Last week, Tamil Nadu-based Lakshmi Vilas Bank (LVB), with pre-independence lineage, lost its identity after its merger with the Indian subsidiary of Singapore’s DBS Bank. However, the Madras High Court on Friday passed an interim order giving certain directions to protect the interests of the Lakshmi Vilas Bank (LVB) shareholders.
But it also refused to stay the amalgamation of the bank with DBS, as sought by shareholders. The Order was passed by the division bench of the Madras High Court consisting of Justice Vineet Kothari and Justice MS Ramesh on a writ petition filed by AUM Capital Market Pvt Ltd, which holds around 0.50 per cent in LVB challenging the merger.
In this podcast, Business Standard’s T E Narasimhan explains the implication of the order. Tune in to know more
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