DBS facing legal woes in India arising from LVB acquisition

Singapore

DBS is facing legal tussles in India arising from its recent takeover of troubled Lakshmi Vilas Bank (LVB), but maintains that provisions have already been made on this front.

In response to queries from The Business Times, it acknowledged that lawsuits have been filed by holders of equity shares and the tier II bonds written off prior to the effective date of amalgamation in various high courts in India.