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  Business   Companies  27 Sep 2019  Lakshmi Vilas Bank slumps as directors face fraud charges

Lakshmi Vilas Bank slumps as directors face fraud charges

REUTERS
Published : Sep 27, 2019, 12:38 pm IST
Updated : Sep 27, 2019, 12:38 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.

Tags: lakshmi vilas bank, economic offences wing, indiabulls housing finance ltd, religare finvest ltd
Location: India, Delhi, New Delhi