The plea has contended that its shareholders have been left in the lurch and the Centre and the Reserve Bank have failed to protect their interests.It has said that under the scheme, DBS was not required to give any shares to the LVB investors in return
Plea in Delhi High Court challenges Lakshmi Vilas Bank-DBS merger
The plea is contending that its shareholders have been left in the lurch and the Centre and the Reserve Bank have failed to protect their interests.
Share Via Email
| A+A A- By PTI
NEW DELHI: A plea in the Delhi High Court has challenged the scheme of amalgamation of Lakshmi Vilas Bank with Development Bank of Singapore (DBS), contending that its shareholders have been left in the lurch and the Centre and the Reserve Bank have failed to protect their interests.
The petition was listed before a bench of Chief Justice DN Patel and Justice Jyoti Singh on January 13, but was adjourned to February 19 after the bench was told that the Reserve Bank of India (RBI) has moved a plea in the Supreme Court to transfer all pleas against the amalgamation scheme to the Bombay High Court.
The petition has been filed by lawyer Sudhir Kathpalia, who was also a shareholder in LVB and lost his 20,000 shares because of the amalgamation scheme