 "Lakshmi Vilas Bank will finally delist from bourses on December 18")
Lakshmi Vilas Bank (LVB) has decided to delist. The Bank, which was amalgamated with DBS Bank India last month, said today that the trading in its equity shares will be withdrawn (delisted) with effect from December 18, 2020 pursuant to a gazette notification dated November 25, issued by Department of Financial Services, Ministry of Finance.
It may be noted, the scheme of amalgamation (LVB with DBS Bank India) was implemented under the special powers of the Government of India and RBI under Section 45 of the Banking Regulation Act, 1949, India.
After the Cabinet approval on November 25, the scheme was notified and came into effect on November 27.
Due to mounting pressure caused by a spike in NPAs and losses, the regulator has decided to amalgamate the bank with DBS, stating that the move would provide immediate stability to LVB and safeguard ots depositors.
However, shareholders and bondholders of the Bank moved court against the amalgamation.
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