Section 44A of the Banking Regulation Act, 1949 governs voluntary amalgamation of banking companies. Under sub-section (1), a scheme of amalgamation must be approved by shareholders of each banking company concerned at a meeting called for the purpose. The required majority is a resolution passed by a majority in number representing:

Section 44A(1) provides that no banking company shall be amalgamated with another unless a scheme containing the terms of amalgamation has been placed in draft before the shareholders of each of the banking companies separately and approved by a resolution passed by a majority in number representing two-thirds in value of the shareholders of each of the said companies, present either in person or by proxy at a meeting called for the purpose. Notice of such meeting must be published once a week for three consecutive weeks in at least two newspapers circulating in the locality where registered offices are situated. A dissenting shareholder may, under sub-section (3), claim the value of his shares as determined by the Reserve Bank when sanctioning the scheme, and that determination is final.