HC issues DBS notice over plea by Religare
Live MintReligare Finvest Ltd, which has a pending case against Lakshmi Vilas Bank for misappropriating fixed deposits worth ₹750 crore, on Thursday sought directions from Delhi High Court to substitute the defendant Lakshmi Vilas Bank Limited with DBS Bank India Ltd in the ongoing suit, on the ground of the mergers of the two banks. Asserting on the recent developments where the two banks have merged and the liabilities transferred as per the provisions of the amalgamation scheme, Religare urged the high court to substitute LVB with DBS as defendant in the pending suit related to misappropriation of funds. 2020-2021/647 released by Reserve Bank of India, it has now come to the knowledge of the Petitioner that RBI has announced a scheme of amalgamation of the Defendant, i.e., LVB with DBS which is set to come into force on 27.11.2020, post which LVB will operate as DBS. The plea further highlighted a clause in the amalgamation scheme stating “that under Clause 3 Sub-clause 3, all the liabilities of LVB, as an appointed date, shall stand transferred to DBS.”
History of this topic
Plea in HC against Lakshmi Vilas Bank-DBS merger
Hindustan Times
LVS-DBS Merger: Supreme Court Issues Notice On RBI's Plea Seeking Transfer & Stay On Petitions Across High Courts
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