Bombay HC refuses to stay merger of Lakshmi Vilas Bank, DBS

Bombay High Court refused to stay Lakshmi Vilas Bank's (LVB) merger with DBS Bank India which will be effective from November 27. On Wednesday, the Union Cabinet gave approval to the Scheme of Amalgamation of Lakshmi Vilas Bank with DBS Bank India Ltd to protect the interests of LVB's depositors and employees.

Mumbai: The Bombay High Court on Thursday refused to stay Lakshmi Vilas Bank's (LVB) merger with DBS Bank India which will be effective from November 27.

A division bench of Justices Nitin Jamdar and Milind Jadhav was hearing petitions filed by a group of promoters of the ailing Lakshmi Vilas Bank and Indiabulls Housing Finance Ltd, challenging the merger.

"We are refusing the interim relief sought by the petitioners to stay the amalgamation. The petitions shall be placed for hearing on December 14 when the respondents (Reserve Bank of India, LVB and DBS Bank India) shall file their affidavits in reply," the court said.

READ: Ministry of Ports, Shipping and waterways issues Draft Merchant Shipping Bill

On Wednesday, the Union Cabinet gave approval to the Scheme of Amalgamation of Lakshmi Vilas Bank with DBS Bank India Ltd to protect the interests of LVB's depositors and employees.

PTI