Lakshmi Vilas shareholders, employees make their plea to RBI about merger

Employees to be retained for three years after a troubled lender's merger with DBS Bank India, say they prefer a state-owned bank.

Stakeholders of Lakshmi Vilas Bank (LVB), now placed under moratorium and proposed to be merged with DBS Bank India (a subsidiary of Singapore-based DBS Bank), furnished their suggestions and objections to the Reserve Bank of India (RBI) on Friday, the cut-off date set by the regulator.

Shareholders have requested the RBI to reconsider its decision on delisting LVB’s shares from the stock exchanges. “With over 20 per cent retail investor participation, it would be in the best interest of all shareholders if we are able to get some value for our shares,” said an investor.

However, some large institutional investors have indicated