NCLT Clears Merger Of Slice And North East Small Finance Bank
The merger has also received the necessary endorsements from the Competition Commission of India and the Registrar of Companies
The National Company Law Tribunal (NCLT) has given the green light to the merger of Bengaluru-based fintech firm Slice with Guwahati-headquartered North East Small Finance Bank. This comes following the Reserve Bank of India's (RBI) clearance in October 2023.
The merger has also received the necessary endorsements from the Competition Commission of India and the Registrar of Companies. The NCLT's Guwahati bench sanctioned the scheme of arrangement and amalgamation involving several entities, including Garagepreneurs Internet Pvt Ltd, the registered name of Slice, and Quadrillion Finance Pvt Ltd, Slice's non-banking finance arm.
The merger also involves Intergalactory Foundry Pvt Ltd, RGVN (North East) Microfinance Ltd, and North East Small Finance Bank Ltd. Slice confirmed that it had obtained a no-objection certificate from the Income Tax department.
With the merger now officially approved, Slice, which operates prepaid payment solutions and Unified Payments Interface (UPI)-based products, plans to leverage its technological expertise to offer enhanced financial services to the customers of North East Small Finance Bank. This merger is expected to significantly broaden the bank's service offerings by integrating Slice's advanced fintech capabilities into its operations.
