Haldia Petro Ups Ocd Float By Rs 170 Cr

The Rajasthan High Court has passed an interim order stating that the recent directives of the Reserve Bank of India (RBI) with regard to Bank of Rajasthan (BoR) should hold till further orders are passed.

The RBI directives, issued in 1998, pertained to the shoring-up of the bank's capital adequacy ratio (CAR) and appointment of PK Tayal as BoR chairman.

A Rs 67-crore rights issue was to be floated to prop up the bank's CAR which had touched 1.67 per cent.

The interim order is in response to a writ petition filed by the Akhil Bharatiya Bank of Rajasthan Karmachari Sangh on behalf of two other employee unions on April 22.

The union, in its petition, pleaded to the court to restrain six directors (Bangur nominees) of the bank from participating in board meetings, annual general meetings, extra-ordinary general meetings and day-to-day functioning of the bank.

The union has also asked the court to initiate a Central Bureau of Investigation or Central Vigilance Commission inquiry into the alleged siphoning of over Rs 200 crore worth bank funds by Bangurs to their group companies.

In the petition, the union has provided a list of companies through which Bangurs diverted bank funds and stated how these firms are related to Bangurs, a press note said.

The evidence submitted t