Bombay HC denies stay on merger of Lakshmi Vilas Bank, DBS Bank India

The decks have been cleared for the merger of troubled Lakshmi Vilas Bank (LVB) with DBS Bank India (DBIL) after the Bombay High Court refused to grant an interim relief (stay) to the shareholders’ petitions challenging the scheme of amalgamation by the Central government and the Reserve Bank of India (RBI).

The merger will be effective from November 27 and all branches of LVB will operate as those of DBIL from the same day.

A Division Bench of Justice Nitin Jamdar and Justice Milind Jadhav heard the petitions filed by a group of promoters of the ailing bank and Indiabulls