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Tayal not open to sell stake in Bank of Rajasthan

10 May 2010 Evaluate

Bank of Rajasthan's promoter, P K Tayal ruled out any possibility of selling his stake in the bank amidst speculations that ICICI Bank and Axis have evinced interest for a buy out.

BoR, which is one of the oldest private sector banks in the country, plunged into a crisis early this year after Reserve Bank slapped Rs 25-lakh fine on the bank for alleged violation of various norms. These include irregularities in transactions and misrepresentation of documents, norms pertaining to anti-money laundering, Know Your Customer and irregularities in the conduct of accounts of a corporate group.

In March, Sebi banned 100 entities including Tayal Group firms from all stock market-related activities for fraudulently hiking the promoter holding in the bank. In its order, Sebi had said that the promoters had apparently conveyed the impression that they are reducing their shareholding but they actually increased their shareholding in a deceptive and fraudulent manner with the active connivance of others.crackcrack
Peers
Company Name CMP
HDFC Bank 781.20
ICICI Bank 1264.80
Axis Bank 1269.40
Kotak Mahindra Bank 380.75
Indusind Bank 949.85
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