LVB now DBS Bank India; Madras HC refuses to grant stay on merger

The Madras High Court has refused to stay the merger of LVB with DBS Bank India.

All the branches of Lakshmi Vilas Bank (LVB) began to function as branches of DBS Bank India’s branches with normal business transactions through the day. But, without any sign of new identity under DBS wings.

The moratorium on LVB was also lifted on Friday. On November 17, Reserve Bank of India had placed ailing bank under moratorium and proposed its merger with DBS Bank India, a subsidiary of Singapore-based DBS Bank. It had also appointed T N Manoharan as the administrator to look after affairs of bank during moratorium period.

Meanwhile, the Madras High Court has refused to stay the merger of