Trading suspended in Lakshmi Vilas Bank stocks

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(Commercial Representative) Mumbai, Ta. Thursday, November 26, 2020

As a result of the Reserve Bank of India's move to merge Lakshmi Vilas Bank (LVB) with DBS Bank, Lakshmi Vilas Bank's shareholder capital is now nil. The suspension of trading of shares in NSE was announced late yesterday evening. With this, trading in bank stocks on both NSE and BSE was suspended from today-Thursday.

A statement issued by the NSE said that shares of Lakshmi Vilas Bank have been trading since the closing hours of November 4, 2020, when the Department of Financial Services-Ministry of Finance issued a gazette notification on November 4, 2020. Earlier, the amalgamation of Lakshmi Vilas Bank with DBS Bank would be implemented by the Reserve Bank of India from November 4, 2020 and the moratorium would be withdrawn from the bank from that day. With this, all the branches of Lakshmi Vilas Bank will now function as branches of DBS Bank India.

Depositors of Lakshmi Vilas Bank will be able to operate their accounts as customers of DBS Bank from Friday, November 4, 2020. It may be mentioned that Lakshmi Vilas Bank was pushed into crisis by the Reserve Bank of India and the board of the bank was superseded on November 12, 2020.

Meanwhile, group units of Lakshmi Vilas Bank have challenged the bank's final scheme of amalgamation in the Mumbai High Court and decided to take the Reserve Bank of India, the government and DBS Bank to court. The promoter group has a 2.50% holding in Lakshmi Vilas Bank. In the Mumbai High Court, the writ petition was filed by Carey Electronics and Development Pvt. Ltd., Pranava Electronics Pvt. Ltd. And has been filed by KR Pradeep.

Institutional shareholders in the bank include Indiabulls Housing Finance Ltd. Prolific Finvest Pvt Ltd. MN Dastur & Co. Pvt Ltd has 1.4 per cent, Capri Global Holdings Pvt Ltd has 1.4 per cent, Capri Global Advisory Services has 2 per cent, Boycens Infra Pvt. . Trinity Alternative Investment Managers has 1.31 per cent.


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