/ Lakshmi Vilas Bank Informs About Disclosure ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 12 June 2018

In the audited financial statement, Lakshmi Vilas Bank has informed about the advances of the bank (net of provisions) was Rs 25768.00 Crores after the adjustment of third party deposits amounting Rs 794.00 Crores.The said deposits relates to Religare Finvest and the same were held as security for the loans extended to RHC Holding & Ranchem. On account of default in clearing the loans, the said deposits were closed and the proceeds were adjusted to clear the said loan loans. As per legal opinion received by the bank, the adjustment of deposits against loans are lawful. Now, Religare Finvest has filed a suit in CS.(COMM).940/2018 against the Janpath Branch before the Hon'ble High Court Delhi, disputing the said adjustment and the same is being defended appropriately by the bank.
The above information is a part of company’s filings submitted to BSE.

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