Friday, April 22, 2016

Chancellor Angela Merkel’s Christian Democratic Union (CDU) is at its lowest level of support since 2011, according to polls published on Friday. Just 33 percent of Germans would vote for the CDU if there were a general election this week, the Deutschlandtrend survey for public broadcaster ARD found. This is a fall of one percentage point since March and a far cry from the 41.5 percent the center-right party achieved at the last national elections in 2013, the Local said. Pollster Infratest Dimap said that 67 percent of people did not trust in the current government to fend off the risk of old-age poverty in the future. Fifty-two percent of respondents say the government could not get the refugee situation under control, while 46 percent think the opposite.
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Piloot meets Trippy Sama

Alliance Française de Delhi & AntiSocial
present
Piloot meets Trippy Sama
Saturday, 30th April 2016, 9pm
AntiSocial, 9A & 12, Hauz Khas Village, New Delhi – 16

AF Delhi is all set to welcome PILOOT at antiSOCIAL HKV where they will tune in with the Trippy Sama to create an unforgettable fusion. PILOOT, a trio of «Trans-Improvised» which is composed of the flautist Florian Guibert, the double bassist Cyrille de Haes and the drummer Jean-Philippe De Gheest.
In search of new sensations, this powerful trio seeks the exchange with local groups in the cities they visit. PILOOT takes from how fine arts work matter and sculpt the sound. Original, instantaneous and always in search of new  experiences PILOOT transports its audience into an interactive energy where they impact colors and shapes of the soundscape.
During their tour in India they will create fusion with Indian artists in several cities under the umbrella of Alliance  Francaises. In Delhi they will rencontre with The ”Trippy Sama”, a group of musicians came together in New Delhi, on the basis of sharing classical music knowledge, from different countries and musical backgrounds.
Trippy Sama believe in the cosmic connection amongst themselves and every ear in the world, aiming at natural healing by the power of trippy sounds giving the listeners a mysterious, intense and an emotional experience.
Trippy Sama is a world music project reflecting meditative ambient and Indian classical music performed by: Arman Ali, Kartikeya Vashisht, Bintang Manira Manik, Makrand Sanon, Hemant Chakraborty and Jayant Parashar.
Save the date to witness this awe-inspiring fusion of East & West.
for more information write to culture@afdelhi.org
Best Regards
GAURAV ARYA
Culture & Communication Coordinator
(+91) 11-43-500-217
72, KK Birla Marg, Lodi Estate, New Delhi – 110003

Will Saudi Arabia Destabilize global Financial Markets?

Will Saudi Arabia Destabilize global Financial Markets?
Prof R Vaidyanathan                                                                                            18 April 2016                                

At the heart of the matter is 28 pages of the original Congressional report which probed the 9/11 attack on twin towers. These 28 pages were never released since it is supposed to link some members of Kingdom of Saudi Arabia as abettors of that crime.
Now the US Congress is considering a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks.
As of now the bill is unexpected in a Congress divided by bitter partisanship, especially during an election year. It is sponsored by Senator John Cornyn, Republican of Texas, and Senator Chuck Schumer, Democrat of New York. It has the support of an unlikely coalition of liberal and conservative senators, including Al Franken, Democrat of Minnesota, and Ted Cruz, Republican of Texas—who is in the race for GOP nomination. It passed through the Judiciary Committee in January without dissent.

Saudi officials have long denied that the kingdom had any role in the Sept. 11 plot, and the 9/11 Commission found “no evidence that the Saudi government as an institution or senior Saudi officials individually funded the organization.” But critics have noted that the commission’s narrow wording left open the possibility that less senior officials or parts of the Saudi government could have played a role. Suspicions have lingered, partly because of the conclusions of a 2002 congressional inquiry into the attacks that cited some evidence that Saudi officials living in the United States at the time had a hand in the plot.
Those conclusions, contained in 28 pages of the report, still have not been released publicly.
Now Saudi Arabia threatens to off –load its holdings of nearly USD 750 Billions of US treasury bills etc. if US congress proceeds further which might end up large number of claims from KSA by affected citizens. According to a report in New York Times the foreign minister of KSA has given this threat and it could impact markets severely.
There is lots of concern among the Obama administration regarding the fall of the proposed bill. It is argued that it will affect the US actions abroad since foreigners will be able to legally question actions of US citizens in their jurisdiction. But the proponents argue that the bill can be narrowly drawn to cover only terror related activities like 9/11 on US soil.
Obama administration seems to be more worried about fallout of exposing the possible role of some Saudi elites in the terror attacks than about the de-stabilization of markets due to unloading of huge Saudi holdings.
The nature of relationships which Bush and Cheney had with KSA leaders might also be brought into question. The US involvement in KSA is very substantial –military/diplomatic/economic- and there is a concern that this bill might unravel the whole lot of that.
That is one of the major reasons that the 28 pages of the Congressional report was classified as “super confidential” and never got released.
The 60 minute segment of CBS news talked about the 28 pages recently. It says
Is it sensitive Steve, might it involve opening a bit of can of worms, or some snakes crawling out of there, yes. That’s how the latest “60 Minutes”segmentended. [CBS News—10th April 2016]
The comment was in reference to the final chapter of a Congressional investigative report into 9/11 that has been left out of the report due to it being classified. The congressional investigative report is a report that was completed and handed over to the 9/11 commission, who ultimately produced the final “official” report.
The 28 pages that were classified have only been seen by a select few, and allegedly have to do with details around the existence of a possible Saudi support system for the hijackers while they were in the US among other implications of official Saudi involvement.
The push to declassify the documents is being led by then Chairman of the Senate Select Committee on Intelligence, former Senator Bob Grahm (D-FL), who has been a strong advocate of the documents being declassified since the Bush administration classified them due to matters of national security back in 2003.
Point blank, the Democratic senator said the hijackers were “substantially” supported by Saudi government, as well as charities and wealthy people in that country. 
Congressional member Graham [D-FL] was more explicit
“I think it is implausible to believe that 19 people, most of whom didn’t speak English, most of whom never been in the United States before, many of whom didn’t have a high school education, could’ve carried out such a complicated task without some support from within the United States,” Graham said.
For now only a handful of people know for sure: those who have seen the contents of the 28 classified pages. And here are some notable quotes by those that have actually read these 28 pages:
I think it is implausible to believe that nineteen people, most of whom didn’t speak English, most of whom had never been in the United States before, many of whom didn’t have a high school education, could have carried out such a complicated task without some support from within the United States.
Interviewer: You believe that support came from Saudi Arabia
Grahm: Substantially
Interviewer: When you say the Saudis you mean the government, rich people in the country, charities
Grahm: All of the above
You can’t provide the money for terrorists and then say I don’t have anything to do with what they were doing.
In general, the 9/11 commission did not get every single detail of the conspiracy. We didn’t have the time, we didn’t have the resources. And we certainly didn’t pursue the entire line of inquiry in regards to Saudi Arabia.
The papers are currently locked in a guarded vault beneath the Capitol called a Sensitive Compartmented Information Facility (SCIF). Very few people have access to these sites, and
According to other reports
Actually, the kingdom’s involvement was deliberately covered up at the highest levels of our government. And the cover-up goes beyond locking up 28 pages of the Saudi report in a vault in the US Capitol basement. Investigations were throttled. Co-conspirators were let off the hook.
Case agents I’ve interviewed at the Joint Terrorism Task Forces in Washington and San Diego, the forward operating base for some of the Saudi hijackers, as well as detectives at the Fairfax County (Va.) Police Department who also investigated several 9/11 leads, say virtually every road led back to the Saudi Embassy in Washington, as well as the Saudi Consulate in Los Angeles.
Yet time and time again, they were called off from pursuing leads. A common excuse was “diplomatic immunity.”
There are also reports that Saudi citizens were flown out of US immediately after 9/11 went there was actually a blanket ban on any flights.
After he—Bander—then Ambassador of KSA to USA– met on Sept. 13, 2001, with President Bush in the White House, where the two old family friends shared cigars on the Truman Balcony, the FBI evacuated dozens of Saudi officials from multiple cities, including at least one Osama bin Laden family member on the terror watch list. Instead of interrogating the Saudis, FBI agents acted as security escorts for them, even though it was known at the time that 15 of the 19 hijackers were Saudi citizens.
But interestingly how much KSA holds in US assets is not clear since
“Their actual composition remains as a secret, because while the US discloses the explicit Treasury holdings of all other nations, Saudi Arabia’s holdings, for some unknown reason, are not officially disclosed.
“It’s a secret of the vast U.S. Treasury market, a holdover from an age of oil shortages and mighty petrodollars,Bloomberg wrote of Saudi Arabia’s US Treasury holdings.
As a matter of policy, the Treasury has never disclosed the holdings of Saudi Arabia, long a key ally in the volatile Middle East, and instead groups it with 14 other mostly OPEC nations including Kuwait, the United Arab Emirates and Nigeria,” Bloomberg goes on to note, adding that the rules are different for almost everyone else. Although Saudi Arabia’s “secret” is protected by “an unusual blackout by the U.S. Treasury Department,” for more than a hundred other countries, from China to the Vatican, the Treasury provides a detailed breakdown of how much U.S. debt each holds.”
The Obama administration, meanwhile, is far less concerned about the market impact of a Saudi liquidation, and far more worried what a real inquiry into the Saudi role of Sept.11 would reveal (and who it would implicate) and as a result is building straw man arguments that the legislation would put Americans at legal risk overseas. In fact, as the NYT reports, “Obama has been lobbying so intently against the bill that some lawmakers and families of Sept. 11 victims are infuriated. In their view, the Obama administration has consistently sided with the kingdom and has thwarted their efforts to learn what they believe to be the truth about the role some Saudi officials played in the terrorist plot.”
“It’s stunning to think that our government would back the Saudis over its own citizens,” said Mindy Kleinberg, whose husband died in the World Trade Centre on Sept. 11 and who is part of a group of victims’ family members pushing for the legislation.
Stunning indeed, and yet that’s precisely who the “U.S.” president sides with when attempting to get to the bottom of the 2001 terrorist attacks”.
[http://www.zerohedge.com/news/2016-04-16/saudi-arabia-threatens-us-it-will-liquidate-its-treasury-holdings-if-congress-passes]
Increasingly it is becoming clear that those 28 pages contain explosive information on the role of Saudis in 9/11 attack. It will clearly will come out –more of when than if—and if Saudis as threatened off load its billions of asset holding and the global markets will not be what they are.
Interestingly Obama is traveling to KSA this week and whether this issue will dominate is a matter of interest since both the democratic contenders Hillary Clinton and Bernie Sanders have supported the release of the 28 pages.
Already Global markets are reeling under possible recession forecast for USA and bond markets in particular are in turmoil. Many of the bigger banks are in doldrums and a looming threat of Brexit –Britain leaving EU- is making the situation grim.
USA has to choose between punishing the perpetrators of terror –whosoever they are- and turmoil in part of the global markets due to KSA sale of its assets.
______________
Professor of finance at IIMB—views personal

    ______________________         
                R.VAIDYANATHAN                                                         
                PROFESSOR OF FINANCE                                             
                INDIAN INSTITUTE OF MANAGEMENT                 
                BANNERGHATTA ROAD
                BANGALORE
                INDIA_560076

Will Saudi Arabia Destabilize global Financial Markets?

Will Saudi Arabia Destabilize global Financial Markets?
Prof R Vaidyanathan                                                                                            18 April 2016                                

At the heart of the matter is 28 pages of the original Congressional report which probed the 9/11 attack on twin towers. These 28 pages were never released since it is supposed to link some members of Kingdom of Saudi Arabia as abettors of that crime.
Now the US Congress is considering a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks.
As of now the bill is unexpected in a Congress divided by bitter partisanship, especially during an election year. It is sponsored by Senator John Cornyn, Republican of Texas, and Senator Chuck Schumer, Democrat of New York. It has the support of an unlikely coalition of liberal and conservative senators, including Al Franken, Democrat of Minnesota, and Ted Cruz, Republican of Texas—who is in the race for GOP nomination. It passed through the Judiciary Committee in January without dissent.

Saudi officials have long denied that the kingdom had any role in the Sept. 11 plot, and the 9/11 Commission found “no evidence that the Saudi government as an institution or senior Saudi officials individually funded the organization.” But critics have noted that the commission’s narrow wording left open the possibility that less senior officials or parts of the Saudi government could have played a role. Suspicions have lingered, partly because of the conclusions of a 2002 congressional inquiry into the attacks that cited some evidence that Saudi officials living in the United States at the time had a hand in the plot.
Those conclusions, contained in 28 pages of the report, still have not been released publicly.
Now Saudi Arabia threatens to off –load its holdings of nearly USD 750 Billions of US treasury bills etc. if US congress proceeds further which might end up large number of claims from KSA by affected citizens. According to a report in New York Times the foreign minister of KSA has given this threat and it could impact markets severely.
There is lots of concern among the Obama administration regarding the fall of the proposed bill. It is argued that it will affect the US actions abroad since foreigners will be able to legally question actions of US citizens in their jurisdiction. But the proponents argue that the bill can be narrowly drawn to cover only terror related activities like 9/11 on US soil.
Obama administration seems to be more worried about fallout of exposing the possible role of some Saudi elites in the terror attacks than about the de-stabilization of markets due to unloading of huge Saudi holdings.
The nature of relationships which Bush and Cheney had with KSA leaders might also be brought into question. The US involvement in KSA is very substantial –military/diplomatic/economic- and there is a concern that this bill might unravel the whole lot of that.
That is one of the major reasons that the 28 pages of the Congressional report was classified as “super confidential” and never got released.
The 60 minute segment of CBS news talked about the 28 pages recently. It says
Is it sensitive Steve, might it involve opening a bit of can of worms, or some snakes crawling out of there, yes. That’s how the latest “60 Minutes”segmentended. [CBS News—10th April 2016]
The comment was in reference to the final chapter of a Congressional investigative report into 9/11 that has been left out of the report due to it being classified. The congressional investigative report is a report that was completed and handed over to the 9/11 commission, who ultimately produced the final “official” report.
The 28 pages that were classified have only been seen by a select few, and allegedly have to do with details around the existence of a possible Saudi support system for the hijackers while they were in the US among other implications of official Saudi involvement.
The push to declassify the documents is being led by then Chairman of the Senate Select Committee on Intelligence, former Senator Bob Grahm (D-FL), who has been a strong advocate of the documents being declassified since the Bush administration classified them due to matters of national security back in 2003.
Point blank, the Democratic senator said the hijackers were “substantially” supported by Saudi government, as well as charities and wealthy people in that country. 
Congressional member Graham [D-FL] was more explicit
“I think it is implausible to believe that 19 people, most of whom didn’t speak English, most of whom never been in the United States before, many of whom didn’t have a high school education, could’ve carried out such a complicated task without some support from within the United States,” Graham said.
For now only a handful of people know for sure: those who have seen the contents of the 28 classified pages. And here are some notable quotes by those that have actually read these 28 pages:
I think it is implausible to believe that nineteen people, most of whom didn’t speak English, most of whom had never been in the United States before, many of whom didn’t have a high school education, could have carried out such a complicated task without some support from within the United States.
Interviewer: You believe that support came from Saudi Arabia
Grahm: Substantially
Interviewer: When you say the Saudis you mean the government, rich people in the country, charities
Grahm: All of the above
You can’t provide the money for terrorists and then say I don’t have anything to do with what they were doing.
In general, the 9/11 commission did not get every single detail of the conspiracy. We didn’t have the time, we didn’t have the resources. And we certainly didn’t pursue the entire line of inquiry in regards to Saudi Arabia.
The papers are currently locked in a guarded vault beneath the Capitol called a Sensitive Compartmented Information Facility (SCIF). Very few people have access to these sites, and
According to other reports
Actually, the kingdom’s involvement was deliberately covered up at the highest levels of our government. And the cover-up goes beyond locking up 28 pages of the Saudi report in a vault in the US Capitol basement. Investigations were throttled. Co-conspirators were let off the hook.
Case agents I’ve interviewed at the Joint Terrorism Task Forces in Washington and San Diego, the forward operating base for some of the Saudi hijackers, as well as detectives at the Fairfax County (Va.) Police Department who also investigated several 9/11 leads, say virtually every road led back to the Saudi Embassy in Washington, as well as the Saudi Consulate in Los Angeles.
Yet time and time again, they were called off from pursuing leads. A common excuse was “diplomatic immunity.”
There are also reports that Saudi citizens were flown out of US immediately after 9/11 went there was actually a blanket ban on any flights.
After he—Bander—then Ambassador of KSA to USA– met on Sept. 13, 2001, with President Bush in the White House, where the two old family friends shared cigars on the Truman Balcony, the FBI evacuated dozens of Saudi officials from multiple cities, including at least one Osama bin Laden family member on the terror watch list. Instead of interrogating the Saudis, FBI agents acted as security escorts for them, even though it was known at the time that 15 of the 19 hijackers were Saudi citizens.
But interestingly how much KSA holds in US assets is not clear since
“Their actual composition remains as a secret, because while the US discloses the explicit Treasury holdings of all other nations, Saudi Arabia’s holdings, for some unknown reason, are not officially disclosed.
“It’s a secret of the vast U.S. Treasury market, a holdover from an age of oil shortages and mighty petrodollars,Bloomberg wrote of Saudi Arabia’s US Treasury holdings.
As a matter of policy, the Treasury has never disclosed the holdings of Saudi Arabia, long a key ally in the volatile Middle East, and instead groups it with 14 other mostly OPEC nations including Kuwait, the United Arab Emirates and Nigeria,” Bloomberg goes on to note, adding that the rules are different for almost everyone else. Although Saudi Arabia’s “secret” is protected by “an unusual blackout by the U.S. Treasury Department,” for more than a hundred other countries, from China to the Vatican, the Treasury provides a detailed breakdown of how much U.S. debt each holds.”
The Obama administration, meanwhile, is far less concerned about the market impact of a Saudi liquidation, and far more worried what a real inquiry into the Saudi role of Sept.11 would reveal (and who it would implicate) and as a result is building straw man arguments that the legislation would put Americans at legal risk overseas. In fact, as the NYT reports, “Obama has been lobbying so intently against the bill that some lawmakers and families of Sept. 11 victims are infuriated. In their view, the Obama administration has consistently sided with the kingdom and has thwarted their efforts to learn what they believe to be the truth about the role some Saudi officials played in the terrorist plot.”
“It’s stunning to think that our government would back the Saudis over its own citizens,” said Mindy Kleinberg, whose husband died in the World Trade Centre on Sept. 11 and who is part of a group of victims’ family members pushing for the legislation.
Stunning indeed, and yet that’s precisely who the “U.S.” president sides with when attempting to get to the bottom of the 2001 terrorist attacks”.
[http://www.zerohedge.com/news/2016-04-16/saudi-arabia-threatens-us-it-will-liquidate-its-treasury-holdings-if-congress-passes]
Increasingly it is becoming clear that those 28 pages contain explosive information on the role of Saudis in 9/11 attack. It will clearly will come out –more of when than if—and if Saudis as threatened off load its billions of asset holding and the global markets will not be what they are.
Interestingly Obama is traveling to KSA this week and whether this issue will dominate is a matter of interest since both the democratic contenders Hillary Clinton and Bernie Sanders have supported the release of the 28 pages.
Already Global markets are reeling under possible recession forecast for USA and bond markets in particular are in turmoil. Many of the bigger banks are in doldrums and a looming threat of Brexit –Britain leaving EU- is making the situation grim.
USA has to choose between punishing the perpetrators of terror –whosoever they are- and turmoil in part of the global markets due to KSA sale of its assets.
______________
Professor of finance at IIMB—views personal

    ______________________         
                R.VAIDYANATHAN                                                         
                PROFESSOR OF FINANCE                                             
                INDIAN INSTITUTE OF MANAGEMENT                 
                BANNERGHATTA ROAD
                BANGALORE
                INDIA_560076

Take action to free U Gambira!

Dear friendTake action to free U Gambira! No Political Prisoners must be left behind in Burma’s jails!
Despite the recent releases of political prisoners, some still remain in jail. For example, a Saffron Revolution leader, U Gambira, is still behind bars and he urgently needs medical attention.
U Gambira was arrested on 19th January 2016 for allegedly crossing the Thailand-Burma border illegally. He is being charged under the Burma Immigration Act, and currently being detained in Obo Prison in Mandalay. The charges are politically motivated because of his previous political activities.
U Gambira was a leader of the 2007 Saffron Revolution and a former political prisoner. He was arrested in 2007 and sentenced to 68 years in prison. He was brutally tortured and mistreated in prison, and has permanent health problems as a result. He was released in 2012.
On 19th January 2016, he was arrested by around 20 police officers at his hotel room in Mandalay. He was charged under the Burma 1947 Immigration Act for illegally crossing the border and entering the country.  U Gambira, who now lives in Thailand, travelled to Burma to obtain a new passport, and he was able to cross from Thailand into Burma at an official crossing point without facing any problems.
He is currently being detained in Obo prison while his trial continues. He was refused bail despite the fact that he is suffering from physical and mental illness, which requires him to take regular medication.
We want to make sure that no political prisoners are being left behind in Burma’s jails and we still need your help.
You can also write a letter to U Gambira to express your solidarity. Please write to the following address:
U Gambira (aka) Nyi Nyi Lwin
C/O The governor of Obo Prison
Obo Prison
Mandalay
Myanmar
Airmail letter postal cost: From United Kingdom to Myanmar (Burma) will cost £2.25.
Thank you.
Wai Hnin
Burma Campaign UK
Support human rights in Burma. Make a donation here.

Dutch PM seeks answers from Ankara

Dutch Prime Minister says he’s “surprised” and will ask Ankara for clarification following allegations that the Turkish consulate in the Netherlands sent a plea to Turks living in the country to report people insulting President Recep Tayyip Erdogan.
“I am surprised. It’s not clear what the Turkish government aims to achieve with this action,”PM Mark Rutte told journalists during a joint press conference with visiting German Chancellor Angela Merkel in the Dutch city Eindhoven.
Rutte added that he intends for Dutch diplomatic channels to bring up the issue with their Turkish counterparts, following the Turkish General Consulate in Rotterdam making the call to its nationals to report of Ankara’s and Erdogan’s critics.
“Our ambassador in Ankara will ask for an explanation,” he said.
According to the letter which was shared on Twitter, the consulate asked Turkish citizens living in the Netherlands to report“messages from people who are insulting our president, the Turkish nation or Turkey in general,” and subsequently send the“names and the quotes” to the Rotterdam Consulate General.
The Dutch department of the Turkish opposition Republican People’s Party (CHP) said a number of concerned Turks living in the Netherlands have already been in contact.
“People are afraid because they once responded to something critical on Facebook or Twitter for example. They worry about whether they can still go on holiday to Turkey with peace of mind or will they be stopped at the border,” the chairman of the CHP’s Dutch branch Axu Ozalp told the Volkskrant newspaper. “This is very worrying and we therefore also emphatically disapprove of this call.” 
The Turkish consulate in Rotterdam has issued a statement saying that the note was sent by a consular official who used an “unfortunate choice of words,” which were misinterpreted, AFP reports.

RBI issues directions on amalgamation of Private Sector Banks

In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and pursuant to the Section 44A of the Banking Regulation Act, 1949, the Reserve Bank of India issued Amalgamation of Private Sector Banks, Directions, 2016. The provisions of these Directions shall apply to all private sector banks licensed to operate in India by the RBI and to the Non-Banking Financial Companies (NBFC) registered with the RBI. The principles underlying these Directions would be applicable, as appropriate, to public sector banks.
In these Directions, unless the context otherwise requires, the terms herein shall bear the meanings assigned to them below –
· “Private Sector Banks” means banks licensed to operate in India under Banking Regulation Act, 1949, other than Urban Co-operative Banks, Foreign Banks and banks licensed under specific Statutes.
· Amalgamated Company” means the company which is proposed to transfer its business to another company under the scheme of amalgamation.
· “Amalgamating Company” means the company which is to acquire the business of the amalgamated company under the scheme of amalgamation.
Scope: These guidelines shall cover the undernoted situations
· An amalgamation of two banking companies.
· An amalgamation of an NBFC with a banking company.
Amalgamation between two banking companies– In terms of Section 44A of the Banking Regulation Act, 1949, the draft scheme of amalgamation shall be approved by the shareholders of each banking company by a resolution passed by a majority in number representing two-thirds in value of the shareholders, present in person or by proxy at a meeting called for the purpose. Ceiling on voting rights under section 12(2) would apply in the context of section 44A, when there is a poll, to determine whether the resolution has been passed by required majority.
Before convening the meeting for the purposes of obtaining the shareholders’ approval, the draft scheme of amalgamation shall be approved by the Boards of Directors of the two banking companies separately.
While according this approval, the Boards of the banks shall give particular consideration to the following matters:-
· The values at which the assets, liabilities and the reserves of the amalgamated company are proposed to be incorporated into the books of the amalgamating company and whether such incorporation will result in a revaluation of assets upwards or credit being taken for unrealized gains.
· Whether due diligence exercise has been undertaken in respect of the amalgamated company.
· The nature of the consideration, which, the amalgamating company will pay to the shareholders of the amalgamated company.
· Whether the swap ratio has been determined by independent valuers having required competence and experience and whether in the opinion of the Board such swap ratio is fair and proper.
· The shareholding pattern in the two banking companies and whether as a result of the amalgamation and the swap ratio, the shareholding of any individual, entity or group in the amalgamating company will be violative of the Reserve Bank guidelines or require its specific approval.
· The impact of the amalgamation on the profitability and the capital adequacy ratio of the amalgamating company.
· The changes which are proposed to be made in the composition of the board of directors of the amalgamating banking company, consequent upon the amalgamation and whether the resultant composition of the Board will be in conformity with the Reserve Bank guidelines in that behalf.
Amalgamation of an NBFC with a banking company– Where a NBFC is proposed to be amalgamated with a banking company, the banking company shall obtain the approval of the Reserve Bank of India after the scheme of amalgamation is approved by its Board and the Board of NBFC, but before it is submitted to the Tribunal for approval.

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