LVB moves Bombay HC against RBI, DBS

The promoters of Laxmi Vilas Bank (LVB) have filed a writ petition at Bombay High Court against Reserve Bank of India

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26 Nov 2020 7:41 PM IST

Mumbai: The promoters of Laxmi Vilas Bank (LVB) have filed a writ petition at Bombay High Court against Reserve Bank of India (RBI), the Government and the DBS Bank on the issue of the RBI's decision to give a go-ahead for the bank's amalgamation with DBS Bank.

The RBI's move was later approved by Government at the Centre as per which not only the trading of the bank stopped at the stock exchange, but also the fact that all the branches of LVB will start functioning as the branches of DBS from November 27 onwards.

The promoter group holds 6.80 per cent stake in Lakshmi Vilas Bank.

Bombay High Court Reserve Bank of India Laxmi Vilas Bank