NRIs drop plan to take over CSB

The takeover bid by the Chawlas ran into rough weather when the bishop of Thrissur Catholic Diocese, Joseph Kundukulam, opposed the transfer of the bank8217;s shares to NRIs and threatened withdrawal of deposits of the Christian community and their institutions running into crores of rupees.

CSB, the third largest private sector bank in Kerala, was promoted by a group of Syrian Christians of Thrissur who played a significant role in its growth and development.

Meanwhile, a public limited company, Chartered Securities India Limited CISL, was constituted in February 1994 by a section of the CSB8217;s shareholders with the patronage of the bishop to thwart the take-over bids. The Chawlas and the Mumbai-based non-banking financing company NBFC, Apple Group, had entered into an agreement for the latter purchasing 15 per cent of the shares acquired by the former.