RBI Merges Three L&T Finance Holdings Subsidiaries

Current Context: L&T Finance Holdings Limited noted its three subsidiaries - L&T Finance Limited, L&T Infra Credit Limited and L&T Mutual Fund Trustee Limited- will be merged with RBI. The approval for it is finalized.

• The Scheme remains subject to various other statutory and regulatory approvals and other approvals from the National Company Law Tribunal as required.
• The central bank, RBI has forwarded the ‘no objection’ for the scheme through a letter. The merger is still subject to other statutory and other regulatory approvals.
• The Board of Directors of L&T Finance Holdings Limited had approved collaboration of its subsidiaries by way of merging to a scheme of arrangement under the Section 52 of the Companies Act, 2013 in January this year.
• L&T Finance Holdings Limited is the holding company for the financial services business of the L&T group, which owns 100% in all of its subsidiaries.
• There are 3 subsidiaries of L&T which will be merged.

Question:

Q.1 RBI merges _____ L&T Finance Holdings subsidiaries
a. 8
b. 2
c. 4
d. 3