..."The Board of Directors on December 19, passed a circular resolution approving postal ballot process for seeking an enabling resolution from the shareholders to authorise the board...To keep reducing ceiling limit of the foreign shareholding from existing 54 percent to 49.9 percent in various stages...," IDFC said in its filing. It further said that in case it does not receive the bank licence from RBI, it "will take steps to reinstate the ceiling on the foreign shareholding back up to 74 percent. The RBI guidelines require that the eligible promoters of a bank should to be 'owned and controlled by residents'.......
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