Financial Daily from THE HINDU group of publications
Wednesday, Feb 15, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 15, 2006 |
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Money & Banking
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Mergers & Acquisitions Federal Bank, Ganesh Bank merger case hearing adjourned Our Bureau
Mumbai , Feb. 14 THE Bombay High Court on Tuesday adjourned the hearing in the case filed against the merger of Federal Bank Ltd with Ganesh Bank of Kurundwad for February 15, said a lawyer associated with the case. On January 9, the Bombay High Court in an interim order had stayed the merger of Ganesh Bank of Kurundwad in Maharashtra with the Kerala-based Federal Bank Ltd. However, the court ordered that the moratorium issued by the Reserve Bank of India on Ganesh Bank would continue. The court had ordered the stay following a petition filed by a group of persons including the Ganesh Bank's chairman, a shareholder, a depositor, and an employee challenging the Government orders of moratorium and subsequent merger. In the interim order, the Bombay High Court had said the RBI decision was taken in haste and without giving adequate opportunity to Ganesh Bank. On January 30, the Supreme Court had declined to stay the interim order passed by the High Court.
Related Stories: More Stories on : Mergers & Acquisitions | Private Banks | Courts/Legal Issues
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