In this regard,

(a) HDFC Investments, HDFC Holdings and HDFC have each filed the Certified Order vide Form INC28 with the RoC on 01 July 2023, to make Part C of the Scheme effective.

(b) HDFC and HDFC Bank have each, filed the Certified Order vide Form INC-28 with the RoC on 01 July 2023, to make Part D of the Scheme and consequently, entire Scheme effective.

In view of the aforesaid and by virtue of the provisions of the Scheme, inter alia the following outcomes arise:

1) The Scheme has become effective today, i.e. on 01 July 2023 in accordance with Clause 42 of the Scheme.

2) HDFC Investments and HDFC Holdings have been amalgamated with and into HDFC, and have stood dissolved without being wound up, without any further act or deed, on 01 July 2023 with effect from Appointed Date 1 under the Scheme (being end of day on 30 June 2023).

3) HDFC has been amalgamated with and into HDFC Bank, and HDFC has stood dissolved without being wound up, without any further act or deed, on 01 July 2023 with effect from Appointed Date 2 under the Scheme (being 01 July 2023).

4) The authorized share capital of HDFC Bank has automatically stood increased on account of transfer to and amalgamation /combination of authorised capital of HDFC (post amalgamation of HDFC Investments and HDFC Holdings with and into HDFC) with the authorized share capital of HDFC Bank. Accordingly, Clause V. of the Memorandum of Association of HDFC Bank, has stood replaced by the following Clause V:

“V. The Capital of the Company is Rs 1190.61 crore divided into 1190,61,00,000 Equity Shares of Rs 1 each with a power to increase or reduce the share capital.”

5) Subsidiaries of HDFC, including the following two listed companies, have become subsidiaries of HDFC Bank with effect from 01 July 2023: a) HDFC Life Insurance Company
b) HDFC Asset Management Company

Further, the following two insurance companies have also become subsidiaries of HDFC Bank with effect from 01 July 2023:

a) HDFC Life Insurance Company, as mentioned in (a) above; and
b) HDFC Ergo General Insurance Company

HDFC Bank has also become the promoter of the aforesaid insurance companies.

6) HDFC Bank has become co-sponsor of HDFC Mutual Fund, a mutual fund registered with SEBI under the SEBI (Mutual Funds) Regulations, 1996, in place of HDFC with effect from 01 July 2023.

7) The offices of Directors and Key Managerial Personnel of HDFC Investments, HDFC Holdings and HDFC have stood vacated with effect from 01 July 2023.

8) The formalities in relation to cancellation of registration certificates, issued by Reserve Bank of India, for HDFC investments, HDFC Holdings and HDFC, as non-banking financial companies / housing finance company, are being undertake.