Voting took place yesterday at the extra ordinary
general meeting of IndusInd Bank for the proposed merger
of Ashok Leyland Finance Ltd (ALFL), a non-banking finance
company, with the bank. The results are expected to be
on March 16, the shareholders of ALFL had given their
approval for such a merger at the AGM in Chennai.
to newspersons, Mr Bhaskar Ghose, Managing Director, IndusInd
Bank, said that the bank was poised to grow substantially
with the acquisition of ALFL, which has assets over Rs
2,500 crore, and the customer base would increase by five
appointed date of the scheme is April 1, 2003. The shareholders
of both entities have cleared the merger and formal approval
from the High Courts of Mumbai and Chennai are awaited.
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