Interim injunction on CSB's rights issue made permanent

Thrissur, Aug 20 (UNI) Thrissur Principal Munsif A V Narayanan today made his interim injunction permanent on the rights issue of the Catholic Syrian Bank (CSB) after hearing the arguments of both parties.

The bank had decided and advertised for issuing Rs 1.25 crore shares with face value of Rs ten each at the premium of Rs 110 for collecting Rs 123 crore.

On August 17, the High Court had directed to hear the petition in the Thrissur Munsif Court itself, when the bank filed a petition to vacate the interim injection order.

The Munsif court gave an interim injection on a petition submitted by V O John, shareholder of the bank, against its Chairman R Venkitaraman and Company Secretary K P Mohankumar.

The petitioner submitted that the bank's rights issue violated the rules of the Company Act and was against the interest of the common shareholders.

UNI