It may be recalled that, in the run up to the proposed merger, the SEBI had initiated certain investigations into the share-price manipulation of the GTB shares. While the approval from the RBI was yet to be granted, the proposed merger was called off by the parties concerned. Thus, the merger did not materialise. Consolidation of the Development Financial Institutions (DFIs) 21.
It may be recalled that the DFIs were set up in the country in the post-independence era for providing long-term finance to the industrial projects to facilitate industrial development, in the absence of alternative sources of long-term funds.