The NCLT’s Guwahati bench gave its sanction for the scheme of arrangement and amalgamation between slice and North East Small Finance Bank
In March this year, the Competition Commission of India greenlit the proposed merger
Having received the NCLT’s approval, the companies will announce the effective merger date and details of the merged entity in the coming months
The National Company Law Tribunal (NCLT) has given its nod for the merger of fintech unicorn slice with North East Small Finance Bank (NESFB), months after the Competition Commission of India (CCI) greenlit the proposed merger.
The Tribunal’s Guwahati bench gave its sanction for the Scheme of Arrangement and Amalgamation involving slice parent Garagepreneurs Internet Pvt Ltd (GIPL), GIPL’s NBFC Quadrillion Finance Pvt Ltd, the fintech unicorn’s subsidiary Intergalactory Foundry Pvt Ltd, RGVN (North East) Microfinance Limited, and the NESFB on August 19 (Monday), slice said in a statement
With this, the companies are set to announce the effective merger date and details of the merged entity in the coming months.
The customers of the combined entity can look forward to an expanded range of products, enhanced omni-channel offerings, and a seamless banking experience, the statement said.
Since the announcement of the proposed merger in October 2023, the entities have received approvals from the CCI, the Registrar of Companies (RoC), and the Regional Director (RD), as well as no objection certificates from the Reserve Bank of India (RBI) and the Income Tax Department.
“This merger represents not just a milestone, but a testament to our shared dedication to redefining banking experiences and expanding accessibility for all. We are excited to merge with NESFB, and together, we will continue to innovate and strengthen financial access, technology driven banking systems, and customer service,” slice founder and CEO Rajan Bajaj said in the statement.
