The Bombay High Court today called for the Reserve Bank of India (RBI)-commissioned independent report on the proposed merger of ICICI with ICICI Bank. It has directed the central bank to submit the report within seven days.
The next date of the statutory hearing on the merger petition has been set at March 28, 2002. The Gujarat High Court has already given the green signal to the merger, slated to take place on March 31.
In the statutory hearing on the merger, minority shareholders, led by Janak Mathradas, G S Reddy and Aspi Bhesania, contested the swap ratio of two shares of ICICI for one share of ICICI Bank was unfavourable to the financial institution
