The Mumbai High Court will give the final order on the reverse merger of ICICI with ICICI Bank to April 11.
Today, the court made it clear that it would not go into the merits of the swap ratio arrived at by the expert valuer unless it is fraudulent or unfair or illegal. The court also would not get into the technicalities of the merger, Justice D K Deshmukh said.
ICICI, therefore, will not be able to get the approval of the Reserve Bank of India for the merger before March 30, the scheduled date for the merger to take effect.
ICICI executive director Kalpana Morparia said:
