| Business
[ 2014-12-18 ]
Supreme Court clears Republic Bank to take over HFC bank Republic Bank has been given the nod to go ahead
with the process of taking over HFC bank.
This follows a ruling by the Supreme Court,
presided over by five justices and led by Justice
Atuguba. The Supreme Court also quashed an earlier
ruling by a high court which sought to freeze the
process.
On 23rd May 2014, HFC bank sued the Republic Bank
and the Securities and Exchange Commission (SEC)
for what it described as breaches of the SEC Code
on Takeovers & Mergers.
HFC Bank had also applied for an interim
injunction against Republic Bank and the SEC.
Republic Bank, in a countermove, also filed a suit
praying the court to dismiss the application and
allow SEC to take over the matter.
Source - Joy News
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