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United Western, Makharia Group Settle Differences

K Ram Kumar Renni Abraham BUSINESS STANDARD

Last Updated : Jan 28 2013 | 1:16 AM IST

The war of petitions before the Company Law Board (CLB), involving the Satara-based United Western Bank (UWB) and its shareholders, the Makharia group and Sicom, appears to be finally coming to a close.

The two warring parties signed a memorandum of understanding (MoU) on November 26 even as a retired public sector bank chief is set to assume the top post at the bank.

As per the MoU, the Makharia group, which has around 13 per cent stake in UWB, will have two representatives on the bank