HC quashes injunction on BoR meet

Jul 10, 2010 |

Correspondent

the Calcutta High Court on Friday quashed a civil court injunction and asked the petitioner to pay Rs 50,000 for a frivolous case, paving the way for the merger of Bank of Rajasthan (BoR) with ICICI Bank. A civil court here on June 21 had restrained Bank of Rajasthan from holding a shareholders’ meet the same day, where an approval was being sought for the merger with ICICI Bank. Although, the BoR management called off the Extraordinary General Meeting, the shareholders went ahead and voted in favour of the merger and the issue is now waiting for RBI’s approval. ICICI Bank appealed to the Calcutta High Court, which stayed the civil court injunction.

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