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HDFC Bank shares jump 10% after merger announcement with HDFC

Speaking on the developments, Keki Mistry, the Vice Chairman and CEO of HDFC said that this merger will make HDFC Bank a large lender even by global standards. The merger will make more room for FII holding in HDFC Bank

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Shares of Housing Development Finance Corporation (HDFC) Bank jumped by 10% each in early trade after the mortgage lender HDFC announced a merger with the bank on Monday.

HDFC Bank share climbed by 9.99% to Rs 1,656.90 against the previous close of Rs 1,506.30 on BSE. Similarly, shares of mortgage lender HDFC gained 10% to Rs 2,696 against the previous close of Rs 2,450.95 today.

The board has approved the merger of its wholly-owned subsidiaries HDFC Investments Limited and HDFC Holdings Limited with HDFC Bank Limited, Mortgage lender HDFC announced today.

As part of the merger between HDFC and HDFC Bank, 42 shares of HDFC Bank would be given for every 25 shares of HDFC.

HDFC will acquire 41% stake in HDFC Bank through the transformational merger after that the HDFC Bank will be 100% owned by public shareholders and existing shareholders of HDFC.

Read Also: Petrol, diesel prices today: Fuel rates hiked again for 12th time in 14 days, check latest rates in Delhi, Patna, Bangalore, Jaipur and other cities

Speaking on the big developments, Keki Mistry, the Vice Chairman and CEO of HDFC said that this merger will make HDFC Bank a large lender even by global standards. The merger will make more room for FII holding in HDFC Bank

The HDFC’s merger with its Bank will be completed by the second or third quarter of the Fiscal Year 2024. The Proposed Transaction shall enable HDFC Bank to build its housing loan portfolio and enhance its existing customer base, the HDFC said.

HDFC Bank, a private sector bank, has a large base of over 6.8 crore customers said that the bank platform will provide a well-diversified low-cost funding base for growing the long tenor loan book acquired by HDFC Bank pursuant to the proposed transaction. A combination of HDFC Limited and HDFC Bank is entirely complementary to, and enhances the value proposition of, HDFC Bank, the bank further said.

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Supreme Court judge calls police assault on CJP protesters very distressing

Supreme Court judge Justice Ujjal Bhuyan criticised alleged police assaults on CJP protesters and raised concerns over excessive force.

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Supreme Court

Supreme Court judge Justice Ujjal Bhuyan has criticised the assault of protesters by police personnel during the recent CJP demonstrations in Delhi, describing the conduct as “very, very distressing” and a matter of serious concern.

Speaking at the launch of retired IPS officer Yashovardhan Azad’s book Policing the Republic, Justice Bhuyan said the detachment expected from police officers appeared to be diminishing.

He expressed concern over young Indian Police Service officers personally participating in the assault of protesters and demonstrators.

Justice Bhuyan stresses need for responsible policing

Justice Bhuyan said effective policing does not require excessive use of force or infringement of human rights. He emphasised that the police play an important role in maintaining public confidence because citizens generally approach the police when they feel they have been wronged.

He said maintaining the credibility of the police force was therefore of “utmost importance”.

The judge’s remarks come amid continuing scrutiny of the police and paramilitary response to the CJP protests in Delhi.

Supreme Court panel to examine police action

The Supreme Court has constituted a high-level panel to investigate allegations concerning the use of force by Delhi Police during the July 20 student protests at Jantar Mantar and the subsequent Parliament march.

The panel, headed by former Supreme Court judge Justice R Subhash Reddy, will examine complaints relating to lathi charges, tear gas, pellet guns and electronic batons. It will also look into allegations of targeted harassment or molestation of female protesters and review available CCTV and video footage.

The police response during the protests has faced criticism, while Delhi Police has maintained that its personnel were also attacked during the clashes.

Judge raises concern over custodial deaths and torture

Justice Bhuyan also spoke about custodial torture and deaths, describing custodial death as one of the gravest crimes in a society governed by the rule of law.

He stressed that torture and cruel, inhuman or degrading treatment cannot be accepted, regardless of whether such conduct takes place during investigation, interrogation or other circumstances.

The judge further warned that when government functionaries themselves become lawbreakers, it can undermine respect for the law and encourage lawlessness.

He questioned whether citizens lose their fundamental rights simply because they have been arrested by police.

‘Fake encounters’ cannot be part of policing

Justice Bhuyan also addressed allegations of extra-judicial killings, commonly referred to as “fake encounters”. Referring to a 2011 Supreme Court judgment, he said such encounters undermine the rule of law.

He stressed that an “encounter philosophy” cannot become part of legitimate policing and said proven fake encounters involving serving police officers must be treated with the utmost seriousness.

The Supreme Court’s panel will now examine the allegations surrounding the police action during the July 20 protests as scrutiny of the events continues.

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8 Tamil Nadu engineering students killed in Kerala car-lorry crash

Eight engineering students from Tamil Nadu were killed after their car collided with a parked lorry on NH-66 in Kerala’s Thrissur district.

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Eight engineering students from Tamil Nadu were killed after the car they were travelling in crashed into a parked lorry on NH-66 in Kerala’s Thrissur district late Friday night, police said.

The accident took place at around 11.40 pm at Panambikkunnu in Kaipamangalam. The students were travelling from Guruvayur towards Kodungallur when their car collided with the rear of the lorry.

What happened in the Thrissur accident

According to the FIR, the lorry was parked illegally on the right side of the highway near a barricaded section where traffic had been diverted because of ongoing construction work.

Police said the car was travelling at high speed and its driver apparently failed to notice the diversion barricade before the vehicle crashed into the rear of the lorry.

The lorry was registered in Maharashtra.

Six students died at the accident spot, while two others were declared dead on arrival at a nearby hospital, police said.

Six victims identified

The victims were students of an engineering college in Dindigul and were travelling towards Kodungallur along NH-66.

Police have identified six of the eight victims. Four of them — Surya, Yuvasanjith, Vishva and Johua — were from Dindigul. The other two identified victims were Santhosh and Prasanna from Madurai.

The identities of the remaining two students are yet to be confirmed.

Residents, fire and rescue personnel and police took part in the rescue operation and pulled the students from the badly damaged car. The bodies were subsequently taken to the mortuary of Thrissur Medical College.

Case registered against lorry driver

Kaipamangalam police have registered a case against the lorry driver under Section 105 of the Bharatiya Nyaya Sanhita for culpable homicide.

Police said the driver went into hiding shortly after the accident.

The families of the victims were contacted using student identity cards recovered from the bodies. Police said some families were unaware that their children had travelled to Kerala.

Postmortem examinations will begin after the families reach Thrissur Medical College, police said.

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Air India sacks Phuket-Delhi flight pilot after failing drug test

Air India has terminated the Phuket-Delhi flight pilot after a confirmatory test found a psychoactive substance following the August 4 incident.

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Air India has terminated the employment of the pilot-in-command of a Phuket-Delhi flight after he tested positive for a psychoactive substance.

The pilot was in command of flight AI2379, which was travelling from Phuket to Delhi on August 4 when the aircraft suddenly lost altitude over Odisha. The incident left 24 passengers injured.

Air India said the termination was in line with its zero-tolerance policy regarding safety violations and regulatory requirements.

Air India terminates pilot with immediate effect

In a statement, the Tata-owned airline said the pilot-in-command had tested positive for a psychoactive substance.

The airline said that, considering its zero-tolerance approach to violations related to safety, fitness and regulatory requirements, the pilot’s employment had been terminated with immediate effect.

Air India also said it continues to cooperate fully with the investigation into the incident and has provided access to relevant operational, maintenance and technical records.

What happened on the Phuket-Delhi flight?

According to the preliminary findings of the Aircraft Accident Investigation Bureau (AAIB), the Airbus A320 was carrying 145 people when it experienced the near-simultaneous loss of all three hydraulic systems while cruising at around 36,000 feet.

The technical failure resulted in the autopilot disconnecting and triggered a brief stall warning. The aircraft subsequently lost altitude, resulting in injuries to 24 passengers.

The preliminary report also noted that the pilot tested non-negative for a psychoactive substance in a confirmatory test.

However, the report did not establish that the pilot’s drug-test result caused or contributed to the hydraulic system failure or the subsequent loss of altitude.

AAIB recommends action over psychoactive substance finding

The AAIB described the confirmation of psychoactive substance use as a serious concern and recommended that the Directorate General of Civil Aviation (DGCA) take appropriate action against the pilot on priority.

The investigation into the technical and other aspects of the incident is still underway.

The preliminary report also noted that the co-pilot was flying the aircraft when the incident occurred and attempted to bring the situation under control.

Air India said safety remains its highest priority and that its pilots undergo training, proficiency checks, medical examinations and other regulatory assessments in accordance with applicable requirements.

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