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The Bench additional famous that DBS Financial institution can don’t have any legitimate motive to not contest the issues earlier than the Madras Excessive Court docket.
In a victory to the minority shareholders of erstwhile Lakshmi Vilas Financial institution (LVB), the Supreme Court docket has accepted their plea to switch all of the instances regarding the financial institution’s merger with DBS Financial institution of India, a subsidiary of DBS Financial institution, Singapore, to Madras HC.
Rejecting the pleas by RBI and DBS Financial institution administration, for transferring all of the instances to Mumbai Excessive Court docket, the SC bench of BV Nagarathna in its March 21 order directed that the writ petitions pending earlier than the assorted excessive courts should be transferred to the excessive courtroom of judicature at Madras, whereby the writ petitions are already pending for remaining listening to. It’s famous that the top workplace of erstwhile LVB is at Karur at Tamil Nadu.
The Bench additional famous that DBS Financial institution can don’t have any legitimate motive to not contest the issues earlier than the Madras Excessive Court docket. That aside, additionally it is acknowledged on the bar that the primary bench of the Madras HC is already seized of the issues and an in depth interim order has been handed.
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