Mumbai: The Board of Directors of the IDFC on Tuesday approved the mergger scheme of the Alternative IdFC weapons fully owned, the IDFC Trustee Company and IDFC into him as part of the simplification of the company’s structure.
Last month, as part of the restructuring, IDFC board and the IdFC financial company had appointed Citigroup Global Markets India as an investment banker for the divestment of the IdFC assets management company.
In July this year, the IDFC received clarification from the RBI which confirmed that after the end of the five-year key period, the IDFC could come out as the first IDFC bank promoter.
The step was seen by analysts as a precursor for the bank’s reverse merger with IDFC.
IDFC has five direct subsidiaries – IDFC projects, idfc financial companies, IDFC foundations, IDFC alternatives and IDFC Trustee Company.
The management of IDFC has faced heat from shareholders and analysts due to the lack of clarity about the problem of the back merger with IDFC First Bank.
In September, IDFC shareholders rejected the proposal to reassess Vinod Rai, former comptroller and general auditor, as director.
Rai is also a non-executive chairman of the company.
Shareholders take a difficult attitude about removal again because they are not happy with management communication regarding future plans.
There is speculation that IDFC might look for merges with other financial institutions.
The board also appointed Anita Belani as an additional director for three years, subject to the approval of shareholders.
Belani is a co-founder and emotional partner, a mental health company specializing in counseling, therapy and coaching.