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This is an archive article published on May 31, 2010
SC refuses to hear BoR shareholders8217; plea
A two-judge vacation bench of the SC declined to hear a petition filed by shareholders of the BoR.
A two-judge vacation bench of the Supreme Court declined to hear a petition filed by shareholders of the Bank of Rajasthan,who were objecting to the financial institution8217;s merger with ICICI Bank.
The bench,comprising Justice G S Singhvi and C K Prasad,said that the petitioners may approach another bench as it will not entertain the case.
On May 23,the ICICI Bank had approved the merger of the Bank of Rajasthan through share-swap in a non-cash deal that valued BoR at about Rs 3,000 crore.
Though 25 ICICI shares would be offered with every 118 shares of BoR,promoters Tayal family 8212; which have over 50 per cent stake 8212; would not get a seat on the amalgamated entity8217;s board.
The proposed merger is being opposed by BoR employees.
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