Lakshmi Vilas Bank: DBS merger case reaches Delhi High Court, find out why

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New Delhi, 17 January 2021 Sunday

Lakshmi Vilas Bank's merger with Development Bank of Singapore has been challenged in the Delhi High Court, the petition said, adding that the bank's shareholders have been misled, the Center and the Reserve Bank of India have failed to protect the interests of shareholders.

The merger has been challenged in the Delhi High Court through a petition filed before a bench of Chief Justice DN Patel and Justice Jyoti Singh on January 13, but has been adjourned till February 19.

The bench was informed that the Reserve Bank has filed an application in the High Court requesting it to transfer all the petitions against the merger scheme to the Mumbai High Court.

The petition has been filed in the Delhi High Court by Sudhir Kathpalia, who is also a shareholder of Lakshmi Vilas Bank, which has lost 20,000 shares in the company.

Sudhir Kathpalia has appealed to repeal the provisions of the scheme, under which DBS is not required to give any shares in return to the investors of Laxmivilas Bank, in which case they have been abandoned.

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