SBT-SBI merger : HC issues notice to Finance Ministry
The Kerala High Court today issued notice to the Union Finance Ministry, RBI, State Bank of India, State Bank of Travancore and the state government on a petition filed against the move to acquire SBT by SBI. A division bench comprising Acting Chief Justice Mohan M Shantanagoudar and Justice K T Sankaran issued the notices after admitting the plea filed by the petitioners; including 'Save SBT Forum' and others who alleged that attempts were made in camera without the knowledge of the directors and the state government for the proposed acquisition."Suspiciously, a bank working on profit for the past 70 years was all of a sudden showed as making loss by charging higher rate of provision on standard, sub-standard and non-performing assets," the petition said. "Without placing the subject matter of Acquisition in the board meeting with prior circulation of the details to the directors, they have placed it as a 'table item'
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