Clarification on media reports about a suit shared against the bank
The bank said it has seen media reports of a suit said to have been shared in the Bombay High Court.
By ScoutQuest · · 1 min read
- Legal Forum
- Bombay High Court
- Service Status
- has not been served with the suit
- Bank's Response
- If and when served, it will defend the suit firmly
What the bank has said
- The bank has seen media reports of a suit said to have been shared by Dr. Bavaguthu Raghuram Shetty in the Bombay High Court. This refers to reports, not to a court document received by the bank.
- The bank states that it has not been served with such a suit.
- Because of that, the bank says it cannot comment on the contents of pleadings which are untested in court.
- The bank says that if and when it is served, it will defend the suit firmly and take all steps necessary to protect its interests.
What this update is
The company has written to the stock exchanges as a clarification regarding media reports of a suit shared against the bank. Such a communication is made so that the exchange and the market have the company's own position on record, rather than relying on news reports.
How a retail investor can read this
The update sets out the bank's position on a legal matter that has appeared in the media. The bank's stated position is that it has not been served and that the pleadings are untested in court. The bank has also stated how it intends to respond if it is served.
The bank has requested the exchanges to take note of this information and upload it on their websites.
Points to keep in mind
- This is a clarification of a media report. The subject is a legal proceeding, and matters before a court are resolved over time.
- The bank has stated it will defend the suit firmly and protect its interests if it is served.
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