Plea in HC against Lakshmi Vilas Bank-DBS merger

NEW DELHI: A plea in the Delhi HC has challenged the scheme of amalgamation of Lakshmi Vilas Bank with Development Bank of Singapore (DBS), contending its shareholders have been "left in the lurch" and the Centre and the RBI have failed to protect their interests. The plea was listed before a bench of Chief Justice DN Patel and Justice Jyoti Singh on Jan 13, but was adjourned to Feb 19 after the bench was told the RBI has moved a plea in the SC to transfer all pleas against the amalgamation scheme to the Bombay HC. The plea in the Delhi HC was filed by lawyer Sudhir Kathpalia, also a shareholder in Lakshmi Vilas Bank (LVB) and lost his 20,000 shares in the firm due to the amalgamation scheme.