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Mumbai, June 24 (PTI) The uncertainty over the validity of the voting conducted by shareholders of Bank of Rajasthan (BoR) on its proposed merger with ICICI Bank continued today with its board deciding to seek the RBI view on the matter. BoR managing director and chief executive G Padmanabhan, who was appointed by the Reserver Bank, told PTI that the board, which met here today, took a decision to forward the papers of the proposed merger to the apex bank so that it could decide on the validity of the voting process. "On the validity of voting, a lot of multiple viewpoints and various legal opinions came up at the meeting. The board has decided that the necessary papers for the amalgamation will be sent to RBI," Padmanabhan said. To a query on whether there is any case for conducting another extra-ordinary general meeting, Padmanabhan replied in the negative, saying, "where is the need for another EGM?" According to Padmanabhan, the bank management received different views from legal experts on the validity of the voting conducted by the shareholders on Monday in the absence of the management. On Monday, high drama marked the shareholders meet with a local court in Kolkata staying the EGM only for it to be vacated by the Kolkata High Court after ICICI challenged the lower court''s locus standi in the case. Following the local court, the management cancelled the EGM and vacated the venue. Following this, shareholders elected a chairman from among them and went ahead with the voting. Both BoR and ICICI Bank shareholders had voted in favour of the merger of the two entities at a swap ratio of 1:4.72. ICICI Bank last month agreed to take over BoR in a share-swap deal that valued the latter at over Rs 3,000 crore. The share swap ratio was fixed at one ICICI Bank share for every 4.72 shares of BoR. Both banks can proceed with the merger only if the shareholders approve the swap ratio.
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