Business Market 27 Sep 2019 Lakshmi Vilas Bank s ...

Lakshmi Vilas Bank slumps as directors face fraud charges

REUTERS
Published Sep 27, 2019, 12:36 pm IST
Updated Sep 27, 2019, 12:36 pm IST
The EOW’s report was based on a complaint filed by Religare Finvest Ltd.
Earlier this year, Lakshmi Vilas said it will merge operations with housing finance firm Indiabulls Housing Finance Ltd (IBHF) in a share-swap deal.
 Earlier this year, Lakshmi Vilas said it will merge operations with housing finance firm Indiabulls Housing Finance Ltd (IBHF) in a share-swap deal.

Bengaluru: Shares of Lakshmi Vilas Bank dropped nearly 5 per cent on Friday, after the country’s Economic Offences Wing (EOW) filed a report against directors of the Indian private-sector lender alleging various counts of fraud.

The directors face charges of cheating, breach of trust, misappropriation and conspiracy, the Chennai-based bank said in a statement filed to the stock exchanges on Thursday, adding that it was considering taking “appropriate legal measures.”

 

The EOW’s report was based on a complaint filed by Religare Finvest Ltd.

Earlier this year, Lakshmi Vilas said it will merge operations with housing finance firm Indiabulls Housing Finance Ltd (IBHF) in a share-swap deal. The proposed merger is now under regulatory scrutiny, according to local media.

IBHF shares were trading 3 per cent weaker on Friday.

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Location: India, Karnataka, Bengaluru




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