Lakshmi Vilas Bank may decide on proposed merger with Clix on Saturday

On September 29, Business Standard had reported that Clix Capital would seek indemnity for its directors from litigation if the merger were to go through

Capital-starved Lakshmi Vilas Bank (LVB) is expected to decide on the proposed merger with Clix Capital and its affiliates on November 7, when its board would meet to declare the September quarter results. “Both parties are keen on merger, though they differ on valuation,” said a person closely working on the merger.

The ongoing litigation with Religare Finvest, the non-banking finance arm of Religare Enterprise, has allegedly become a bone of contention. With a potential liability of Rs 750-800 crore, sources say Clix Capital’s stand on the matter would be crucial to finalising the merger valuation. Two former LVB employees