DBS Bank not liable for legal violations by officials of Lakshmi Vilas Bank prior to amalgamation: Supreme Court

The Court held that the LVB officials whose actions had led to the criminal case would remain liable and that the subsequent merger of LVB with DBS Bank would not affect their liability or extend liability to DBS Bank.
dbs bank and lakshmi vilas bank with SC
dbs bank and lakshmi vilas bank with SC

The Supreme Court on Monday held that criminal proceedings cannot stand against the DBS bank in connection with violations of law by officials of the erstwhile Lakshmi Vilas Bank before the two entities merged. [Religare Finvest Limited vs State of NCT of Delhi and anr]

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