HC rejects plea to stay merger of LVB with DBS

The Bombay high court on Thursday, in an interim order, rejected a plea for a stay sought by shareholders of Lakshmi Vilas Bank (LVB) on its merger with DBS Bank India. Even as shareholders filed petitions in Chennai and Mumbai seeking to stay the merger, the Reserve Bank of India (RBI) directed the administrator of the bank to write off Rs 318 crore worth of tier-2 bonds.