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LVB hits lower circuit as EOW files case against firm

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NEW DELHI: Shares of Lakshmi Vilas Bank hit 5 per cent lower circuit limit on Friday after the Economic Offences Wing (EOW) of Delhi police on Thursday registered an FIR against directors of the bank for alleged cheating, criminal breach of trust, criminal misappropriation and criminal conspiracy. The scrip was down 4.94 per cent at Rs 36.55 on BSE, while 30-pack Sensex was trading 121 points, or 0.31 per cent, lower at 38,868. The FIR is based on a complaint filed by Religare Finvest Limited (RFL). “The FIR is based on a complaint filed by M/s Religare Finvest Limited (RFL) pertaining to adjustment of their deposits to the dues of M/s RHC Holding Pvt.

Ltd - M/s Ranchem Pvt Ltd.

The same is received at bank’s end on 25/09/2019.

The bank is considering appropriate legal measures to counter the same," Lakshmi Vilas Bank said in a BSE filing. In May this year, Religare Enterprises had said that Lakshmi Vilas Bank misappropriated four fixed deposits of Religare Finvest worth Rs 791 crore, which was one of the major reasons for the group entity's financial health, according to IANS.




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