NCLT approves merger of Slice and North East Small Finance Bank
NCLT) gave its approval for the merger of Bengaluru-based Slice with Guwahati-headquartered North East Small Finance Bank. This will pave the way for the final merger of the two entities, after the Reserve Bank of India (RBI)gave the green signal to the deal back in October 2023.
The NCLT, Guwahati bench, has sanctioned the scheme of arrangement and amalgamation involving Garagepreneurs Internet Private Limited, Quadrillion Finance Private Limited, Intergalactory Foundry Private Limited, RGVN (North East) Microfinance Limited, and North East Small Finance Bank Limited, said the Tiger Global-backed startup in a statement issued on Monday.
While Garagepreneurs is the registered name for Slice, Quadrillion Finance is the in-house non-banking finance company (NBFC) that Slice ran. RGVN (North East) Microfinance Limited is the microfinance business housed within North East Small Finance Bank.
This approval was the final nod required by Slice to merge the operations of the two businesses. Approvals have already come from the Competition Commission of India (CCI) in March this year. The Registrar of Companies (RoC) has also approved the merger.
Slice said in a statement that it has received a no-objection certificate from the Income Tax department as well.
Through the merger, Slice which runs prepaid payments solutions and the Unified Payments Interface-based products will look to offer technology-backed financial services to the last mile consumers of North East Small Finance Bank.
“This merger represents not just a
