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Ganesh Bank merger stayed
Special Correspondent
MUMBAI:
In an interim order, the Bombay High Court, on Friday stayed the merger of Ganesh Bank of Kurundwad in Maharashtra with Federal Bank. However, the Court allowed continuation of the moratorium on Ganesh Bank. A petition was filed, challenging the order of moratorium and subsequent merger, by the Chairman of Ganesh Bank, a shareholder, a depositor and an employee, saying that "the action taken by the RBI and the Central Government was in haste and without following the principles of natural justice and without giving adequate opportunity to Ganesh Bank."
The Court observed that "prima facie we are not satisfied that the RBI has taken appropriate steps." The case has been adjourned to February 14.
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