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Saturday, February 04, 2006

SC rejects to stay HC order on Federal, Ganesh Bank amalgamation

The Supreme Court on Jan 30 declined to stay an interim order passed by the Bombay High Court on January 27 staying the merger of Federal Bank Ltd with Ganesh Bank of Kurundwad in Maharashtra. A three-judge Bench comprising the Chief Justice, Mr Y.K. Sabharwal, Mr Justice C.K. Thakker, and Mr Justice R.V. Raveendran, declined to interfere with the High Court order when counsel for Federal Bank `mentioned' the special leave petition (SLP) against the High Court order for early listing and an interim stay.

The Bench told the counsel that it was only an interim order and the High Court had posted the matter for hearing on February 14. The Bench asked the counsel to participate in the hearing in the High Court. The High Court had stayed the merger on a petition filed by a group of persons including the Ganesh Bank Chairman, a shareholder, a depositor, and an employee challenging the Government orders of moratorium and subsequent merger. The SLP is directed against this order.

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