Lakshmi Vilas rejects Religare Finance's disclosure, threatens action

Lakshmi Vilas Bank (LVB) said it is in the process of taking necessary proceedings against Religare Finvest Ltd (RFL) for filing "frivolous corporate announcements" as disclosures, Religare Enterprises Ltd (REL) had made a regulatory filing with the exchanges last week alleging that it has suffered a loss after LVB misappropriated four fixed deposits worth Rs 791 crore including interest accrued. Meanwhile, the Bank received approval from the majority shareholders to issue 16.8 million equity shares of the Bank on a preferential allotment to Indiabulls Housing Finance Ltd, at a.....
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