Madras High Court refuses to intervene in merger of Lakshmi Vilas Bank with DBS Bank

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National News

Nov 27, 2020

8:50PM

Madras High Court refuses to intervene in merger of Lakshmi Vilas Bank with DBS Bank

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The Madras High Court has refused to intervene in the merger of the Lakshmi Vilas Bank-LVB with the DBS Bank. The Lakshmi Vilas Bank suffered serious deterioration of its financials leading to the RBI imposing a month long moratorium. The RBI also made an amalgamation scheme for the LVB with the DBS Bank, which took effect today. It has helped to lift the moratorium for its depositors and its 563 branches and its ATM network are functioning under the DBS banner.

A case was filed against the merger in the Madras High Court. It came up for hearing before the First Bench today, and it refused to intervene in the RBI decision. However, it asked the DBS management to safeguard the interests of the LVB’s shareholders. The case has been posted for further hearing on the 21st January.