CABINET CLEARS DENA BANK, VIJAYA BANK MERGER WITH BOB

The government on Wednesday approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda (BOB) to make it a globally competitive lender. With the merger, BOB will become the third largest bank after State Bank of India and ICICI Bank. “There will be no impact on the service conditions of the employees and there will be no retrenchment following the merger,” law minister Ravi Shankar Prasad told reporters about decisions taken by the Union Cabinet. The merger has been designed to make BOB as merged entity, a globally competitive lender, Prasad added. On Wednesday, BOB also set the share swap ratio for the merger of Vijaya Bank and Dena Bank with itself. Shareholders of Vijaya Bank will get 402 equity shares of BOB for every 1,000 shares held. In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BOB. lifted a stay on the proceedings of a class-action suit filed by the central government against the maker of Maggi noodles in the apex consumer court. The National Consumer Disputes Redressal Commission can now continue proceedings against Nestle India, based on the results of tests of Maggi noodle samples conducted by the Central Food Technological Research Institute (CFTRI) in Mysuru. In December 2015, the top court had stayed NCDRC proceedings against Nestle India and directed the testing of the noodles by CFTRI. In April next year, Nestle cleared all tests and Maggi was declared safe for consumption.