Bombay High Court turns down the stay of merge between LVB & DBIL

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It is evident that the merge of Lakshmi Vilas Bank Limited (LVB) and the strength of Singapore that is the DBS Bank India Ltd (DBIL) have been making rounds lately, but unfortunately this scheme of amalgamation has not been approved by the Bombay High Court on 26 November, but Union Cabinet has given its word of approval and stated to be effective from the 27th of this month.

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In this hearing the bench consisted the two justices Mr. Milind Jadhav and Mr. Nitin Jamdar who have keenly heard the the please from the side of Indiabulls Housing Finance Ltd and Kare Electronics and Development Private Ltd. who have challenged the LVB’s and DBS’s amalgamation and have stated that if approved would be causing a lot of harm to the shareholding capacity with the Lakshmi Vilas Bank.

Meanwhile, it was taken into notice by Mr. Darius Khambatta and Mr. Dinkar Mason who happened to be the senior advocates, that a 30 day moratorium period has been imposed by the Reserve Bank of India (RBI), so that it would eventually help and save up the interest of the depositor’s. They have also stated facts regarding the Indiabulls share hold in Lakshmi Vilas Bank has eventually been under a scheme where it has been a paid up one and that would further lead to the loss of their value and money.

From the Reserve Bank of India’s side the senior advocate in support was Mr. Ravi Kadam, and has given out his objections regarding the stay and assured with confidence that, Reserve Bank of India has been following and exercising its power just in the right boundaries and has been following up the procedure set up by the Indian law,

It was observed to our surprise that this particular hearing has gone beyond the court hours, and almost went up till 5.30pm, but however the verdict that was given by bench stated clear that they are nowhere keen enough to nod heads in respect to the proposed scheme of amalgamation.

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