HC allows plea against Lakshmi Vilas, wants Sebi and RBI replies in 8 weeks

An individual shareholder filed a PIL raising serious of allegations against the bank functioning, asked Court to appoint an administrator

A minority shareholder of Lakshmi Vilas Bank (LVB) approached the Madras High Court with a plea to direct RBI and Sebi to initiate appropriate  legal action against the bank by appointing an administrator and suspendind the Board to safeguard the savings and investments made by public stakeholders in the lender. The Court admitted the petition and gave eight weeks' time to the Department of Financial Services, RBI, Sebi and the bank to respond.

According to 67-year-old R Subramanian's  affidavit, a copy of which is available with Business Standard, the petitioner claims he is a former officer of LVB, and a