Talk:Bank of Rajasthan
|WikiProject India / Rajasthan||(Rated Stub-class, Low-importance)|
The Bank of Rajasthan has not yet merged with ICICI. For merger A approval of Regulatory Authority (Reserve Bank of India and Security Exchange Board of India and Concerned Judicial Authorities) is required. There are very less chances of merger because of scams organised by the authorities ( Investigation is under process) at bank of Rajasthan Ltd.
In the above link following informations are given which are self explinatory. Promoters Tayal family had recently run into a regulatory trouble with Sebi and RBI over its stake holding. Tayal family has about 55% stake and it needs to bring it down to 10%. The BoR plunged into a crisis early this year after Reserve Bank slapped Rs 25-lakh fine on the bank for alleged violation of various norms.
These include irregularities in transactions and misrepresentation of documents, norms pertaining to anti-money laundering, Know Your Customer and irregularities in the conduct of accounts of a corporate group.
In March, Sebi banned 100 entities including Tayal Group firms from all stock market-related activities for fraudulently hiking the promoter holding in the bank, while conveying the impression that they were reducing their shareholding.
Extra ordinary general meeting of shareholders of Bank of rajasthan which was scheduled to held at Bombay on 21-6-2010 for approval of merger is cancelled. Today i.e. on 21-06-2010 Calcutta High Court and Jaipur High court has accepted the apeal filed against merger and directed that merger will not affected till futher order of court. The Bank of Rajasthan Ltd is Still The Bank of Rajasthan Ltd not ICICI Bank. —Preceding unsigned comment added by 126.96.36.199 (talk) 10:06, 21 June 2010 (UTC)