Ramon House, the company headquarters of the erstwhile HDFC, with HDFC Bank branding in Mumbai, on July 1, 2023. After the merger of HDFC Ltd into HDFC Bank, the most important non-public sector lender has began rebranding the workplaces of its erstwhile dad or mum with its colors.
| Photo Credit: PTI
HDFC Bank Ltd., on July 1, mentioned that the Composite Scheme of Amalgamation for the merger of HDFC Investments Limited and HDFC Holdings Limited, the wholly-owned subsidiaries of the Housing Development Finance Corporation (HDFC) Limited with and into HDFC Limited; and HDFC Limited, with and into HDFC Bank Limited has turn into efficient from July 1, 2023 with the all of the entities submitting the licensed approval copy of the NCLT with the Registrar of Companies. The rebranding was being completed since early morning on July 1.
The board of HDFC Bank and HDFC Ltd. on June 30 accepted the merger efficient July 1, 2023.
As a results of the merger changing into efficient, HDFC Investments and HDFC Holdings have been amalgamated with and into HDFC Limited, and have stood dissolved with out being wound up, with none additional act or deed, on July 1, 2023.
HDFC Limited stands dissolved
HDFC Limited has been amalgamated with and into HDFC Bank, and HDFC Limited has stood dissolved with out being wound up, with none additional act or deed, on July 1, 2023, the financial institution mentioned.
The authorised share capital of HDFC Bank has robotically stood elevated on account of switch to and amalgamation/mixture of authorised capital of HDFC Limited.
The subsidies of HDFC Limited, together with HDFC Life Insurance Company Limited, HDFC Asset Management Company Limited and HDFC Ergo General Insurance Company Limited, have turn into subsidiaries of HDFC Bank with impact from July 01, 2023.
HDFC Bank has additionally turn into the promoter of the 2 insurance coverage firms.
With the merger HDFC Bank has turn into co-sponsor of HDFC Mutual Fund, a mutual fund registered with SEBI beneath the SEBI (Mutual Funds) Regulations, 1996, rather than HDFC Limited with impact from July 1, 2023.
Starting July 1, the workplaces of Directors and Key Managerial Personnel of HDFC Investments, HDFC Holdings and HDFC Limited have stood vacated.
The financial institution mentioned that it has began formalities for cancellation of registration certificates, for HDFC investments, HDFC Holdings and HDFC Limited, as non-banking monetary firms/housing finance firm, which have been issued by the Reserve Bank.
