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