[LVB-DBS Bank merger] Madras High Court grants Lakshmi Vilas Bank shareholders limited interim relief, no stay on merger [Read Order]

"Even if the power of reduction of their share value to a lower figure is given, reducing it to zero or negative, prima facie, cannot be done without very, very compelling reasons", the Court said today
LVB-DBS Bank merger
LVB-DBS Bank merger

The Madras High Court passed certain interim directions for the legal protection of the shareholders of Lakshmi Vilas Bank (LVB) in the wake of the LVB-DBS Bank merger, considering that the entire share capital value of these shareholders had been reduced to zero following the merger.

The Court, however, has made it clear that there would be no stay on the amalgamation scheme itself.

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