Lakshmi Vilas Bank merger with DBS Bank India: Keep aside amount equivalent to LVB's share capital, says Madras HC
Lakshmi Vilas Bank merger with DBS Bank India: The Madras High Court on Friday passed an order, asking DBS Bank India Ltd to give an undertaking that it would compensate the shareholders of 94-year-old Lakshmi Vilas Bank (LVB) in case the writ petition filed against the amalgamation scheme is decided against it, said the petitioner`s advocates.
Raman and Datar told IANS that the court had ordered DBS Bank India to open a reserve account in its books and credit to it an amount equivalent to the face value of the Lakshmi Vilas Bank shares.