LVB-DBS merger: SC directs transfer of all cases

In a victory to the minority shareholders of erstwhile Lakshmi Vilas Bank (LVB), the Supreme Court has accepted their plea to transfer all the cases relating to the bank’s merger with DBS Bank of India, a subsidiary of DBS Bank, Singapore, to Madras HC.

Rejecting the pleas by RBI and DBS Bank management, for transferring all the cases to Mumbai High Court, the SC bench of BV Nagarathna in its March 21 order directed that the writ petitions pending before the various high courts ought to be transferred to the high court of judicature at Madras, wherein the writ petitions are already pending for final hearing. It is noted that the head office of erstwhile LVB is at Karur at Tamil Nadu.

The Bench further noted that DBS Bank can have no valid reason not to contest the matters before the Madras High Court. That apart, it is also stated at the bar that the first bench of the Madras HC is already seized of the matters and a detailed interim order has been passed.

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