Comments
Religare Finvest has filed a petition with the Delhi High Court to make DBS Bank India a respondent in its pending case against Lakshmi Vilas Bank.
The move comes after the merger of LVB with DBS Bank India with effect from November 27.
The Bench, headed by Justice Rajiv Shakdher, in an order on December 1, has given DBS Bank India five weeks to respond. It has listed the matter for hearing on February 25.
Religare Finvest had filed a case against LVB for misappropriating ₹750 crore of fixed deposits with inappropriate authorisation. The amount has now risen to ₹900 crore with interest.
Related Stories
Merger to provide stability to LVB depositors, employees: DBS Bank India CEO
DBS team working on integrating LVB’s systems and network“The present application is being filed under Order XXII Rule 10 of the Code of Civil Procedure, 1908 for substitution of the defendant, Lakshmi Vilas Bank (LVB) with DBS Bank India Limited (DBS),” said Religare in its petition.
It has also sought that the court pass an order allowing substitution of DBS Bank India Limited as defendant in the present suit in place of Lakshmi Vilas Bank.
LVB, in its capacity as RFL’s banker, is alleged to have conspired with the former owners – Malvinder Mohan Singh and Shivinder Mohan Singh – to illegally siphon off and misappropriate funds from the company.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.