SC refuses to hear BoR shareholders' plea against merger

A two-judge vacation bench of the Supreme Court today declined to hear a petition filed by shareholders of the Bank of Rajasthan, who were objecting to the financial institution's merger with ICICI Bank.

A two-judge vacation bench of the Supreme Court today declined to hear a petition filed by shareholders of the Bank of Rajasthan, who were objecting to the financial institution's merger with ICICI Bank.

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The bench, comprising Justice G S Singhvi and C K Prasad, said that the petitioners may approach another bench as it will not entertain the case.

On May 23, the ICICI Bank had approved the merger of the Bank of Rajasthan through share-swap in a non-cash deal that valued BoR at about Rs 3,000 crore. Though 25 ICICI shares would be offered with every 118 shares of BoR, promoters Tayal family -- which have over 50 per cent stake -- would not get a seat on the amalgamated entity's board. The proposed merger is being opposed by BoR employees.