A vacation bench of the Supreme Court on Monday declined to hear a petition filed by minority shareholders of the Bank of Rajasthan opposing the proposed merger of the Udaipur-based troubled lender with ICICI Bank.
A bench comprising justices GS Singhvi and CK Prasad asked petitioner Ram Prasad Somani, who is opposing the proposed merger of BoR with ICICI Bank, to approach any other bench of the apex court.
On May 23, the ICICI Bank had agreed to take over BoR through a share-swap deal which values the troubled BoR at about Rs 3,000 crore.
In his petition, Somani contended that since the shares owned by PK Tayal family and his group companies are under judicial scrutiny, they cannot enter into a merger scheme with ICICI Bank.
According to the petitioner, the Tayals had acquired over 15 per cent share of BoR without complying with SEBI regulation, which mandate a public announcement after crossing that limit.
Following it, SEBI ordered probe into the allegations and in March had banned the Tayals and their associated entities from dealing in stock markets until further orders.
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