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HDFC Buy 51.2% Stake in Apollo Munich Health for Rs1,350 crore, Merge it with HDFC ERGO

Mr Tikku was then a director on the board of three subsidiary companies (MDFVPL, IIL and IDMC) as a nominee of the NDDB. There was a proposal to appoint the new NDDB chairman as additional director and chairman of MDFVPL by the board of MDFVPL. Thereafter chairman NDDB wished to replace Mr Tikku as a director on the board of the remaining two subsidiary companies and action was initiated in accordance with the provisions of the Companies Act. It was proposed and approved that around 15% of the funds available with NDDB be transferred as equity to NDS. NDDB Dairy Services was re-incorporated as a not-for-profit company in the very year that it was first incorporated as a private limited and wholly-owned subsidiary of NDDB.

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