Rights issue deferred

CALCUTTA, April 1 : The Bank of Rajasthan’s rights issue, which was scheduled to open on March 31, 1999, has been deferred because of some pending cases which are sub judice, according to sources at SBI Caps.When contacted, the managing director of SBI Caps, Birendra Kumar, said that discussions were going on to sort out certain issues and said he was unable to comment on them as yet.

Meanwhile, Rajasthan high court today rejected the appeal of the Bank of Rajasthan for vacating the temporary injunction given by the 5th additional district judge of Jaipur on March 22, restraining the bank from proceeding with the rights issue. "I do not find any merit in the submissions of the learned counsel appearing for the defendant company (the bank)," Justice Shiv Kumar Sharma of the high court said.