The petition has contended that the Centre and RBI have failed to protect the interests of the shareholders.(Mint file photo)
The petition has contended that the Centre and RBI have failed to protect the interests of the shareholders.(Mint file photo)

Plea in HC against Lakshmi Vilas Bank-DBS merger

The petition in the Delhi High Court has been filed by lawyer Sudhir Kathpalia, who was also a shareholder in Lakshmi Vilas Bank.
PTI, New Delhi
PUBLISHED ON JAN 17, 2021 04:38 PM IST

A plea in the Delhi High Court has challenged the scheme of amalgamation of Lakshmi Vilas Bank with Development Bank of Singapore (DBS), contending that its shareholders have been "left in the lurch" and the Centre and the Reserve Bank have failed to protect their interests.

The petition was listed before a bench of Chief Justice D N Patel and Justice Jyoti Singh on January 13, but was adjourned to February 19 after the bench was told that the Reserve Bank of India (RBI) has moved a plea in the Supreme Court to transfer all pleas against the amalgamation scheme to the Bombay High Court.

The petition in the Delhi High Court has been filed by lawyer Sudhir Kathpalia, who was also a shareholder in Lakshmi Vilas Bank (LVB) and lost his 20,000 shares in the company due to the amalgamation scheme.

Kathpalia has sought quashing of the clause in the scheme which states that from the date of merger, "the entire amount of the paid-up share capital and reserves and surplus, including the balances in the share/securities premium account of the transferor bank, shall stand written off".

The petition has said that under the scheme, DBS was not required to give any shares to the LVB investors in return and they were "left in the lurch".

The amalgamation scheme was approved by the RBI on November 25, 2020 and the merger took place on November 27, 2020.

The petition has contended that the Centre and RBI have failed to protect the interests of the shareholders.

It has also claimed that DBS was chosen for the merger without inviting bids from other banks and financial institutions.

It has alleged that the "scheme of amalgamation was irregular, arbitrary, irrational, unreasonable, illegal and thus, void".

SHARE THIS ARTICLE ON
Close
Pavan Vaish, Head of Driver, Supply and City Operations (Mobility) at Uber India and South Asia, said safety is at the core of everything Uber does.(AP)
Pavan Vaish, Head of Driver, Supply and City Operations (Mobility) at Uber India and South Asia, said safety is at the core of everything Uber does.(AP)

Uber to impart gender sensitisation to one lakh drivers by 2021-end

PTI, New Delhi
PUBLISHED ON MAR 08, 2021 07:41 PM IST
"After a brief halt in sessions due to Covid-19, Uber India and the Manas Foundation will now be delivering them virtually over Zoom in 34 cities," a statement said.
Close
Domestic passenger traffic in January this year was recorded at 77.34 lakh, according to DGCA data. In picture - Chhatrapati Shivaji International Airport in Mumbai.(HT File Photo)
Domestic passenger traffic in January this year was recorded at 77.34 lakh, according to DGCA data. In picture - Chhatrapati Shivaji International Airport in Mumbai.(HT File Photo)

India's domestic air traffic falls 37% to 78 lakh passengers in Feb: Report

PTI, Mumbai
PUBLISHED ON MAR 08, 2021 07:35 PM IST
Similarly, 1.23 crore people travelled on local routes in February 2020 as against 78 lakh passenger in February this year.
Close
American Airlines flight 718, the first US Boeing 737 MAX commercial flight since regulators lifted a 20-month grounding in November, takes off from Miami, Florida, US. (Reuters)
American Airlines flight 718, the first US Boeing 737 MAX commercial flight since regulators lifted a 20-month grounding in November, takes off from Miami, Florida, US. (Reuters)

American Airlines to offer $5 billion in notes to repay government debt

Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 08, 2021 07:19 PM IST
The US airline will use the proceeds to repay outstanding debt under the loan with the US Department of the Treasury and for other purposes.
Close
Leftist former president Dilma Rousseff froze fuel prices several times in 2014 and 2015 despite the price of oil increasing at the time. But that state intervention into Petrobras prices ended when Rousseff was impeached in 2016 and removed from office. (Bloomberg)
Leftist former president Dilma Rousseff froze fuel prices several times in 2014 and 2015 despite the price of oil increasing at the time. But that state intervention into Petrobras prices ended when Rousseff was impeached in 2016 and removed from office. (Bloomberg)

Brazil's Petrobras receives six board nominations from government

Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 08, 2021 06:04 PM IST
Five have been nominated by the Ministry of Mines and Energy and one by the Economy Ministry, Petroleo Brasileiro SA , as the company is formally known, said in a securities filing.
Close
Sensex closes 35 points higher at 50,441, Nifty rises by 18.10 points to end at 14,956.20(PTI FILE)
Sensex closes 35 points higher at 50,441, Nifty rises by 18.10 points to end at 14,956.20(PTI FILE)

Sensex closes 35 points higher at 50,441, Nifty rises by 18 pts to end at 14,956

PTI, Mumbai
UPDATED ON MAR 08, 2021 06:11 PM IST
  • After fighting multiple bouts of volatility during the session, the BSE gauge Sensex settled 35.75 points or 0.07 per cent higher at 50,441.07.
Close
The Antony Waste Handling Cell IPO consists of a fresh issue of <span class='webrupee'>₹</span>85 crore worth of shares and an offer for sale of 68,24,933 equity shares by existing shareholders.(iStock)
The Antony Waste Handling Cell IPO consists of a fresh issue of 85 crore worth of shares and an offer for sale of 68,24,933 equity shares by existing shareholders.(iStock)

Easy Trip Planners IPO opens: Here's all you need to know about the issue

By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
UPDATED ON MAR 08, 2021 03:28 PM IST
Here is all you need to know about the offer.
Close
Brent crude rose as much as 2.9% to $71.37 a barrel on Monday, before paring gains.(AP)
Brent crude rose as much as 2.9% to $71.37 a barrel on Monday, before paring gains.(AP)

Key Saudi Arabian oil site attacked, sending brent above $70

Bloomberg
UPDATED ON MAR 08, 2021 02:38 PM IST
The attacks on Sunday were intercepted, Saudi Arabia said, and oil output appeared to be unaffected. But the latest in a spate of assaults claimed by Iran-backed Houthi rebels pushed oil prices to above $70 a barrel for the first time since January 2020.
Close
Treasury Secretary Janet Yellen and Microsoft Corp. co-founder Bill Gates were the latest to weigh into a debate over the digital coin. Gates cautioned about how investors can be swept up in manias, while Yellen said Bitcoin is an “extremely inefficient way of conducting transactions.”(REUTERS)
Treasury Secretary Janet Yellen and Microsoft Corp. co-founder Bill Gates were the latest to weigh into a debate over the digital coin. Gates cautioned about how investors can be swept up in manias, while Yellen said Bitcoin is an “extremely inefficient way of conducting transactions.”(REUTERS)

Bitcoin on your balance sheet? Here's what you need to know

Reuters, London/new York
PUBLISHED ON MAR 08, 2021 12:20 PM IST
Here are some of the key questions over cryptocurrency bookkeeping and tax.
Close
Sensex opens 250 points higher at 50,678; Nifty begins session above 15,000-level
Sensex opens 250 points higher at 50,678; Nifty begins session above 15,000-level

Sensex rebounds over 270 points in early trade; Nifty reclaims 15,000-level

PTI
UPDATED ON MAR 08, 2021 09:54 AM IST
On the Sensex chart, ONGC, NTPC, Axis Bank, M&M, HDFC Bank and SBI were major gainers – climbing as much as 4.3 per cent.
Close
Gold price saw a huge decline last week.(Reuters Photo)
Gold price saw a huge decline last week.(Reuters Photo)

Gold price recovers from 9-month low: Here's why

By hindustantimes.com | Edited by Amit Chaturvedi
UPDATED ON MAR 08, 2021 07:59 AM IST
Last week, the price of the precious metal suffered a huge fall. However, a stronger-than-expected US non-farm payrolls data helped it recover somewhat.
Close
According to the Rural Health Survey 2018-19, there is an 85.6% shortfall of surgeons, 75% deficit of obstetricians and gynaecologists, 87.2% of physicians, and 79.9% shortfall of paediatricians in the primary health sector in rural areas.
According to the Rural Health Survey 2018-19, there is an 85.6% shortfall of surgeons, 75% deficit of obstetricians and gynaecologists, 87.2% of physicians, and 79.9% shortfall of paediatricians in the primary health sector in rural areas.

How govt plans to push health spending to target of GDP’s 2%

By Zia Haq, Hindustan Times, New Delhi
UPDATED ON MAR 08, 2021 06:02 AM IST
  • Despite decades of strong economic growth, the country’s spending on health care is barely 1% of GDP, way below Brics peer nations, resulting in serious supply-side deficits of facilities and professionals.
Close
Aditya Birla Capital, whose current market cap is <span class='webrupee'>₹</span> 30,000 crore, derives a majority of its market value ( <span class='webrupee'>₹</span>13,000-14,000 crore) from the AMC business alone.(Abhijit Bhatlekar/ Mint)
Aditya Birla Capital, whose current market cap is 30,000 crore, derives a majority of its market value ( 13,000-14,000 crore) from the AMC business alone.(Abhijit Bhatlekar/ Mint)

Birla Sun Life plans to raise 5,000 crore via share sale

By Anirudh Laskar, Hindustan Times, Mumbai
UPDATED ON MAR 07, 2021 11:54 PM IST
  • Aditya Birla Sun Life Asset Management has started talks with potential merchant bankers for the IPO, which is likely to be launched in the June quarter, said the people cited above.
Close
To put the scale in context, market leader Hero MotoCorp produced 6.5 million two-wheelers annually.(Hemant Mishra/Mint file photo)
To put the scale in context, market leader Hero MotoCorp produced 6.5 million two-wheelers annually.(Hemant Mishra/Mint file photo)

Ola aspires to pull off a Tesla, but affordably

By Madhurima Nandy, Hindustan Times, Bengaluru
UPDATED ON MAR 07, 2021 11:42 PM IST
  • The Bengaluru-based firm plans to start production as early as in June. That’s audacious, given that the land—260 acres for the plant and 240 acres for two supplier parks—is still in excavation mode.
Close
The Arbitral Tribunal, in a ruling by former Chief Justice of India AM Ahmadi on March 6, ordered the document to be binding.(File photo)
The Arbitral Tribunal, in a ruling by former Chief Justice of India AM Ahmadi on March 6, ordered the document to be binding.(File photo)

Zostel claims victory in legal row with OYO

By Tarush Bhalla, Hindustan Times, Bengaluru
PUBLISHED ON MAR 07, 2021 11:37 PM IST
  • The term sheet executed between the two parties in 2015, promised ZO Rooms’ shareholders 7% of Oyo.
Close
The government, which owns 54% in BEML, invited expressions of interest for the stake sale in the defence equipment maker, along with the transfer of management control, on January 4.(Reuters File Photo)
The government, which owns 54% in BEML, invited expressions of interest for the stake sale in the defence equipment maker, along with the transfer of management control, on January 4.(Reuters File Photo)

Suitors make a beeline for 26% stake in BEML

By Malyaban Ghosh, Utpal Bhaskar
PUBLISHED ON MAR 07, 2021 11:32 PM IST
  • Bharat Forge Ltd and Megha Engineering and Infrastructure Ltd may also submit expressions of interest for the government’s stake in BEML, the people said on condition of anonymity.
Close
SHARE
Story Saved
OPEN APP